Car Insurance
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Car Insurance
Car insurance is mandatory for all vehicles that run on Indian roads. Given the large number of vehicles that have made their way to Indian streets, the need for insurance has also grown tremendously in recent years. It is important to consider potential accidents that may occur and damage your vehicle. In such situations, a car insurance policy can come in handy as it will significantly lower the costs incurred on repairing the vehicle or replacing its parts.
Top Car Insurance Companies in India
Royal Sundaram General Insurance
- Royal Sundaram General Insurance offers various insurance products through its 158 branches all over India.
- Its key features include quick claim settlement, affordable premiums, and 4600+ cashless garages to its policyholders.
- Royal Sundaram Car Insurance has a Claim Settlement Ratio of 92.66%.
- It comes with minimal documentation, personal accident cover up to Rs.50 lakh, 24x7 assistance, and add-on covers.
HDFC ERGO General Insurance
- HDFC ERGO General Insurance offers car insurance for as low as Rs.2,072.
- The insurer has widespread network of 7,600+ cashless garages across the country.
- It offers third party car insurance, comprehensive car insurance, private bundle car policy, and standalone own damage cover.
- With a Claim Settlement Ratio of 91.23%, HDFC ERGO’s car insurance offers quick settlement of claims, overnight repair assistance, add-on covers, and many other benefits.
IFFCO Tokio General Insurance
- IFFCO Tokio General Insurance provides a host of insurance plans to cater to the requirements of every individual.
- With its affordable car insurance plans and 24x7 assistance, it settles claims within four hours.
- IFFCO Tokio car insurance has a Claim Settlement Ratio of 96.80%.
- The insurer has a widespread network of 4,300+ cashless garages.
The Oriental Insurance Company
- The Oriental Insurance Company was incorporated in 1947 and has 1800+ operating offices across the country.
- It offers niche products to meet the distinct needs of the country's urban and rural populations.
- It has a Claim Settlement Ratio of 91.76%.
- The Oriental Insurance Company’s car insurance comes with discounts on premiums, third party cover, and add-on covers.
Tata AIG General Insurance
- Tata AIG General Insurance offers a wide range of insurance products to its customers.
- Its car insurance plans let you save up to 75% on premiums.
- The insurer has a high Claim Settlement Ratio of 98%.
- It offers 13 add-on covers and has an extensive network of 5400+ cashless garages to ensure easy and quick claim settlement.
How to Renew Car Insurance Online
Given below are the steps to renew your car insurance online:
Step 1: Visit the car insurance renewal section of your insurer.
Step 2: Enter the details like your name, date of birth, policy number, etc., and submit.
Step 3: Select the car insurance plan you wish to buy.
Step 4: Choose the add-on covers or riders that you wish to purchase (if required).
Step 5: The premium amount payable will be displayed on the screen.
Step 5: Make the premium payment via net banking, debit card, or credit card.
Step 6: Your car insurance will be renewed after you complete the payment.
Types of Car Insurance Policies:
Third-party Car Insurance:
Third-party car insurance is a type of car insurance policy that covers the policyholder against legal liabilities that arise to a third party in case of an accident. If you are at fault in an accident and injuries are caused to a third party, or if their property is damaged, you will be covered by your third-party car insurance policy. Third-party liability is compulsory under the Motor Vehicles Act, 1988 for those who purchase, own, or drive a motor vehicle in India.
Benefits
Comprehensive Car Insurance:
If you wish to get the best kind of coverage for your vehicle, a comprehensive car insurance policy is what you need. As the term suggests, the policy offers comprehensive protection. In comparison with third-party liability car insurance, a comprehensive car insurance policy not only covers the costs incurred on loss or damages to a third party’s property, but also covers damages to your own vehicle in case of an accident. It also offers a range of extensive services that cannot be availed through a third-party liability car insurance policy.
A comprehensive car insurance policy will cover damages caused by fire, vandalism, theft, severe weather, and natural disasters. It also covers damages to your car caused by falling objects like the branches of trees.
Benefits
How to Purchase New Car Insurance
Agents
Insurance agents work with insurance companies and are paid by the company to sell their products to customers. Agents are experts regarding insurance products offered. They have the ability and the expertise to guide you and help you choose the policy that best suits your needs.
Dealers
Automobile dealers sell vehicles to customers, and these vehicles are sold with third-party liability insurance. Generally, dealers have tie-ups with insurance companies and may not be experts regarding the insurance policies. They take care of the paperwork associated with availing a third-party liability insurance policy sold by the dealership.
Brokers
Brokers can either be individuals or companies that have a license from the Insurance Regulatory and Development Authority of India to sell insurance products. The products sold by brokers can be from various insurance companies as they have the expertise required to help you make an informed choice. They also offer assistance in after-sales service. Brokers can help you compare various policies in an effort to find the best one for you. Brokers can also assist you through the claim settlement process.
Car Insurance Claim Process for Damages to Your Own Car
For damage occurred to your car, the car insurance claim process is as follows:
Step 1: As soon as you meet with an accident or notice damage to your vehicle, you will have to call the insurance company and inform them about the same. You will also have to furnish a duly filled-in claim form in addition to the necessary documents required by the insurer. The forms can be downloaded from the website of your insurance company.
Step 2: A surveyor will be sent by the insurance company to assess the damage sustained by your vehicle. A report will be prepared by the surveyor and passed on to the insurance company. A copy will also be sent to you.
Step 3: Following the completion of repairs to your vehicle, the duly signed forms and documents must be taken from the garage and given to the surveyor who will send them to the insurer.
Step 4: If the documents and the claim are approved, a delivery order (DO) will be provided by the insurer in case of cashless claims. Once you pay your car repair bills, you can take your car.
Step 5: For reimbursement, you can take your car by paying the amount to the workshop. This amount will later be reimbursed depending on the terms and conditions of your car insurance policy.
Car Insurance Claim Process for Third Party Claims
The car insurance claim process for a third-party claim is as follows:
Step 1: In case you receive a legal notice from a third party, claiming reimbursements for damages caused by you, you will have to inform your insurer about the same. It is essential to speak to your insurer before communicating with the third party or making any out-of-court settlements or financial commitments to them.
Step 2: A copy of the legal notice must be sent to your insurance company.
Step 3: Copies of the FIR, your driving license, and the RC book of your vehicle must be submitted to the insurance company.
Step 4: The documents will then be assessed by the insurance company and the details of the accident will be assessed and if they are satisfactory, the insurance company will appoint a lawyer for your case.
Step 5: In case the court says that you will have to cover the damages caused to the third party, the insurer will make the payment to the third party.
Car Insurance Claim Process for Stolen Car
The car insurance claim process for stolen car is as follows:
Step 1: If your car is stolen you will have to lodge an FIR by filing your complaint at the nearest police station.
Step 2: A copy of the FIR must be submitted to the insurance company.
Step 3: After the final police report is sent to you, a copy must be taken and sent to your insurance company. An investigator will be assigned by the insurance company.
Step 4: After your claim is approved, you should submit your stolen car’s RC book to your insurer.
Step 5: The owner’s name will be changed to the name of the insurance company.
Step 6: The duplicate keys of your car will then have to be submitted to the insurance company along with a letter of subrogation. A notarised indemnity on a stamp paper must also be submitted to the insurance company.
Step 7: Following the completion of the formalities, the claim amount will be disbursed by the insurance company.
Documents and Details Required for Filing Car Insurance Claims:
The following are the details/documents you will be required to send to your insurer when making a claim:
Step 1: Visit the car insurance renewal section of your insurer.
Step 2: Enter the details like your name, date of birth, policy number, etc., and submit.
Step 3: Select the car insurance plan you wish to buy.
Step 4: Choose the add-on covers or riders that you wish to purchase (if required).
Step 5: The premium amount payable will be displayed on the screen.
Step 5: Make the premium payment via net banking, debit card, or credit card.
Step 6: Your car insurance will be renewed after you complete the payment.
Types of Car Insurance Policies:
Third-party Car Insurance:
Third-party car insurance is a type of car insurance policy that covers the policyholder against legal liabilities that arise to a third party in case of an accident. If you are at fault in an accident and injuries are caused to a third party, or if their property is damaged, you will be covered by your third-party car insurance policy. Third-party liability is compulsory under the Motor Vehicles Act, 1988 for those who purchase, own, or drive a motor vehicle in India.
Benefits
- Offers financial assistance and legal cover
- Provides peace of mind
- Simple and quick procurement process
- Cost-effective
- Easily available
Comprehensive Car Insurance:
If you wish to get the best kind of coverage for your vehicle, a comprehensive car insurance policy is what you need. As the term suggests, the policy offers comprehensive protection. In comparison with third-party liability car insurance, a comprehensive car insurance policy not only covers the costs incurred on loss or damages to a third party’s property, but also covers damages to your own vehicle in case of an accident. It also offers a range of extensive services that cannot be availed through a third-party liability car insurance policy.
A comprehensive car insurance policy will cover damages caused by fire, vandalism, theft, severe weather, and natural disasters. It also covers damages to your car caused by falling objects like the branches of trees.
Benefits
- Highest level of protection
- Easier to replace your vehicle if it gets stolen
- Cover for damages caused by natural disasters
- Cover for damages caused by man-made disasters
- Lower legal liability
How to Purchase New Car Insurance
Agents
Insurance agents work with insurance companies and are paid by the company to sell their products to customers. Agents are experts regarding insurance products offered. They have the ability and the expertise to guide you and help you choose the policy that best suits your needs.
Dealers
Automobile dealers sell vehicles to customers, and these vehicles are sold with third-party liability insurance. Generally, dealers have tie-ups with insurance companies and may not be experts regarding the insurance policies. They take care of the paperwork associated with availing a third-party liability insurance policy sold by the dealership.
Brokers
Brokers can either be individuals or companies that have a license from the Insurance Regulatory and Development Authority of India to sell insurance products. The products sold by brokers can be from various insurance companies as they have the expertise required to help you make an informed choice. They also offer assistance in after-sales service. Brokers can help you compare various policies in an effort to find the best one for you. Brokers can also assist you through the claim settlement process.
Car Insurance Claim Process for Damages to Your Own Car
For damage occurred to your car, the car insurance claim process is as follows:
Step 1: As soon as you meet with an accident or notice damage to your vehicle, you will have to call the insurance company and inform them about the same. You will also have to furnish a duly filled-in claim form in addition to the necessary documents required by the insurer. The forms can be downloaded from the website of your insurance company.
Step 2: A surveyor will be sent by the insurance company to assess the damage sustained by your vehicle. A report will be prepared by the surveyor and passed on to the insurance company. A copy will also be sent to you.
Step 3: Following the completion of repairs to your vehicle, the duly signed forms and documents must be taken from the garage and given to the surveyor who will send them to the insurer.
Step 4: If the documents and the claim are approved, a delivery order (DO) will be provided by the insurer in case of cashless claims. Once you pay your car repair bills, you can take your car.
Step 5: For reimbursement, you can take your car by paying the amount to the workshop. This amount will later be reimbursed depending on the terms and conditions of your car insurance policy.
Car Insurance Claim Process for Third Party Claims
The car insurance claim process for a third-party claim is as follows:
Step 1: In case you receive a legal notice from a third party, claiming reimbursements for damages caused by you, you will have to inform your insurer about the same. It is essential to speak to your insurer before communicating with the third party or making any out-of-court settlements or financial commitments to them.
Step 2: A copy of the legal notice must be sent to your insurance company.
Step 3: Copies of the FIR, your driving license, and the RC book of your vehicle must be submitted to the insurance company.
Step 4: The documents will then be assessed by the insurance company and the details of the accident will be assessed and if they are satisfactory, the insurance company will appoint a lawyer for your case.
Step 5: In case the court says that you will have to cover the damages caused to the third party, the insurer will make the payment to the third party.
Car Insurance Claim Process for Stolen Car
The car insurance claim process for stolen car is as follows:
Step 1: If your car is stolen you will have to lodge an FIR by filing your complaint at the nearest police station.
Step 2: A copy of the FIR must be submitted to the insurance company.
Step 3: After the final police report is sent to you, a copy must be taken and sent to your insurance company. An investigator will be assigned by the insurance company.
Step 4: After your claim is approved, you should submit your stolen car’s RC book to your insurer.
Step 5: The owner’s name will be changed to the name of the insurance company.
Step 6: The duplicate keys of your car will then have to be submitted to the insurance company along with a letter of subrogation. A notarised indemnity on a stamp paper must also be submitted to the insurance company.
Step 7: Following the completion of the formalities, the claim amount will be disbursed by the insurance company.
Documents and Details Required for Filing Car Insurance Claims:
The following are the details/documents you will be required to send to your insurer when making a claim:
- Name of the insured individual
- Policy number
- Contact number
- Date and time of the accident
- Number of the vehicle
- Make and model of the car
- Location and extent of loss
- Name of the garage along with contact information
- Brief description of the accident
In case of accident damages, the following documents will be required to make a claim:
- Proof of insurance – cover note or policy copy
- Registration book copy and original tax receipt
- Driving license copy along with the original (of the individual driving the car at the time of the accident)
- FIR or police panchanama (for bodily injuries or death or damage to third party and/or his/her property)
- Estimate of the cost of repair
- Payment receipts and repair bills following the completion of repairs
In case of theft of your car, the following documents will be required to make a claim:
- Original policy document or certificate
- Registration book along with theft endorsement from the concerned Regional Transport Office plus tax payment receipt
- Details of the insurance policy, such as policy number, period of insurance, and the insurance company
- All sets of service booklets, keys, and warranty cards
- FIR or police panchanama along with JMFC report or final investigation report
- Acknowledged copy of letter addressed to the Regional Transport Office intimating theft
The cover offered by car insurance policies varies from insurer to insurer, but the most common inclusions and exclusions in car insurance are as follows:
Benefits of Comparing Motor Insurance Online
- Different insurance companies will be offering different coverage and premium rates. This is the main reason you should compare car insurance policies.Compare the insurance quotes provided by the different insurance to get the best premium rates for your vehicle.
- There is an option to customize your policy if you are comparing different car insurance policy quotes online. You can get customised quotes based on the extent of coverage you need.
- Opting for add-ons can help save you a lot of money in the future. Comparison tools available online can be used to compare the different add-ons available from insurers.
- Many of the insurers offer discounts on the Own Damage part of the car insurance policy. You can compare the discounts offered by different insurers to know which insurer offers the best discount for your vehicle.
- Comparing the different policies online can help give you a better picture of the discounts and coverage offered for your vehicle. Comparing policies will also help you get to know more about the exclusions and deductibles of the insurance policy.
- The best part of comparing policies is the transparency involved in the process. You can get a clear picture of the different aspects of the product offered by the insurer. You will also have access to reviews of the insurance policy from other policyholders to know their experiences with the policy.
Why You Need Car Insurance
1. Mandatory by law: The Motor Vehicles Act of India has made it compulsory for all vehicles used in public spaces to have car insurance. A third-party liability policy is compulsory for all vehicles, but you can decide to go for a comprehensive car insurance policy too.
2. Effective investment: As such, having a comprehensive car insurance policy in place will ensure that your vehicle is covered for the costs incurred on repairs in case of accidents. It will also cover the policyholder for any bodily injuries. In case of collisions with other vehicles, the compensation could run into thousands of rupees, perhaps lakhs.
2. Effective investment: As such, having a comprehensive car insurance policy in place will ensure that your vehicle is covered for the costs incurred on repairs in case of accidents. It will also cover the policyholder for any bodily injuries. In case of collisions with other vehicles, the compensation could run into thousands of rupees, perhaps lakhs.
3. Offers peace of mind: Having a car insurance policy offers peace of mind in the sense that you can cruise on a highway or even squirm through peak traffic without having to worry about the consequences of potential accidents.
4. Health insurance boost: Many of the car insurance policies provide coverage for the injuries you sustain, or the injuries sustained by your fellow passengers during an accident. If the policy you choose does not offer this cover, you can always purchase personal injury protection as an add-on cover, and it will boost your health insurance, covering things that may not be co
vered by your health insurance plan.
5. Saving time: Once you meet with an accident,you have to get your vehicle repaired, pay for the expenses incurred on repairing the vehicle of a third party, pay for the treatment of any injuries sustained by you or a third party, making claims, finding a good garage, etc.
How Car Insurance Can Protect You:
Damages: Cars are expensive to purchase and maintain, and repairing them if they meet with accidents can be a costly affair too. There may be instance where your vehicle could sustain damages because of a third party’s negligence. Having a car insurance policy will ensure that your damages are paid for by the insurance company.
Lower liability: It is mandatory to have third party liability car insurance in India. This policy will provide cover against the legal liability of an accident you have caused. For instance, if you crash your car into the property of a third party, the insurance will take care of the legal repercussions as well as cover the cost of repairs to the damaged property.
Hospitalisation expenses: While some accidents are rather mild, there are some that see the driver and passengers suffer from more than just small bruises and cuts. There are times when people have fractures or other severe injuries that need them to be hospitalised. Given the rate at which medical and hospitalisation expenses are rising in India, having a car insurance policy will ensure that you don’t burn a hole in your pockets at times like these.
Compensation for the family: In some cases a car accident can lead the demise of the car owner. If you are the sole breadwinner of your family, it can be extremely difficult for your spouse and kids to survive in your absence. A car insurance policy will pay for the expenses your family will incur after your death, such as funeral expenses.
Lower cost for online purchase: Purchasing a car insurance policy online can be cheaper as the premiums are often lower. The reason for this is that the operating costs are lower for the insurance company when transactions are done online. Since there are no commissions to be paid to brokers, the insurance company passes on the benefit of lower cost to the customer. Even renewing your policy online is simple and hassle-free in addition to being cost-effective.