Car insurance policy is the smartest way of securing your car financially. In today’s world, where there is constant increase in the cars on roads, rash drivers and poor infrastructure, it becomes tough to protect your car from any unwanted mishap. Car insurance provides the financial assistance to cover your loss due to natural or man-made disasters, either due to accidents or theft or third-party liability. The insurance policy provides you legal, financial and physical security for your vehicle. Third-party insurance policy covers those losses that you cause to another person or property. The terms and conditions on the car insurance policy may vary in different parts of the country according to the legal rules.
As per the Motor Vehicles Act, 1988, it is important for every car owner to have a valid car insurance policy associated with the vehicle. Refraining from doing so will not only leaves you vulnerable to hefty fines, but also removes the safety net you would have had in case your vehicle met with an unfortunate accident.
To prevent financial setback in car repairs and costly hospital bills to treat injury, it is a smart move to opt for four-wheeler insurance and stay protected at all times. As such, a valid four-wheeler insurance will keep you safe from monetary hassles and get your car and the third- party car repaired without burning a hole in your pocket.
Mainly there are two types of Vehicle Insurance Policies:
A contract between an insurer and the insured is called an insurance policy. Whereas in case of car insurance, there is a third party who is neither an insurer nor insured. Third-party is a person who gets affected in an accident caused by the insured. They are mainly the people in the vehicle like passengers, driver or the owner of the other vehicle, and sometimes even the pedestrians also. So, there are mainly three parties involved in a third-party liability insurance policy:
As per the Third-Party motor or car insurance policy, the insurer signs a contract with the insured person or the policy holder to indemnify him/her from the court of law for the loss or damage or injuries or death of a third party or any damage to third party’s property while using the insured vehicle. In such case the insurance company will compensate for the liabilities such as body injury, vehicle damage or third -party death occurred due to accident caused by your vehicle. In case of injury or death, the liability is unlimited.
The coverage offered by a 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.
Let’s have a look on what third party insurance policy covers.
Death of Third Party: The insurance policy covers the death of 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.
Note: It is necessary to include driver’s license number and the name and details of the witnesses while lodging the FIR.
Damage to the property: TPL (Third-Party Liability) insurance also covers the property damage of third party. In this case, the insurer will pay for any kind of damage to the property of third party by the insured.
Loss or damage to third-party leading to disability: The policy covers the loss or damage to 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.
Owner cover: It also covers owner of the vehicle who drives the car in case of an accident. This is a compulsory cover with any third-party insurance policy.
Comprehensive car insurance policy, just like its name, covers the loss or damage to the insured vehicle, personal accident as well as the third-party liability caused by either natural or man-made calamities such as theft, accident, damage due to earthquake, fire, etc. Under this policy, the personal accident is also covered which means that the loss or damage to the driver along with the passengers sitting in the car are also included. This policy is extremely popular as its offers end to end coverage to the policyholder and you need not to pay from your own pocket.
In India, the comprehensive car insurance policy provides a coverage of glass damage, damage from hitting a bird or animal, floods, fire and so on.
Having a Comprehensive Car Insurance Policy Provides you the following benefits:
The insurance company will ensure the policyholder for the loss or damage to the vehicle in respect of the following:
- Fire, explosion and self-ignition or lightning
- Burglary or theft
- Riot and strike
- 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
The insurance company will not be liable to make any payment in respect of the following:
- Significant loss, wear and tear, mechanical or electrical breakdown, depreciation, failures or breakages not for damage caused by overloading or strain nor for loss or damage to accessories by burglary, housebreaking or theft unless the vehicle is stolen at the same time.
- Damage to tyres or tube unless the vehicle is simultaneously damaged. Liability will be 50% of the cost of replacement.
- Any accidental loss or damage when the insured is under the influence of alcohol or drugs.
- Consequential loss or damage to the vehicle.
- If a private car is used for the commercial purpose.
- 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.
With the constant increase in income, many people are now able to have their own cars which increase impacts traffic. Now looking at the road conditions in India as well as the driving sense of Indians, it is not a good sign to have so many cars running on Indian roads. It leads to the increase in possibilities of high rate of accidents and unfortunate events that are beyond our control. So, buying a car insurance not only keeps you harmonize with the law but it also safeguards you as well as your vehicle from any kind of loss or damage during transit.
It is sensible to have an insurance instead of losing money from your own pocket in case of any mishap. Insurance cover pays for the damages made to your vehicle and gives a big relief to your pocket. Without paying much from your own pocket or even without paying a single penny you will be able to repair your damaged car. Having an insurance helps you in many ways. Below are the car insurance advantages:
Reduces your expenses: In such a scenario, where everything is overpriced specially hospitalization or repairing your car, everyone needs either an extra income or an insurance to take care of the expenses incurred due to an accident. So, being insured is the best way to guard yourself against the loss or damage to you and your car during accident.
Harmonizes with law: Car insurance not only takes care of your expenses incurred out of any loss or damage from an accident, but also helps you in harmonizing you with the law. In India, having a car insurance is compulsory by law. It also safeguards you from legal matters if there is any third- party damage in an accident with your vehicle.
Minimizing stress: Today, everyone is overstressed either due to work or for some personal reasons. No one has time to take stress for their vehicles and its overheads. Thus, car insurance reduces stress, once taken carefully which covers all kinds of damages.
No Claim Bonus: In case you have made no claims during the period of the policy, you will be offered NCB (No Claim Bonus). It means that you will get a discount of up to 50% if not taken any claims.
Repair or replacement of parts: Car insurance also provides the depreciated value for repairing or replacing the damaged parts of your vehicle during an accident.
Those who have a car, they always need car insurance not only by law but also to safeguard themselves from the harsh truth of being trapped into the problem raised due to an accident. Buying an insurance for your car is not an easy thing, it is a big decision. It takes lot of efforts, as will impact big on your pocket as well as on your life if chosen a wrong policy. So, you should be very carefully while taking a decision on which policy to buy and from which insurance company. Before buying an insurance, you should prepare a checklist to be considered to choose the best suitable policy.
Key Features: One of the criteria on which you should decide about which car insurance plan to be bought, is the key features of the policy you are opting for.Buying a policy is very easy, you just go to your agent or an insurance company and buy suggested policy. Whereas, buying a best car insurance plan that fulfil your requirements is very important decision of your life. So, you should be aware about the key features of the policy which you want to buy for your car. Also compare the features of the same policy offered by different companies so that you will get a clear picture of what companies are offering and what benefits you will be getting for buying insurance from that specific insurance company.
Customer’s Reviews: Before deciding upon which insurance policy you should opt for and from which insurance company, it is always good to check for customer’s reviews. By reviewing customer’s experiences, you will get to know that whether you are choosing the right policy for your car and from the right insurance company or not.
Premium Cost and Discounts: The entire cost of the policy is not important, you should make sure that you have done a comparison of the cost of features ratio too. You should compare the premium cost from different companies for the policy which you want to buy for your car. You can easily compare the premium cost online as well. While comparing the premiums online you will get an idea of the discounts which you will be getting on a specific featured policy.
Company’s CSR: Considering the insurers previous claim settlement ratio (CSR) is as important as considering the key features of the car insurance plan. CSR helps you to get a clear picture about the procedure of the company’s claim settlements as well as how many claims has been settled by the company so far.
Add-Ons: When looking for a car insurance plan, you may need add-ons depending upon your driving history as well as the area where you live. Always check for the benefits of add-ons and then add them to your main car insurance plan. This may lead a rise in your premium but at the time of unfortunate mishap, they proved to be the most important part of the policy. There are so many add-ons which you may opt for your car insurance like road side assistance, zero depreciation cover, key replacement cover, no claim bonus retention cover, etc.
IDV: Sometimes people reduces the IDV (insured declared value) of the car just to lower down the premium cost and to save some money. But this practice could cost you too high in case of accident, as the companies will consider the insured declared value of the car instead of the real value. So, it is suggested that you should choose the higher IDV while buying a car insurance plan.
Lapse of Policy: In case of lapsed policy, you will lose all the benefits and discounts for which you were eligible. Though companies give a grace period of one week, once your policy is lapsed, but after that you are in risk of driving a car. Hence, it is advisable to always make sure that you renew your car insurance plan before it gets lapsed.
Compare your car insurance benefits and quotes before you finalize the insurer.
It is mandatory to have car insurance in India, and it is advisable that you do a car insurance comparison before finalizing your policy. The insurance market is brimming with companies claiming to give you the best plan and policy for your car. Therefore, it is advisable to choose wisely by making a car insurance comparison.
Remember not all policies are same; they vary in their intricacies which might be difficult for a non-professional to understand.
So how does one make the right decision? Well, it's by comparing car insurance policies offered by different companies. Price and discount rates vary depending on the Model, Age and Make of the car. Likewise, the premium rates also vary according to your choice of Insured Declared Value or IDV and Add-ons.
We suggest you compare car insurance policies and go through each with a fine tooth-comb to get the best-value for your money and best exemptions. One should compare car insurance online not only for the cheapest rates for insurance but also because it is the most transparent of mediums of all available in the market.
At RenewBuy.com, you can compare car insurance offers and deals of various online car insurance companies. It is important that you do so before going for a renewal of your existing policy or buy a new one. RenewBuy will give you the best available discounts, unbiased advice, find you a customized policy based on your requirements, and recommend you the policies that are popular, offer lowest premiums and above all the one that gives you the best coverage. So we suggest you compare car insurance online to get the best deal and save money.
Connect with us and know the benefits of comparing car insurance with RenewBuy. Happy Saving!
How to Compare Car Insurance Online
With tech advancements, the car insurance compare process has become extremely easy. You need not go to various car insurance sites or offices to pick up their sales brochure. With a site like RenewBuy, you can get an aggregate level information all collated conveniently on a single page. The immense ease of use and enhanced user experience is a key reason why RenewBuy is used to compare car insurance.
Why Car Insurance Comparison?
Whenever we are asked for a car insurance comparison the first question comes in our minds is that why to do a car insurance comparison when we have our reliable agent who can solve all our queries. Now suppose you want to buy a TV or Washing machine or any electronic device for your home and you don’t have any idea about the best products available in the market, their features and the best deals or discounts offered by the companies. So, what will you do to get clarifications for all your queries? The answer is simple. You will do a research and comparison either by going in the market or online. With the help of this comparison you will get a proper idea that which product will fulfil your needs and will be best suited with your requirements. The same is with the insurance policy.
If you want to buy an insurance policy for your car and you don’t have any idea about which policy to buy and what all features companies are offering for a specific policy, then comparison is the right way to decide upon the best insurance policy. This car insurance comparison process gives you great benefits which really helps you in several ways like:
Get the Best Quotes: Buying an insurance policy for your car is not as easy as buying a grocery stuff or buying households for yourself. It is a very serious and important decision. If you took a wrong decision on deciding for insurance policy which you want to buy for your car then you could be in trouble both financially as well as legally. With the help of car insurance comparison process, you will get the best quotes which saves your pocket and gives you a chance to choose the best premium option for the policy you are looking for. It also gives you a clarification on the features of the policy which you want to buy for your car. The more we compare the rates of car insurance and look at the discounts which companies are offering, the better we understand and be clear about insurance policy. After a thorough comparison we will be able to choose the best policy which suits our requirement and also fits in our budget. Moreover, this is more convenient and quicker way than discussing it with an agent.
Saves Money: Car insurance comparison process helps us in saving our money in many ways. You need not to burden your pocket for an insurance policy for your car, as you will get the best policy in low premium rates by making a simple and easy comparison. Moreover, you need not to waste your fuel for visiting insurance company’s offices just to compare policy premiums and policy features. You can get all the policy related information without going anywhere.
Customized Policy: By comparing insurance policies available in the market you can customize it according to your requirement by taking add on covers along with the comprehensive policy for your car. You can also choose Insured declared value (IDV) for your car while choosing a car insurance policy.
1 – Most Relevant Listings
All details around terms, rates, and special details are clearly laid out. The idea is to have a transparent system of listing car insurance providers as per specific customer needs, so that the buying decision becomes simplified for them.
2 – Accurate
The main characteristic of your car insurance compare 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.
3 – Easy on The Eyes
The intuitive layout and clutter-free interface help in speeding up the time you take to compare car insurance. You can easily compare car insurance plans from multiple providers on one single screen.
4 – Customer-Centric Servicing
Our rigorous focus on delivering all-round 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 car insurance that adds tremendous value to your online insurance purchase requirement
The most important tool used to get premium cost for a policy is Car Insurance Premium Calculator which helps you to select the best insurance policy for your car. The basic fundament of this tool is to calculate premium of a car. Based on the information which you provide, it also generates quotes for the same car insurance plan from various insurance providers. By using car insurance premium calculator, you can easily get the list of premium quotes as per your requirement and you can than compare and select the best suitable plan for your car. With the help of this tool you can take your own decision without being influenced by an agent.
Steps/Process to Buy Car Insurance Policy Online: Gone are the days when people used to hesitate while buying Car Insurance Online. We at RenewBuy aggregate policies from different insurers, thus making it easy for you to purchase Car Insurance policy online now.
1 – Compare different plans for car insurance online
2 – Get access to quality content and easy process steps to buy insurance online.
3 – Get lowest quotes on online car insurance premiums
Our site can be accessed from any place at any time and without any issues. You will be presented with a list of providers operating in your city. You can see the IDV quoted and the premium applicable on it for a yearly insurance coverage for your specific car model. A few steps as below and you can complete the entire insurance purchase process easily.
1 – Enter your city, car model, year of manufacture, fuel type, and registration period
2– Select whether you are going for a renewal or purchasing a new insurance
3– Now fill in the personal and contact details to allow insurance companies to view quotes
4 – Now you can begin the comparison process by filling in the above fields. You will be shown a list of different insurance companies along with the premium applicable, IDV, add-ons, and discounts (if any).
You need not follow a very lengthy checklist in case of documents required for car insurance. All you will need is the Registration Certificate (RC book) and previous insurance copy to fill up online proposal form.
It is recommended to keep your car insurance documents ready so that you have the necessary information when filling up details online.
So, what are you waiting for? Buy car insurance online and enjoy a hassle-free drive always.