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Car insurance

A car insurance policy is bought to provide cover in case any damage is caused to your car due to an accident, theft, or a natural calamity when you purchase an own damage cover. Private car insurance also gives you protection against any financial losses that may arise due to damages or bodily injury caused to the third party in case of an accident. This insurance is the best solution to ensure that the financial liability that may arise due to an accident or a calamity involving your car is covered.

What is Car insurance?

Car insurance is a legal contract between the insurer and the insured that makes the insurer liable to cover any damages that occur to your car in case of an accident. Third party Car insurance is mandatory in India under the Motor Vehicles Act, 1988. The insurance policy provides financial safety to you against accidents that may happen when you drive your vehicle on Indian roads.

Types of Car insurance in India

There are three types of private car insurance that you can buy in India. The types of insurance available include:

  • Comprehensive Car insurance Plan

    A comprehensive private car insurance plan provides coverage to the rider against own damages in addition to the third-party liability. The plan protects you from damages caused due to manmade disasters, natural disasters, theft, accident, calamities, and other similar occurrences. It also gives you a personal accident cover in case you incur injuries while you are driving on the roads in India.

  • Third-Party Car insurance Plan

    As the name states, a third-party private car insurance plan protects you from any legal obligations that may arise if you cause damage or injury to the third party. The third party may be a vehicle or/and a person. This plan covers you against any liabilities that arise if you damage the vehicle or property of a third party. It also covers the liabilities that arise due to injuries caused to a third party in an accident.

    Any vehicle driving on the roads in India needs to have a valid third-party private car insurance plan. Those who do not adhere to this might face fines.

  • Own Damage Car insurance

    You can buy a standalone own damage cover without buying a comprehensive Car insurance policy. An own damage cover specifically covers the damages and losses caused to your own vehicle

    Note: Own Damage cover is applicable only if you have a third part insurance plan in place.

    The coverage offered by third-party insurance is very cost-effective and the premium rates in Third-party are low. Every year, IRDAI defines the price of the product.

Inclusions in Car Insurance Policy

01

Death of Third Party

This insurance policy covers the death of the third party due to the accident with the insured vehicle. The death case will be directly reported to the MACT (Motor Accident Claims Tribunal) and the claims have no limits. It is necessary to include the driver's license number and the name and details of the witnesses while lodging the FIR.

02

Damage to the property

TPL (Third-Party Liability) insurance also covers the property damage of the third party. In this case, the insurer will pay for any kind of damage to the property of a third party by the insured.

03

Loss or damage to third-party leading to disability

The policy covers the loss or damage to the third party which causes any kind of disability by the insured vehicle. The compensation is different in terms of any partial disability or total disability.

04

Owner cover

It also covers the owner of the vehicle who drives the car in case of an accident.

05

Natural and Manmade Calamities including

It also covers the owner of the vehicle who drives the car in case of an accident.

  • Fire, explosion, and self-ignition or lightning
  • Burglary or theft
  • Riot and strike
  • Earthquake
  • Accidental external means
  • Malicious activity
  • Terrorist activity
  • While in transit by rail, road, air, inland waterways/ lift elevator
  • Landslide or rockslide
  • Flood, typhoon, hurricane, tempest, inundation, storm, frost, cyclone, hailstorm

Exclusions under the Private car insurance Policy

The insurance company will not be liable to make any payment in respect of the following:

  • Gradual wear and tear of the car or its parts.
  • Damage to tires or tube due to oil leakage.
  • Any accidental loss or damage when the insured is under the influence of alcohol or drugs.
  • Consequential loss or damage to the vehiclee.
  • If a private car is used for commercial purposes.
  • Driver without a valid driving license.
  • Damage to the car due to nuclear war, radiation, etc.
  • Any loss or damage when the policy is not in force.

Add-ons in Car insurance Plans:

According to the Motor Vehicles Act, 1988, you are mandatorily required to protect your car with third party insurance policy. When you buy a car insurance policy, various insurance companies offer a wide range of add-on covers. Add-on covers make the insurance policies

work even better. An add-on cover gives wider protection for any chances of mishaps or any unfortunate events in the future.

The add-on covers offered vary from insurer to insurer and are decided according to various factors. The add-on covers that can be availed while purchasing or renewal of private car insurance include:

01

Zero Depreciation Cover

Zero Depreciation Cover is one of the most popular covers that you must consider. Zero Depreciation plays an important role in reimbursements of policy as well as claim settlements. This add-on cover offers the full claim amount to the policyholder without any deduction made for depreciation (rearranged this). It allows the policyholder to claim the entire amount for any replaced car parts that were damaged in the accident.

02

No-Claim Bonus protector cover

No-claim bonus (NCB) is a discount that is offered on premiums for every claim-free year. NCB can be availed during the renewal of the insurance policy. It offers you a discount of up to 50% at the time of renewal of the insurance policy depending upon the number of unclaimed years. Thus, this cover protects your NCB even if a claim is made during the course of the policy.

03

Engine Protection Cover

Going by the name of the add-on cover, this cover protects the engine which is the heart and soul of your car. The insurer will compensate you for the cost spent on the repair of the engine. The reasons for damage include:

04

Consumables add-on cover

This add-on covers the cost of consumables during a repair due to an accident. The consumables include engine oil, nut, and bolt, grease, screw, oil filter, washers, etc., which are not covered under the standard comprehensive private car insurance plan.

05

Roadside Assistance

While buying a two-wheeler insurance, one can opt for roadside assistance cover. This cover helps in case of occurrences like a flat tyre, towing, minor repairs, etc.

06

Return To Invoice (RTI)Cover

It is an invoice price cover, that allows getting a full market price (except registration charges and road tax) of the car if there is a Constructive Total Loss or theft of the insured car. This add-on cover also offers for the waiver or reduction in the depreciation amount by 100%.

07

Key Replacement add-on cover

This cover provides compensation not only for the loss of the key but also for any damage done to the car and includes any damage caused to the key mechanism including the car keys. The maximum compensation that can be paid is dependent on the amount of additional amount of premium paid by you to the company.

Things To Consider While Buying Private car insurance

Private car insurance can provide you financial aid in case the need arises. Websites of the Company like D2C Insurance Broking Private Limited (herein after referred as “RenewBuy”) offer you the opportunity to compare different types of insurance policies so that you can get the best policy according to your requirements. Give a thorough check to compare the premium cost before buying new two-wheeler insurance online. Comparing online is the easiest and most convenient way of knowing the best policy that suits your pocket. With a fair online comparison, you will get the best insurance policy at the affordable premium cost. There are some things that you need to consider other than premium before you buy bike insurance:

01

Type of private car insurance policy

There are three types of private car insurance that you can buy: a third-party liability plan, standalone own damage cover, or a comprehensive insurance plan. People who want a full-proof insurance policy can purchase a comprehensive insurance plan.

02

Add-On Covers

Before buying a policy, you must check the add-on covers or optional coverage that comes with it. There are different types of covers that you can buy but you must evaluate your requirements and then include them in the policy.

03

Loss or damage to third-party leading to disability:

The policy covers the loss or damage to the third party which causes any kind of disability by the insured vehicle. The compensation is different in terms of any partial disability or total disability.

04

Policy Coverage

When buying new private car insurance policy, always make sure that the insurance policy should cover

05

Damage/Loss to a vehicle due to human-made disasters

Accident by outside means, terrorist activity, burglary, theft, riot, strike, malicious act, any damage done during transit -road, rail, inland waterway, lift, elevator, or air.

06

Claim Process

Before buying a policy, you must check the claim process of the insurance company. Many companies offer a hassle-free claim process, and they also guide customers to the authorized garages for getting their cars repaired.

How to Compare Car insurance?

With tech advancements, the private car insurance comparison process has become extremely easy. Going to various private car insurance sites or offices just to pick up their sales brochure is history now. With a site like RenewBuy, you can get aggregate-level information all collated conveniently on a single page. The immense ease of use and enhanced user experience is a key strength of RenewBuy and the reason why people use this site to compare private car insurance.

These are the key elements that are considered while comparing a private car insurance policy:

  • Car Make. Model, and Variant

    This information is important when you compare a private car insurance policy. If you have a luxurious, powerful, and pricey car then you have to pay more insurance for it.

  • Year of Manufacture

    The year of manufacture will help the insurance company decide the IDV (Insured Declared Value) of the car. This will help the underwriter calculate the amount of premium that you need to pay.

  • CNG Fitted Car

    A CNG fitted car attracts a higher premium than a normal petrol/diesel car as it is more prone to combustion.

  • Add-On Covers

    There are some add-on covers that you can buy to cover the electric and non-electrical accessories in your car. Companies provide this at an extra premium.

Car insurance Comparison Checklist

  • Go online and log on to RenewBuy website (www.renewbuy.com).
  • Select your city and details about the car like its year of manufacturing, car make, model, and variant.
  • Check the IDV and deductibles
  • Check claim settlement history of the provider
  • Select any add-ons you want to opt for
  • Select one of the providers that offer value for money pricing based on your preferences

That’s it! The process to compare private car insurance plans online is now complete.Companies provide this at an extra premium.

Why Choose RenewBuy?

01

Relevant listings

The idea is to have a transparent system of listing private car insurance providers as per specific customer needs, so all the details about terms, rates, and special details are laid out. This makes the buying decision simplified for those who use it.

02

Updated Information

The main characteristic of your private car insurance comparison process is the accuracy and relevance of the listings provided. We keep the latest and most up-to-date information for the benefit of our customers.

03

Ease of Comparison

The intuitive layout and clutter-free interface help in speeding up the time you take to compare the private car insurances. You can easily compare private car insurance plans from multiple providers on one single screen.

04

Customer-Centric Servicing

Our rigorous focus on delivering all-around convenience to you is well-known. Our customer support is accessible for any and every query you may have on any facet of buying insurance online. This is one of the primary benefits of comparing private car insurance that adds tremendous value to your online insurance purchase requirement.

Renew Car Insurance

It is important to compare different private car insurance policies offered in the market. One can either straightaway visit the insurance company's office or can look into the plans offered by the insurer online. Going online saves time as well as effort and several facilities are being provided online for potential customers to understand the policy thoroughly. Comparing as well as evaluating these plans helps you make an informed decision on the plan that is most suitable for you.

  • Registration Certificate.
  • Driving License
  • Previous year insurance policy

To make the renewal process even swifter, one must keep the documents mentioned above ready. Having these documents handy will be an added help while filling out the details required for renewal and make the payment.

How to get Car Insurance online?

We drive to our destination every day. Driving indeed is an essential part of our day-to-day life. Buying new private car insurance online is not rocket science, but an easy process. Anyone can buy a policy online by entering a few details, making the payment, and you can get the policy instantly in few clicks. To get an insurance policy all you need is a smartphone or a laptop with an internet connection.

Moreover, buying new private car insurance online is the smartest way to get one for your car. You can get an online insurance policy instantly in 4 easy steps:

  • Fill in the make and model of the car
  • Fill in the purchase year of the car
  • Click on the Instant Quote Button
  • Compare plans, select, and pay for your desired policy

That’s it! The process to compare private car insurance plans online is now complete.Companies provide this at an extra premium.

Required Documents

Buying new private car insurance online is a smart thing to do nowadays. Following are the documents necessary to get private car insurance-

  • Registration Certificate
  • Invoice of car
  • Valid Driving License

That’s it! The process to compare private car insurance plans online is now complete.Companies provide this at an extra premium.

Claim Process for Car insurance

Third-party Claims

In case of injuries or death occurred to third-party in an accident, the insurance company bears the liability. The victims (injured in case of injury / Dependents in case of death) have to approach the respective Motor Accident Claims Tribunal (MACT), to file a legal recourse for compensation which will be duly taken care of and settled by the insurance company directly.

In case of an accident

01

Inform your insurance company about the damage that happened to your car immediately.

02

Inform the police and file FIR if your car has sustained multiple impacts, bodily injuries, and casualties to anyone in the accident.

03

You may refer to the website of the insurance company or reach RenewBuy claim support to know your nearest cashless garage. The car is then taken to one such Network garage under the Insurance company. After taking the car to the garage, a repair estimate was made, post commencement of the survey.

04

A surveyor from an insurance company visits and discusses the estimate with the workshop

05

A surveyor from an insurance company visits and discusses the estimate with the workshop

06

The surveyor once finalizes the estimate and consents to his approval post which the garage will proceed with repairs accordingly.

07

Duration of claim settlement is decided by the insurance companies and varies from company to company.

In case of theft of your car

Immediate information to police authorities- In case the car is stolen, one has to inform and file a complaint with the nearest police station or where the incident has happened.

  • Intimation to the insurance company- Just after informing the police station, one has to inform the insurance company about the incident.
  • Investigation- The insurance company appoints an investigator who verifies the facts of the claim and authenticates the same
  • Two sets of keys- Two sets of keys are required for claiming a stolen car. If one key is only presented, this makes the insurance company presume that the other key was left in the vehicle at the time of theft.
  • Original RC copy- One needs to have the original RC Copy for making a theft claim.
  • Intimation to RTO authorities for RC cancellation - To avoid any fraudulent activity that may happen from your registered RC of your stolen car, the RTO needs to be kept informed for the same.
  • Insured statement- The victim has to give a detailed insured statement to the insurance company, which includes the details like- where was the car parked, the time and date on which the car was seen for the last time, stolen date, etc. as asked by the insurance company.

It is always advisable to go for a comprehensive motor insurance policy with sufficient add-on covers like depreciation waiver, Engine protection, consumables, etc. for 360-degree protection for damages caused to your vehicle due to accident, theft, or any natural disaster.

Total Loss claims

There are instances when the car is damaged beyond repair, then it is considered as Total Loss or totaled car. The minimum criteria to qualify for a total loss if the repair costs must exceed 75% of the Insured Declared Value in the policy. In such cases, Insurance companies settle the complete IDV mentioned in the insurance policy to the customer. The customer must bear the estimation and parking charges levied by the workshop in such Total loss claims.

Please note: From a case-to-case basis additional requirements can be sought by the insurance company; for instance, when the vehicle value is quite high, but the vehicle is quite old; In that case insurance company may seek any documentary proof to substantiate the fact that the vehicle was in the running in good condition before the theft. Such a requirement is called a running record.