Car insurance safeguards your car against any financial loss that may occur in case of an accident or any event unfortunate. It is a contract between the car owner and the insurance company for protecting the interest of the policyholder against monetary loss due to car damage.
The roads are uncertain and keeping this in mind, car insurance has been made mandatory in India. Owning a car is exciting but it is also important to keep it secured with insurance given the rise of vehicles on the roads and accidents as well. A car insurance policy comes to rescue when and lowers the cost of damage or repair significantly.
The following are the benefits of having an insurance policy for your car
The following are few salient features of a car insurance policy
Car insurance covers the policyholder against risk of damages by man-made disasters like fire, riots, theft, etc, natural disasters like flood, earthquake, landslide, etc and damage during transit, etc
The car is insured for a value known as Insured Declared Value which is based on the price of the manufacturer less the depreciation.
For car insurance, the policyholder is needed to pay premiums which are decided on the basis of
This feature allows the policyholder to add extra cover to get protection against the risks that are not covered under the standard policy. Some of such covers are no claim bonus protection, zero depreciation, accident hospitalization, cover for co-passengers and driver, etc.
An insurance policy is valid for a year after which they can easily be renewed. The claim settlement process has also been simplified by reimbursement or cashless services in the network garages
There are two types of car insurance coverage provided by the insurance companies
This plan protects against the claims made by the third party like the driver of the other vehicle, passengers or owner of the other vehicle, pedestrians, etc. This plan is specifically designed to provide the policyholder cover against the claims made for any bodily damage or injuries to the third party and the damage caused to the vehicle. This is a mandatory policy for all vehicles in India.
This insurance policy comes with higher protection for the vehicle insured. The advantage of buying this insurance policy is that this policy protects the policyholder and covers own vehicle damage due to accident, fire, theft, vandalism, etc. This policy also includes third party liability. Added benefits and features are also provided under this plan which makes it one of the best plans for car insurance.
An insurance company is judged on the basis of the claim settlement ratio. Here is a list of few leading car insurance companies with high claim settlement ratios for the year 2018
Insurance Company Claim Settlement Ratio or Incurred Claim Ratio
Car Insurance Companies
Incurred Claim Ratio
Bajaj Allianz car insurance
New India Assurance car insurance
ICICI Lombard car insurance
Bharti Axa Car insurance
Tata AIG car insurance
HDFC ERGO car insurance
Reliance car insurance
United India car insurance
Oriental car Insurance
Here are a few reasons why having car insurance is necessary
Insurance companies provide add-on covers which are additional covers to protect your car and provide extra coverage with the basic insurance cover. Add-on covers can be taken upon payment of extra premium.
For every claim-free year, the insurance company provides a discount on the premium to be paid upon renewal of the insurance policy. This bonus is cumulative and every year, increases. No Claim Bonus protection cover protects the NCB. No Claim Bonus becomes void on making a claim and this add on the cover helps you in retaining the No Claim Bonus even after making a claim.
This cover protects the policyholder and compensates for any damage caused to the engine by leakages or water ingression. This add on cover protects the engine, gearbox and differential parts of the insured vehicle.
This add-on cover compensates for the depreciating value of the car. With this cover, the policyholder does not have to pay for the depreciated value of the car. This add-on is subjected to some claims. The feature of voluntary deductible remains applicable even with zero depreciation add-on cover.
This add-on cover compensates for the consumable items like nuts-bolts, grease, lubricants, engine oil, brake oil, etc.
This add on covers the policyholder for expenses incurred on key replacement or repair. This is a fixed number claim add-on cover and requires FIR in case of theft. The cover pays for replacing the key and lock in case of both thefts and lost.
This cover gives the benefit of daily allowance when the car is at the workshop for repair for more than 3 days. This allowance is given for travelling through any other mode other than the insured vehicle.
This rider provides coverage for personal injury, death, disability or damage due to an accident.
The application process for buying car insurance cannot get easier than this. The online buying option allows the user to get their car insured in just a few clicks without any hustle.
If you are willing to buy car insurance for your new car or want to renew your insurance but in a dilemma about the company, then Turtlemint is just the right place for you.
Turtle mint allows you to choose from the best plans after comparing them on various parameters. All you have to do is
The eligibility and requirement of documents for buying car insurance are
The car insurance claim process has also become as easy as buying car insurance. You can also claim your insurance offline by connecting with the insurance company representative and inform them about the claim to be made.
You will have to follow the following steps
Whenever you buy car insurance, keep the following exclusions. Not every damage needs to be entertained by the insurance.
Any number of add-on covers can be taken under car insurance. Each add-on cover is bought with an additional premium.
IDV or insured declared value is the actual sum insured of the vehicle.
Yes, certain changes can be done by the insurance company.
Usually, roadside assistance can be claimed for a maximum of four times in one policy year.
Car Insurance Companies