New Car Insurance Plans
Car Insurance is as essential as other types of insurance such as health insurance and life insurance. Car insurance is designed to protect your four-wheeler from loss or damage caused by fire, accident, theft, or other man-made or natural calamities. It also takes care of financial liabilities against damage to any third-party person or property. Read below to know how to get insurance for your brand new car quickly and easily.
What is Brand New Car Insurance?
A brand new car insurance policy is a type of car insurance plan that ensures your brand new vehicle even before it is registered with the Regional Transport Office (RTO). Buying new car insurance for your four-wheeler is a very important decision for anyone. A comprehensive car insurance plan provides complete protection and coverage against all kinds of accidents, theft, third-party liability, man-made and natural calamities, etc. According to the Indian Motor Vehicles Act, 1988, all vehicle owners must buy a third-party liability car insurance plan.
Types of Car Insurance Plans for New Cars in India
There are two types of new car insurance policy in India. Read below to get the detailed information regarding the different types of new car insurance policy in India:
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Comprehensive Car Insurance
A comprehensive car insurance is one of the most valuable car insurance that covers expenses such as car damage and third-party liabilities.
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Third-Party Car Insurance
Buying a third party car insurance is the mandatory insurance for all vehicle owners as per the Indian Motor Vehicles Act, 1988. It is one of the most common car insurance that covers the damage and loss caused to a third person, property, or vehicle.
Importance of New Car Insurance
New car insurance protects you and your car from unforeseen situations. It protects your new car from theft, financial loss due to accidents, and any other unforeseen liabilities. As per the Motor Vehicles Act 1988, it is illegal to drive a new or old car without active third-party car insurance.
You can buy car insurance for your new car by simply visiting the official website of D2C Insurance Broking Private Limited (“RenewBuy.com”) or you can also use the RenewBuy official app to insure your brand-new car within minutes at an affordable cost. RenewBuy offers you the option to customize your desired car insurance policy with a variety of add-ons as per your requirement. You can choose to insure your car from several car insurance policies like a standard comprehensive policy or zero depreciation standard policy while buying new car insurance online.
Difference Between Comprehensive Car Insurance Plans and Third Party Car Insurance Plans
The differences between car insurance plans and third party car insurance coverage benefits are mentioned below:
| Coverage Benefits | Third Party Car Insurance | Comprehensive Car Insurance |
|---|---|---|
| Damages or loss to own car due to an accident | Not Covered | Covered |
| Damages or loss to own car in case of a natural calamity | Not Covered | Covered |
| Damages or loss to own car in case of fire | Not Covered | Covered |
| Damages to Third-Party Property | Covered | Covered |
| Damages to Third-Party Vehicle | Covered | Covered |
| Injuries or Death of a Third Person | Covered | Covered |
| Car Theft | Not Covered | Covered |
| IDV Customization | Not Covered | Covered |
| Pick and Drop from Doorstep | Not Covered | Covered |
Things to Consider While Buying New Car Insurance Plan
There are a few things to keep in mind while buying new car insurance for your new vehicle. By paying attention to them, you will get the best protection for your new vehicle. Some of these factors are the following:
Policy Type
Always check what type of car insurance policy you are going to buy and whether it meets your coverage requirement
Additional Add-on Covers
Add-on covers are used to enhance the basic coverage benefits of the car insurance plan for your new vehicles. Some of the common add-on riders under a new car insurance policy are No Claim Bonus Cover, Zero Depreciation Cover, and Engine Protect cover, Return to Invoice Cover.
Claim Process
The claim process is always an important factor that we must check before buying a new car insurance plan. Car insurance is all about protecting your assets. Hence, the claim process need not be simple, quick, and hassle-free.
Compare New Car Insurance Price Online
You should compare various new car insurance prices online before buying a new car insurance plan. Remember to check not only the prices but also other coverage benefits, claim procedures, and customer feedback.
Claim Process
Always check customer reviews about the plan you are going to buy. This will show us the actual performance of the plan in the real world.
Benefits of Buying New Car Insurance Online
Below mentioned are some of the benefits of buying new car insurance online:
- Easy Comparison
- Various Choices at One Place
- Safe and Secure Medium
- Discounted Premium Amount
- Offers Flexibility and Customization
- 24x7 Availability of Information
- Time-Saving
Best New Car Insurance Plans in India
Many car insurance companies are offering different types of car insurance plans in India. Finding the best possible car insurance plan can be a daunting task. We RenewBuy can help you buy the best car insurance plan as per your requirement. We have done an extensive research to list the best car insurance plans in India based on their key features. Below is the list of some best car insurance plans along with the key features and the number of cashless network garages:
New Car Insurance Add-on Riders
New car insurance riders are used to enhance the basic coverage benefits by paying some extra premium amount. Below mentioned are some of the common car insurance riders that you can consider before buying a car insurance plan:
Roadside Assistance
Car towing, minor repairs, battery jumpstart, fuel, etc. can be covered under this add-on rider.
Zero Depreciation
Under this add-on, the insurance company will not consider the vehicle depreciation at the time of claim settlement.
Engine Protection
This add-on rider covers the cost of repairing & replacing the engine.
Consumable Protection
This add-on rider covers the cost of repairing & replacing consumables such as engine oil, nuts & bolts, etc.
Loss of Personal Belongings
If you have lost any of your valuable personal belongings like mobile phone, laptop, etc. then you can claim for it.
No Claim Protection
This add-on rider helps you to get the no claim bonus even after making a claim.
Return to Invoice
In the event of a total loss of the insured car, the actual cost as written on the invoice of the car will be returned to the customer.
New Car Insurance Online Buying Process
You can buy your new car insurance policy from the insurance company’s official website as well as from “RenewBuy.com”. Below mentioned are both the buying process of a new car insurance plan:
Buy from the official website of the insurance company
- Step 1. Visit the insurance company’s official website and click on the “Car Insurance” tab.
- Step 2. Select the desired plan.
- Step 3. Fill in all the required information.
- Step 4. Click on Buy Now button.
- Step 5. Make payment.
- Step 6. The insurance company will send the policy documents to your email address.
Buy from “RenewBuy.com”
- Step 1. Visit the official website of RenewBuy.
- Step 2. Click on the “Motor Insurance” tab.
- Step 3. Then, select the “Car Insurance” option.
- Step 4. Fill out the form that shows on the next page.
- Step 5. Compare different car insurance plans and select your desired plan.
- Step 6. Click on the “Buy Now” button
- Step 7. A pop-up will show you the plan details and the additional riders information.
- Step 8. Click on the “Proceed to Buy” button.
- Step 9. Make online payment and the policy documents will be sent to your registered email address.
Required Documents to Buy a New Car Insurance Plan
Buying new car insurance online is a smart thing to do nowadays. Following are the documents necessary to buy a new car insurance policy-
- Photo Id Card (Aadhaar Card, PAN Card)
- Registration Certificate
- Invoice of car
- Valid Driving License