Comprehensive Car Insurance

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Comprehensive car insurance is an extensive motor insurance plan that covers an insured person against both, own damages as well as third party liabilities. It is an all-inclusive car insurance policy that gives protection from unforeseen losses such as road accidents, natural calamities, fire, or theft. The best part about this policy is that you can customize the same with a range of add-on covers. Yes, add-ons like medical expenses, engine protector, accessories cover, depreciation cover, breakdown assistance, etc are also covered. Thus, comprehensive car insurance is the best policy to have that gives all-around protection to you and your car.

Benefits of Comprehensive Car Insurance Policy

Financial Cover: This policy covers you financially really well. It eases your financial burden up to a large extent as you don’t have to pay for the damages. Thus, with the help of this policy, you would be able to save money.  

Wide Coverage: A comprehensive car insurance policy gives 360-degree complete protection. The policy not only covers the policyholder but third-party expenses/damages are also covered.

For example-Satish’s car has met with a road accident. Since Satish had a comprehensive policy, thus not only the third party damages will be covered but his own car damage/personal injuries will also be covered under the same. Now imagine, if he doesn’t have this policy, what would be the case. Well, he needs to manage the personal damages from his pocket. Thus, it will be a big financial burden on him.  

Easy to Buy Online: It is absolutely easy and convenient to buy this policy online. With many insurance companies available online, you can easily select the best one, meeting your needs hence enjoy reaping the maximum benefits. 

Sense of Ease: Once you are financially as well as legally secured, you can have peace of mind. You can now be relaxed as all your expenses will be looked after by your insurance company.

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What is Covered?

Damages Due to AccidentsIf your car will witness any damage due to an accident, nothing to worry as comprehensive car insurance policy got you covered
Car TheftsIn case your car is stolen, your comprehensive car insurance policy will look after the same
Third Party LossesIn an unfortunate event of third party loss, your comprehensive policy will take care of the legal and financial liabilities
Damages Due to Natural/Man-made DisasterWhen flood, hurricane, hail storm, tornado, riot, strike, etc attack your car, your comprehensive car insurance policy comes handy
Personal Injuries/Accidental DeathIn case you meet with an accident that leads to injuries or unfortunately death, your comprehensive policy will be by your side
Damages Caused in FireIf your car catches fire, your comprehensive car policy will pay for the damages.

What is Not Covered?

Drunken DrivingNo insurance company will accept your claim if you were drunk or under an intoxicant when the accident happened
Unauthorized DrivingYour claim will be rejected if the driver is without a valid Driver’s License
Deliberate AccidentIf the accident has been caused purposely, the claim will be rejected
Malicious UseIf the car was damaged while using it for any anti-social/ illegal activity
Consequential DamagesConsequential damages that are caused after the accident are not covered under insurance
NegligenceAn accident occurs because of your own negligence, you won’t be able to claim the damages
DepreciationDamages that are caused because of normal wear and tear, mechanical or electric failure due to travelling
Expired policyIf the policy has lapsed, your damages will not be covered
Excluded Add-OnsYou will not be able to claim the benefits that you do not have in your plan

Add-on Covers in Comprehensive Car Insurance Policy

Zero Depreciation Cover: Adding zero depreciation cover to your car insurance policy will allow you to get a full claim. Else the cost of depreciation will be subtracted from your insurance claim amount. 

Breakdown Assistance: This add-on cover will give you 24x7 roadside assistance if your car is in need. Your company will look after any sudden breakdown of your car on the road. 

Tyre Protect Cover: With tyre protect cover in car insurance, you can easily avoid the cost of replacement, removing, refitting, and rebalancing the tyre.  

Engine & Gearbox Protection: In case of complete engine failure or even the slightest wear and tear, this engine & gearbox protection add-on cover offers complete coverage related to your car engine and gearbox. 

Return to Invoice Cover: With a return to invoice cover in your car insurance If your new /less than the 5-year-old car will be stolen or damaged, the insured will get complete compensation as per the invoice value of the car. 

Consumable Cover: Consumables like nuts, bolts, screws, coolants, lubricants, etc need regular maintenance and replacement. Thus, the Consumable cover add-on cover for the car will bear the cost. 

Passenger Cover: The passenger cover add-on car insurance gives protection to the co-passenger in the car. It covers injuries and damages to the person riding with the insured. 

No Claim Bonus Protection: If you have not demanded any claim in the entire policy tenure, you will be rewarded with NCB. Under this, you will be given discounts on your next year’s premium from your insurance company.

Difference Between Comprehensive and Third Party Car Insurance

ParticularsThird-Party (TP) Car InsuranceComprehensive Car Insurance
CoverageCovers the losses caused  to the other person, property or vehicle and not to your own vehicleCovers for the damages to your own vehicle (OD) + the damage to another person, property or vehicle (TP)
Exclusions

Damage to your four-wheeler
OR
When the vehicle was being driven-

  • By an unlicensed driver
  • By an intoxicated driver
  • Inactive policy

Car Theft/Fire

  • Regular wear and tear
  • Electric or mechanical problems

When damage is caused when the vehicle was being driven-

  • By an unlicensed driver
  • By an intoxicated driver
  • Inactive policy
Add-on CoversThere is no such facility in a Third-party car insurance

Various add-ons are available like-

  • Zero Depreciation Cover
  • Consumable Cover
  • Key Protection Cover
  • Engine Protection
  • Return to Invoice, etc.
AdvantagesProvides a financial cover and legal liability cover if you hurt someone / damage something accidentallyProvides a financial cover for own vehicle as well as legal liability cover for third-party damages
DisadvantagesDamages to your car are not coveredYou need to pay a higher premium than third-party
NeedMandatoryOptional

How to Compare Comprehensive Car Insurance Policy Online

Before buying your comprehensive car insurance policy, it is important that you should do a comparison. There are certain parameters that you need to keep in mind while comparing your policy.  

Cover

The cover is the most significant factor when looking for the best car insurance policy. The table given below illustrates the benefits mostly offered by both types of four-wheeler insurance.

Benefits OfferedThird-party Car InsuranceComprehensive Car Insurance
Damages to a third-party personAvailable Available 
Damages to a third-party vehicleAvailable Available 
Damages to third-party propertyAvailable Available 
Cover on Repair Cost to own car from an accidentUnavailableAvailable 
Cover on Repair Cost to own car from natural/man-made disastersUnavailableAvailable 
Car TheftUnavailableAvailable 
No-Claim Bonus (NCB)UnavailableAvailable 
Add-On CoversUnavailableAvailable 
Customization of coverageUnavailableAvailable 

The Premium of Car Insurance

Always compare the premium of your comprehensive car policy. After all, it is your hard-earned money that will be invested so that you can reap the maximum benefits of your policy. Thus, selecting a policy in a hush-hush manner whose premium would be heavy on your pocket is not advisable. Take your time and do some calculations by comparing your premium with other insurance providers. Go for a premium that is not only affordable for you to buy but also gives you better coverage.  

Insured Declared Value (IDV)

Insured Declared Value or IDV is the upper limit or the maximum sum insured of the compensation that you would be entitled to receive if your four-wheeler is damaged due to natural or man-made perils, stolen or in case of a total loss of your car. This amount is based on the condition of your four-wheeler and is fixed by the motor insurance company. 

Incurred Claim Ratio

The incurred claim ratio is the ratio of net motor claims incurred in a particular year as compared to the total premium collected in that year. If the incurred claim ratio is very low, it means that the premium charged by the company is higher than the claims paid and if it is more than 100%, then the profitability of the company is affected. 80-90% ratio is a good one.

Add-On Covers

Look out for a policy that offers the most add-ons at an affordable price. You also have the option to customize your policy to choose the add-ons you require.

The Network of Garages

With a comprehensive car insurance plan, you can enjoy cashless repairs of your car from the network garages. The more garages in the network, the better for you.

Comprehensive Car Insurance Premium Calculator

A comprehensive car insurance premium calculator is an online device that helps in calculating your premium payable towards an insurance company. When you buy a comprehensive car insurance policy, you need to pay a certain amount of premium to your company. Thus, with the help of this online tool, you can easily do the calculations and know whether your premium is affordable or not.

 

Comprehensive Car Insurance Claim Process

Step 1: Inform Your Insurance Company

It is important to inform your insurance company in order to get the claim hassle-free. Always keep the contact numbers handy of your insurance company to inform them in the first place. Brief your insurance company about each and every detail for transparency. When, How, and Where need to be told properly. 

Step 2: File an FIR

The next step is to file an FIR in the nearest police station. Describe the incident briefly to the people officials to process the things smoothly. Do not forget to mention Driver’s License Number, witnesses’ name, and contact details, if any. And, also just carry a copy of the FIR and the original record of expenses incurred by the victim (if any). 

Step 3: Schedule Inspection

Once you inform the insurance company, an inspection of the damage will be scheduled from their end. Once an inspection will be done, a report will be prepared and submitted by the concerned inspector to the company. 

 Step 4: Claim Settlement

Once after all the formalities, the company would estimate the cost of the damage and repair work. And, give the approval to get the repair work done. Hence, your claim will be settled smoothly.  

The following documents will be required when you request for the motor car insurance claim:

  • Duly filled Policy Claim Form
  • Company Policy Papers
  • Copy of Driver’s license
  • Copy of RC of the car
  • The ID of the claimant
  • Copy of the MCR

Comprehensive Car Insurance claims can either be Cashless or Reimbursement

1. Cashless Claim:

For a cashless claim, once the insured submits a report for the estimated cost of repair of the damage, the insurance company will settle the amount directly with the garage. The garage needs to be a part of the network garages of the insurer in order to process a cashless motor car insurance claim.

2. Reimbursement Claim:

For a reimbursement claim, once the insured submits a report for the estimated cost of repair of the damage, you can get the repair work done and initially pay the same from your pocket. Then the original bills and receipts need to be submitted to the insurance company along with the claim form in order to get a reimbursement of the amount paid towards the repair work.
For a reimbursement claim, the garage need not be a part of the network garages of the insurer.

Best Comprehensive Car Insurance Companies in India (2020)

When it comes to finding the best insurance company to buy a comprehensive policy, it is always a confusing task. Yes, with a wide range of companies available, people often won’t be able to make the right choice. Take a look at the table below as this will help you in selecting the best car insurance company. 

CompanyPercentage of Incurred Claims (2019-2020)Cashless Garage Network
HDFC Ergo General Insurance76%Above 6800
TATA AIG General Insurance78%Major garages all over India 
ICICI Lombard General Insurance75%Over 7800 garages all over India
Royal Sundaram General Insurance85%Over 4600 garages all over India
Bharti AXA General Insurance77%Over 4500 garages all over India

How to Renew Your Lapsed/Expired Comprehensive Car Insurance Policy Online

It is important to renew your policy from time to time to enjoy the maximum benefits of your policy. It is illegal to carry an expired policy and also you will lose all the benefits covered in your policy. Renewing your policy is an easy process, you simply need to follow a few steps mentioned below:

  • Fill in your car details such as model, make, date of registration, etc. and select “Get Quote”
  • Select Comprehensive car insurance
  • Enter details of your previous policy
  • The premium amount will now reflect on your screen. If you wish, you can select add-ons and see the final premium
  • Use a debit/credit card or net banking to make the payment

While renewing your comprehensive car policy, you need to keep certain documents handy to enjoy a smooth process. 

Documents Required:

  • Vehicle Registration Certificate (RC)
  • Driver’s license
  • A copy of the expired car insurance policy
  • RTO address associated with the insured car
  • Car details including car model number, city and date of registration, insurer name, etc.
  • An authorized ID Proof (Passport/PAN Card/Adhaar card)

Lapsed Policy Renewal:

However, if your car insurance policy has already expired, then your vehicle needs to be surveyed by the official surveyor of the insurance company before the policy is revived. This is because all accidental damages during the lapsed tenure would not be covered in the plan. 

Also, your No-Claim Bonus may be lapsed for an expired policy, if not renewed within 90 days of your previous policy expiry date. Based on the report of the surveyor, the same can be provided.

Thus, make sure you always renew your car insurance policy on time so as to get maximum coverage benefits and save yourself from the hassle of a survey for revival.

List of Cashless Garages

A cashless garage is a garage that has a tie-up with the car insurance company. When you take your four-wheeler for repair in such a garage, the cashless cover takes care of the expenses. You may also not be required to file a claim. 

It is important to check for cashless garages as:

  • Repair work done at a cashless garage is convenient and hassle-free
  • The cashless claim process can be done at a network garage only
  • Quality repair work is assured

Also read - 

Comprehensive Car Insurance FAQs

  • 1. Should I opt for comprehensive car insurance or just a third-party policy?

    As per the Indian law, it is mandatory for all vehicles operating on public roads to have Third Party Liability Insurance. However, a comprehensive car insurance policy covers injury and damage costs. This is both to your vehicle as well as to the other/third party involved. So, the latter is advisable.

  • 2. How are claims under comprehensive car insurance settled?

    The most important step is to notify the insurance company at the earliest. You can then proceed to registering an official claim by submitting the required documents. Some of them are claim form, vehicle registration, FIR (if applicable) and so on, to the insurance company. Some insurance companies also allow online claim registration.

  • 3. What are the documents required to buy comprehensive car insurance in India?

    The documents required to buy car insurance are as follows:

    • Copy of vehicle’s Registration Certificate (RC)
    • Driving License
    • Invoice copy for a new car
    • Previous insurance policy
    • No claim bonus reserving letter, whenever required

    As you compare the car insurance policy of one provider with another, make sure to check the list of documents required by every insurer. This way you can be prepared to hand them over when you buy car insurance.

  • 4. Does comprehensive car insurance cover natural disasters?

    A comprehensive car insurance policy can cover your vehicle against damages resulting from certain natural disasters. Generally, such car insurance policies cover damages caused by floods, heavy rains, or earthquakes.

  • 5. Does comprehensive car insurance cover animal attacks?

    Most comprehensive car insurance policies cover damages done by animals. Generally, such car insurance policies cover animal attacks, animal collision and damage caused by rodents and pests.

  • 6. Why is Comprehensive car insurance more costly than Third party car insurance?

    A comprehensive car insurance policy covers maximum benefits and gives better coverage than a third party car insurance. While a third party car insurance only gives limited benefits. That’s why a comprehensive car insurance policy is a bit more expensive than a third party insurance.

  • 7. Can I get a waiver on a comprehensive car insurance policy?

    Yes, you can avail a waiver in the form of No Claim Bonus (NCB). You can get a discount for not making a claim in the previous policy year. The claim accumulates with time. One can avail up to 50% discount for not making a claim during the preceding 5 years. However, installation of anti-theft accessories, membership of AAI and voluntary deductible also allow you to get a waiver on comprehensive policy.

  • 8. Can I customize my IDV for comprehensive car policy?

    Yes, you can customize your IDV as many comprehensive car insurance plans allow you to do that. 

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