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info@walnnut.com

022 6781 7835(working hours 10:00am - 6:30pm)

Clarify All Doubts Related To Car Insurance

If you own a vehicle in India, it is compulsory to get it insured under a valid insurance policy. A car insurance policy covers the financial liability which arises in case the insured car injures any third party or damages any third party property. Moreover, if the coverage of the policy is comprehensive, the loss suffered by the car due to accidents or any other calamities is also covered. The Motor Vehicles Act, 1988 mandate every vehicle to be insured before it is allowed to run on Indian roads. So, by default, vehicle owners have to invest in suitable motor insurance policies for their vehicles.The car owner is the policyholder who is required to pay the premium on an annual basis.

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HR01BX8765 02/03/2015

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Maruti Alto K10 VXI (796cc)

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Benefits of Buying Car Insurance Policy

As mentioned earlier, you can buy a car insurance plan both online or offline. The online mode, however, has distinct advantages and is preferred over the offline mode. Here's a look at the advantages offered by a car insurance policy online:

Always read the fine print of the policy you choose. Check out the inclusions and exclusions so that you know the scope of the policy. This will ensure that you are not caught off-guard when you suffer a claim.

Though the third party coverage fulfils the legal obligations, it does not cover the damages that your car might suffer. Such damages can also incur considerable financial losses and so, it is best to cover them as well. So, opt for comprehensive plans for a wider scope of coverage.

This, again, is a common practice that you should follow. Since comparison helps you find the best policy, always compare the available plans online and then invest in the best policy.

Choosing the right insurance company is as vital as choosing the right insurance policy. You must always check the incurred claim ratio of the insurance company you choose, which is the amount of money paid out as claims against the total money collected as a premium. Ideally, the ICR should not be too high, which would mean that the company doesn't have enough surplus to pay claims and neither should it be too low, which would mean that the company is overcharging the premium.

Add-ons enhance the scope of coverage of the policy and can prove to be a great value addition, especially at the time of claims. So, choose suitable add-ons, depending on your needs, to make your coverage all-inclusive

If you want a cashless claim settlement, which is easier, always check out the network of garages the insurance company is tied up with. The information is easily available on the insurer’s website and you should choose an insurer with the largest network so that locating a preferred garage becomes easier.

Comprehensive plans allow a host of premium discounts, besides the no claim discount. Look for the available discounts and try and claim as many as you can. This would reduce your car insurance premiums and make the policy more affordable.

Types Of Car Insurance Plans

A car insurance policy, as the name suggests, is a motor insurance policy taken for a privately owned car, i.e. a car that is used for personal purposes, not commercial ones. Car insurance plans are also sub-divided into different types. They are as follows:

This is the mandatory cover as required by the Motor Vehicles Act, 1988. This policy provides coverage against third party legal liabilities. It pays the required compensation for any death, injury or damage of property to any third party. For example, say your car hits an individual and causes physical injury. The financial loss suffered by the individual, due to the injury, would be covered by the policy. If the legal liability comes to Rs.50,000, the policy would pay the amount on your behalf.
This policy covers the mandatory third-party liability as well as the damages suffered by your own car due to natural or man-made causes. For example, say your car hits another individual’s car and damages it. Your car is also damaged in the process. The liability suffered from damaging an individual’s car comes to Rs.1 lakh while the repair cost for your own car comes to Rs.50,000. In this case, the comprehensive policy would pay Rs.1 lakh liability to the third party whose car you damaged. Furthermore, for your own damages, the repair cost of Rs.50,000 would also be covered.
This is a flexible policy wherein the coverage can be turned on and off depending on your usage of the car. You can turn the coverage on when you use the car and off when you don’t. This saves a lot on the premium cost that is otherwise payable for a policy wherein the coverage is always on. Premiums for these plans are calculated based on the kilometres you declare to cover in a year.
This policy offers third party liability coverage for a continuous period of 3 years. The policy is available only for new cars that are required to carry a long term third party cover as per IRDAI’s latest rules.
This policy covers only the damages that your car suffers. Third-party liability coverage is not allowed. A standalone car insurance policy can be purchased when you already have third-party liability insurance or you can buy them both simultaneously. For example, say you buy a new car. You would have to buy a long term liability cover on the same. Now, if you wish to enjoy coverage for your own damages too, you can buy a standalone own damage cover from the same or any other insurer.
A bundled policy is available for new cars. This policy allows third party liabilities for 3 years and own damage cover for one year.

Features Of Car Insurance Plans

Here are some notable features of car insurance plans:

If you choose comprehensive car insurance plans, you can customize and enhance the coverage through optional add-ons.

Comprehensive plans also allow different types of premium discounts, the most notable of them being the no claim discount that you earn for not making a claim under the policy.

The premium for third party plans is fixed by the IRDA depending on the engine capacity. For comprehensive plans, however, the premium is determined by respective insurance companies. This is why premium varies across insurers and you should compare car insurance online before you buy comprehensive plans.

The personal accident cover is mandatory under car insurance plans. However, if you already have a personal accident cover in your name, you can skip it.

You can buy a standalone third party cover, standalone own damage cover and the personal accident cover from different insurers.

The long term liability cover for new cars, all other plans are annual plans.

Every time the cover is renewed, you can switch insurance companies easily if you want.

You can buy car insurance policy online or offline.

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Add-ons Under Car Insurance Plans

Add-ons are additional coverage features that are available as optional benefits in comprehensive car insurance plans. You can opt for one or more add-ons as per your coverage needs. Different insurance companies offer a different set of add-ons under their car insurance plans. However, some of the most common add-ons that you can avail of include the following:

Provides 24x7 assistance in the case of breakdowns in the middle of nowhere. This coverage is especially necessary if you use your car in remote locations where pick-ups vans are not easily available

This add-on is also known as bumper-to-bumper coverage wherein the depreciation is not applied on damaged parts during claim payments.In the absence of this add-on, the insurer deducts depreciation on the different parts repaired or replaced which effectively reduces the claim amount and incurs out of pocket expenses.

This add-on helps you protect your no claim bonus even after a claim is made. This coverage is especially necessary if you have a high NCB and you do not wish to let that go in case of a claim.

This coverage would help you to claim the invoice value of the car without any depreciation applied on the IDVin the case of total loss or theft of the car

This rider covers damages caused to the engine and gearbox especially due to floods or waterlogging. This coverage is especially necessary if you live in a flood-prone area or in areas with heavy seasonal rainfalls

This add-on extends the personal accident coverage to the passengers of the car. If the passengers suffer accidental death or disablement when riding in the car, the add-on would pay a lump sum benefit for the contingency suffered.

The cost of consumables is not covered when there is a claim. They form your out of pocket expenses. However, with this add-on, the cost of consumables would be covered by the plan.

If you lose both the keys to your car, this add-on would cover the cost of replacing the lost keys with a duplicate set

If your tyres or tubes suffer damages in an accident, the cost of repairing or replacing them would not be covered. However, if you choose this add-on, such costs would be covered by the plan

In the case of theft or accident, if you lose your personal belongings that were in the car, the financial loss suffered would be covered by this add-on

Coverage Inclusions & Exclusions In Car Insurance Plans

Any third party injury or death which is a result of an accident involving your car
Third-party property damage that occurs because of your car A comprehensive plan, on the other hand, would cover the above-mentioned instances along with the following:

  • Damages suffered due to accidents
  • Damages suffered due to natural calamities like floods, earthquakes, lightning, etc.
  • Damages suffered due to man-made disasters like fire, theft, explosion, terrorism, etc.
  • Damages suffered when the car is in transit by rail, road, water or air
Moreover, if you opt for the personal accident cover, coverage would be allowed for the following –
  • Accidental death
  • Accidental permanent and total or partial disablement
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  • When you are driving without a valid license
  • When you are driving outside India
  • When you are driving under the influence of alcohol and/or drugs
  • Consequential losses
  • Depreciation and normal wear and tear of the car and its parts
  • When you are using the car in violation of its usage limitations
  • When you are using the car for a criminal or hazardous act
  • Deliberate accidents or attempted suicide
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