Car insurance is a plan to take care of all the expenses that may arise due to unfortunate events like an accident, third party liability or theft with your car. It is a big deal to protect your vehicle from all such kinds of accidents. India is one of the crowded countries where people face more road accidents as compared to many other countries in the world. In such situation, no one wants to face the financial Emergency due to any kind of injury or damage in the road accidents with your car. To find the perfect protection assurance, Auto insurance policies are the perfect choice for every car owner.

In the road accidents, you may have a physical injury, vehicle damage and other legal liabilities. To provide the protection to handle the financial needs in these accidents, insurance companies provide Auto insurance plans for the clients.

Car insurance policies are very important for every vehicle owner so it is essential to make a right choice from so many policies available in the market. Many insurance companies are available to provide lots of different plans for the clients. When it comes to making the right choice to save your money and find the best products and benefits, you can compare all the plans in the easiest way with Verified Policy. We help every insurance plan buyer in the following ways:

  • Compare and choose the best insurance plan
  • Know about the top insurance companies to offer the best plans
  • Compare premium to find the lowest cost offers
  • Find additional discount deals while buying an insurance plan
Benefits of Car Insurance Plan

Benefits of Car Insurance Plan

For every car owner, motor insurance plan is a must buy because of its benefits and advantages in the emergencies of accidents or theft cases with your vehicle. Here are some of the main benefits that you will find by choosing the right car insurance plan for your vehicle:

  • Motor insurance is available to provided coverage benefits for all kinds of damages in the cases of theft or accident for the vehicles
  • Coverage of all the damages due to explosion, lightning, riots, natural calamities and other accidents for the vehicles
  • Personal accident coverage benefits for the policyholder

Therefore, this insurance plan will work as a stress-free assurance of complete protection to fulfil the loss of you will vehicle due to various kinds of accident situations.

The Need of Motor Insurance for Car Owners

The Need of Motor Insurance for Car Owners

In India, it is essential for every vehicle owner to get a valid insurance policy according to motor vehicles act 1998. Every car owner must have the minimum coverage benefits of third-party liability that is available with all insurance plans for the vehicles. It will provide protection against any kind of damage to any personal property because of your vehicle.

To get better protection, the comprehensive insurance plan will be beneficial for the owner of the vehicle. It will provide coverage for all the expenses in the cases of accident or damages to the vehicle or policyholder. In such cases, the owner does not have to pay from the pocket for any expense and the insurance company will handle all the expenses for these damages of the vehicle in the accident or other emergencies.

Still, a large number of vehicles are running on Indian roads without a valid insurance plan. It is highly recommended to get a good day motor insurance plan by spending few thousands because it will keep you free of stress in any case of accident or other damage to the vehicle. You never want to stay at the risk to face any kind of expense due to the damage to your car in any situation.

Types of Car Insurance Plans in India

Types of Car Insurance Plans in India

In India, most of vehicle insurance plans are valid for 1 year. After that, the policyholder will need to renew the plan. Every buyer wants to get complete knowledge about various types of insurance plans available for vehicles in the country. There are three types of plans: Comprehensive insurance, collision coverage and third party liability insurance plan.

  • Third party liability insurance:

It is the most basic policy that you will find with Limited coverage benefits. It will only provide protection against any kind of third-party liability in. If there is any damage to another person or property due to your vehicle, it will cover the damage in a perfect way. The policyholder will not get coverage benefits for own vehicle in an accident or other damage.

  • Collision coverage plan:

In this kind of insurance policy, the insured will get coverage benefits in the case of any damage to the vehicle due to the collision. It is a most basic form of accident that a vehicle owner can face on the road. In this insurance plan, they will not provide protection from loss due to theft, vandalism or natural disaster for the vehicle.

  • Comprehensive coverage plan:

In this plan, the company will provide the protection against all kinds of damages to the vehicles in the cases of accident, theft, third party liabilities and personal accident. It will include all kinds of accidents due to man-made calamities or natural calamities into the vehicle. It will also give the advantage of coverage in the case of a personal accident in temporary/ permanent disability or death of the insured driver.

To make the right choice from all these kinds of insurance plans available in the market, we are here to provide the complete information that will be very helpful. At verified policy, the consumers can always make the right choice to choose the perfect plan according to needs and requirements.

What is IDV?

IDV (insured declared value) is the current market value of the vehicle. It is the highest coverage amount that insurance company will provide during the claim of your policy. When it comes to getting insured declared value of the vehicle, the company may access the information like:

  • The details of registration of the vehicle
  • The city of registration of the vehicle
  • Date of purchase and date of registration
  • Individual or company owner registration type
  • Description of the vehicle
  • Ex showroom price of the vehicle
  • Cubic capacity of the engine of the car

When the client wants to get Auto Insurance plan, the company will access all such information to know about the insured declared value. After that, the premium will also depend on this value. In the cases of claim, the highest coverage amount will be paid according to this value. To know more about it, you can check them table given below:

Age of the carDepreciation
1st year (new car)5% depreciation. Car insurance is offered at 95% of the ex-showroom price.
At the 2nd year renewal20% depreciation. Car insurance is offered at 80% of the ex-showroom price.
At the 3rd year renewal30% depreciation. Car insurance is offered at 70% of the ex-showroom price.
At the 4th year renewal40% depreciation. Car insurance is offered at 60% of the ex-showroom price.
At the 5th year renewal50% depreciation. Car insurance is offered at 50% of the ex-showroom price.
At the 6th year renewal10% to 15% depreciation on the IDV of the previous year. Car insurance is offered appropriately.

For every consumer, it is important to get complete information related to IDV value of the vehicle. We are here to clear all your doubts when you are going to get a new vehicle insurance plan with any of the companies.

How Is Premium Calculated For an Auto Insurance Policy?

How Is Premium Calculated For an Auto Insurance Policy?

Before buying any of the Auto Insurance plans for your vehicle, it is important to know about the complete process of the calculation of exact premium. The premium of your motor insurance plan will depend on various factors as given below:

  • Year of manufacture:

The premium of your car insurance policy will depend on the age of your vehicle. For the older vehicles, there will be lower Premium for the insurance benefits as compared to the new vehicles.

  • Place of registration:

The location and place of registration will also affect the premium amount of insurance plan. There are different insurance zones in all the cities and the companies select the premium amount as per the risk of damage or loss to the vehicle. You will find that the car owners in small towns and rural areas will pay a lower amount of premium as compared to the drivers in big cities.

  • Current showroom price:

The amount of premium will also depend on the current market value of the vehicle so if the showroom price of the car is higher, the premium amount will also be higher.

  • Purpose of the vehicle:

The premium amount will also depend on the purpose of the vehicle. The vehicles used for commercial purpose will need to provide more Premiums for the insurance plan as compared to the personal vehicles.

  • Safety features in cars:

The amount of insurance premium will also depend on the safety features available in the vehicle. If there are features like advanced Braking System, Airbags, robust lock and the anti-theft device are installed in the vehicle, the risk of theft or damage will decrease and in such cases, the premium will also decrease. The vehicles having fewer safety features will need to provide more premium.

  • Claim history:

If the buyer claimed the benefits of these motor insurance plans recently, the premium will increase in the next year. On the other hand, if you do not claim the benefits ofthe plan, there will be no claim bonus as well as you will find a reduction in the premium.

All these factors will make the increase or reductions in premium amount for your vehicle. Therefore, it will be better to keep in mind when you want to get the benefits in premium amount for your vehicle.

Top Insurance Companies to Provide Motor Insurance Plans In India

Top Insurance Companies to Provide Motor Insurance Plans In India

India is one of the largest markets for companies offering the services of Auto Insurance plans. In the Indian market, lots of public and private sector companies are available to provide lots of send plans for the clients. When it comes to getting all the benefits of apple and, it is important to get it with a trusted company. To make the right choice for the service provider, you should know about the statistics of all auto insurance companies in the country.

At Verified Policy, we provide the detailed information about all the aspects to compare these auto insurance companies in the country:

Insurance CompanyIncurred Claim Ratio*Status Of Grievances*Solvency Ratio*
Bajaj Allianz General Insurance69.19%99.282.61
BharatiAxa General Insurance89.09%99.811.65
Cholamandalam MS General79.82%99.821.64
Future Generali India Insurance81.77%99.861.72
HDFC ERGO General Insurance89.43%100
ICICI Lombard General Insurance78.91%97.612.1
IFFCO Tokio General Insurance84.37%99.941.6
Liberty General Insurance77.29%99.062.87
Magma HDI General Insurance78.49%84.962.07
National Insurance89.91%96.111.9
The New India Assurance86.95%99.192.19
The Oriental Insurance126.66%95.361.11
Reliance General Insurance91.39%99.321.68
Royal Sundaram Alliance General82.15%99.281.69
SBI General Insurance102.07%95.332.19
Shriram General Insurance103.18%1001.94
Tata AIG General Insurance79.31%99.931.8
Universal Sompo General Insurance89.77%1001.57
United India Insurance78.89%98.511.15
  • Incurred claim ratio:

Incurred claim ratio is the total sum of all insurance claims settled by the company divided by the total sum of premiums collected by the company in the same period. It shows the ability of insurance company to settle the claim of policyholders. It is always beneficial to get the insurance plan with the company having higher ICR.

  • Status of grievances:

It is the percentage of resolved grievances of customers out of the total registered grievances in one year. If they are able to solve the grievances of customers with high success rate, you can always rely on the service quality.

  • Solvency ratio:

This ratio indicates the ability of insurance company to make the settlements of long-term debts.

All these facts about the top companies providing the car insurance services will be beneficial to make the right choice for every client while going to get Auto Insurance policy for the vehicle.

Reasons to Get Car Insurance Policy Online

Reasons to Get Car Insurance Policy Online

Are you looking to get a new insurance plan for the complete protection of your vehicle? When it comes to home getting a new Auto Insurance policy, either you can find it with an insurance agent or you can use online services for it. Today, it will be the best option to buy the motor insurance policy online because of the following reasons:

Easy and hassle-free solution:

Now, you do not have to find the difficult and time-consuming process to get the car insurance. You just need to open the website of the insurance company with your computer or Smartphone and you will get the complete details about all the plans offered by the company. It is lessstress-free process because every buyer can easily get a quote online and can find help to compare all the plans with us.

Time-saving process:

You will be able to save lots of time because you do not have to make a visit anywhere or you do not have to face any kind of inconvenience to complete the documentation. Just visit the website or mobile app of the insurance company and instantly by the best insurance policy for you.

Choose the best one will comparison:

The verified policy is available as the best platform where you can easily compare the top insurance plans for your vehicle in the market. We help to provide the detailed information about the premium cost, coverage features and other benefits of every time that is perfect for you.

Get complete detail about the plan:

When you choose to buy the insurance plan online, you can easily get the complete details about the plan. In the insurance agents may hide some of the terms and conditions but the buyers will find all the information related to the hidden terms and conditions by visiting the website.

Proper documentation:

If you choose to purchase Auto Insurance plan online comma you will be able to complete the documentation process in a proper way. It will also cut down the expenses that you were going to spend on documentation at the offline method to buy the insurance plan.

Calculate the premium before buying:

Everyone has different needs and requirements while buying a motor insurance plan. Now, you can pick the perfect plan according to your financial situation by getting the features of premium calculator online. You just need to provide some necessary information in the calculator tool and it will give you perfect estimation of your premium as well as the perfect plan according to it.

Transparency:

Transparency is always important when you want to buy a car insurance policy for the protection of your vehicle. Most of the clients do not find such transparency while getting the services of insurance agents. On the other hand, if you choose to buy a policy online, it will be better because of the transparency about the complete details of the plan.

Discount offers on policies:

If you visit online websites or mobile applications to buy Auto Insurance policy, it will be easier to get the additional discount offers and deals on all the available plans. To avail the additional discount offers, we are here to provide the complete details about the best available offers on these plans.

Because of all these reasons, it is always beneficial to get the Auto Insurance policy by visiting the online website of the insurance companies. You will not only find a better plan but you will get it at better cost by getting the discount offers.

Compare the Best Plans with Us before Buying Auto Insurance Policy

Compare the Best Plans with Us before Buying Auto Insurance Policy

Getting a new Auto Insurance plan is not an easy task because of so many options available for the customers. If you are unable to find the right coverage benefits with your plan, it will not be a perfect one as per your requirements. A large number of customers do not know the importance of comparing the plan to pick the perfect one according to the personal requirements. They just contact with an insurance agent and get the plan recommended by him.

You should understand that every individual has different needs and requirements so you should find the comparison features on our website before getting the right plan for you. At Verified Policy, every consumer will be able to get complete help to compare all the available plans of insurance to pick the perfect one according to needs and requirements.

We are able to help the buyers in the following ways to pick the perfect insurance plan for vehicle:

  • We offer a large number of motor insurance plans where you can choose the right one in easiest and convenient way.
  • The buyers can compare all the available plans at a single platform to make an instant choice as per needs and requirements.
  • With a premium calculator, we give you the best way to calculate the estimated premium so that you can get the correct code for Auto Insurance plan.
  • We are available to assist you 24/7 with our world-class customer care services to solve your queries and concerns.
  • We provide the complete knowledge about every small aspect about the Auto Insurance plans available in the market.
  • We always make sure that the buyers can save time and money while getting the insurance plan.
  • We also help when you want to transfer from one company to another for a new insurance policy.
  • We provide the updated facts about the statistics of all the insurance companies so that you can make the best choice.

With all such benefits, just visit the platform of verified policy whenever you want to make the right choice about the insurance plan to pick the perfect one as per your requirements and budget.

Best Car Insurance Plans in Indian Market

Best Car Insurance Plans in Indian Market

At verified policy, every consumer will be able to find the best comparison table including all the facts and features of the top Auto Insurance plans that you can pick for your vehicle. All these facts are beneficial when you want assurance of complete protection with the best insurance policy for your vehicle.

InsurerThird Party CoverCashless Network GaragesAdd-On CoversSpecial FeaturesExceptions
Bajaj Allianz Car InsuranceUpto 7.5L for third party property damage4000 and moreDefault: Roadside Assistance plan (RSA)*

Key & Lock replacement

Optional: Zero Depreciation (ZD)

Engine Protector

PA for Passenger

Electrical and Non Electrical Accessories

RSA and Lock & Key included in all policies by default

Instant Policy Issuance

Receive Instant Claims Assistance and SMS updates on your motor claim status through 24×7 call-centres.

RSA cover available for vehicles upto 15 years old

Lock & Key cover available for vehicles upto 10 years old

ZD and Engine Protector available till 5 years old

Bharti AXA Car PlanUpto 7.5L for third party property damage2300 and moreZero Depreciation (ZD)

Roadside Assistance plan (RSA)

Consumables

NCB Protector

Hydrostatic Lock Cover

Invoice Cover

PA for Passenger

Electrical and Non Electrical Accessories

Receive Instant Claims Assistance updates on your motor claim status through 24×7 call-centres.ZD and RSA plans available for vehicles upto 5 years old

Consumables, NCB Protector and Invoice Cover for upto 2 years old vehicles

HDFC Ergo Car Insurance PlanUpto 7.5L for third party property damage3000 and moreZero Depreciation (ZD)

Roadside Assistance plan (RSA)

Engine Protector

PA for Passenger

Electrical and Non Electrical Accessories

Unlimited claims for ZD plan in a year!

Occupation and Age discounts available

Comprehensive support through our dedicated customer support team

ZD plan available for vehicles upto 5 years old; require previous insurance also to have ZD Engine Protector is available for vehicles upto 2 years old
Future Generali Car Insurance PlanUpto 7.5L for third party property damage1000 and moreZero Depreciation (ZD)

Roadside Assistance plan (RSA)

Key & Lock Replacement

Loss of Personal Belonging

PA for Passenger

Electrical and Non Electrical Accessories

Laptop and Mobile phone theft is covered with Loss Of Personal Belongings cover!Add on covers available for vehicles upto 5 years old
IFFCO Tokio Car Insurance PlansUpto 7.5L for third party property damage2000 and morePA for Passenger

Electrical and Non Electrical Accessories

Large fleet of trained in-house Surveyors utilized for immediate attending to claims.

Usage of online e-survey claims module by both in-house and external Surveyors, for lowest TAT in claim settlement.

Usage of online e-survey claims module by both in-house and external Surveyors, for lowest TAT in claim settlement.

Liberty Videocon Car InsuranceUpto 7.5L for third party property damage1900 and morePA for Passenger

Electrical and Non Electrical Accessories

Claim settlement within 7 working days.

 

Swift telephonic service for effective claims support & assistance even on Sundays & holidays

New India Assurance Car InsuranceUpto 7.5L for third party property damageYour local branch will help you with claim settlementZero Depreciation (ZD)

PA for Passenger

Electrical and Non Electrical Accessories

Swift claim settlement process
Reliance General Car InsuranceUpto 7.5L for third party property damage2300 and moreZero Depreciation (ZD)

PA for Passenger

Electrical and Non Electrical Accessories

RSA plan included in all policies by default

Avail 24×7 instant roadside assistance through Anywhere Assist App

Quick and hassle-free settlement for your motor insurance claims

RSA plan available for vehicleupto 3 years old
Royal Sundaram Car InsuranceUpto 7.5L for third party property damage3300 and moreZero Depreciation (ZD)

Roadside Assistance plan (RSA)

NCB Protector

Windshield Cover

PA for Passenger

Electrical and Non Electrical Accessories

RSA plan included in all policies by default

Instant Policy Issuance

Speedy authorization of repairs to get the car back on road quickly.

NCB Protector cover given to new cars or old cars with at least 20% NCB

Add-ons available for cars upto 3 years old

ZD claims can be taken 4 times in a year

Tata AIG Car InsuranceUpto 7.5L for third party property damage1500 and moreZero Depreciation (ZD)

Roadside Assistance plan (RSA)

Key & Lock replacement

Loss of Personal Belonging

Hotel & Travel

Expenses PA for Passenger

Electrical and Non Electrical Accessories

Hotel & Travel Expenses covered in case of breakdown/accident

Laptop and Mobile phone theft is covered with Loss Of Personal Belongings cover!

ZD is available for cars upto 5 years old
Universal Sompo Car InsuranceUpto 7.5L for third party property damage1100 and moreZero Depreciation (ZD)

Roadside Assistance plan (RSA)

PA for Passenger

Electrical and Non Electrical Accessories

Instant Policy Issuance

Quick and hassle-free settlement for your motor insurance claims

Things to Consider Before Buying Car Insurance Plan

Things to Consider Before Buying Car Insurance Plan

If you have decided to find the new insurance plan for your vehicle, you should consider various factors to make the right choice. It may be difficult to pick the perfect plan before considering the factors given below by the customer:

  • The coverage amount requirements:

There will be options to choose from comprehensive and third party liability coverage benefits in various policies. If you want the complete coverage benefits for all kinds of damages for your vehicle, just go with the comprehensive insurance plan. If you find third party liability plan appropriate to fulfil your requirements, you can choose this option also.

  • The requirement of add-onthe plan:

To provide the additional benefits for the consumers, lots of add-on plans are also available in the market. The agents may recommend you to go with any of the add-on plans to provide the additional benefits. However, you should always find if it is beneficial or not as per your needs and requirements. If it is not necessary for you, you can save your money by skipping the add-on plan with your Auto Insurance policy.

  • Know about all alternate options:

If you choose to buy any of the Auto Insurance plans offline, you should get the details about all the alternate options so that you can make a right choice. An insurance agent will not give you the complete information about the alternative options so it is important that you try to find these insurance policies online. At the online websites, you can easily compare all the plans and can know about the perfect one as per your requirements.

  • Know about cashless claim settlement features:

Today, lots of insurance companies provide the features of cashless claim settlement. If you want to go with a company having a good reputation in the market, look for this feature. You should also check all the garages in the network so that you can easily find the repair services for your damaged vehicle without paying any cash amount at the garage. It is the perfect solution to get a quick repair for your vehicles without any kind of cash payments.

  • About the terms and conditions in detail:

At a glance, you will not find the complete information regarding all the terms and conditions related to the insurance policy for your vehicle with a company. If you do not want to face any kind of inconvenience during the claim settlement, it is important to know about all the details of terms and conditions before buying the insurance plan.

  • The amount of premium:

It is very important to make a research about the premium of Auto Insurance before choosing the policy. Everyone has a different financial situation and you do not want to face any kind of inconvenience to pay the premium of your plan. In such cases, just make some research and calculate the premium by using the premium calculator tool available at our website.

By considering all these factors, you will probably make the better choice to get a perfect insurance plan for the complete protection of your vehicle. Verified Policy professionals are always available to assist you in the best way when you want help to make any kind of decision.

Customization for Car Insurance Plan for Additional Benefits

Customization for Car Insurance Plan for Additional Benefits

Many of the customers may have additional needs and requirements and they want additional coverage benefits with these Auto Insurance plans. If you also need some additional benefits as per your needs and requirements the add-on plans are available as the perfect customization in your existing plan.

Personal accident Riders:

It is an additional benefit that will provide benefits to cover the medical expenses in case of any personal injury, damage or disability due to the accident on your vehicle. If you want to avail the benefits with this personal accident Rider plan with your Auto Insurance policy, you will need to pay an extra premium for it. It is important to know about all the terms and conditions before making the choice for this add-on plan.

Coverage benefits for accessories:

With your vehicle insurance policy, you will not find coverage benefits for additional car accessories. There may be lots of accessories that are valuable and you do not want to find this kind of damage due to the accident of your vehicle. While looking for coverage benefits for all the car accessories, just get the additional plan to cover it perfectly.

No claim bonus benefits:

It is also a beneficial deal that you can find to get the additional discount during the renewal of your insurance plan. If you are not claiming the coverage benefits during the year, the company will provide no claim bonus benefits as per the terms and conditions. It is a perfect solution to get lots of discount on the premium of renewal of your insurance plan. Before getting Auto Insurance policy, it is essential for the clients to check all the terms and conditions related to the no claim bonus scheme.

There may be some more add-on and rider plans that you can avail with your Auto Insurance plan as the perfect solution. Because of all such additional benefits, the policyholders will get a perfect solution to get rid of all kind of stress.

Exclusions in Auto Insurance Policies

Exclusions in Auto Insurance Policies

With all inclusions, you should also have complete knowledge about exclusions of these insurance plans so that you can stay prepared for it. If you do not have knowledge about the exclusions, it can be a big disappointment when you want to claim your insurance policy in case of an emergency. Here are some of the common exclusions in insurance policies for vehicles:

  • Loss or damage to your vehicle if the policy is not in force
  • Gradual wear and tear of physical and its parts
  • If anyone is driving the vehicle without a valid license then the damages will not be covered in the insurance policy
  • If the driver is driving after using alcohol or drugs then damages will not be covered
  • Any kind of damage to the vehicle’s engine due to the leaked oil
  • Damages to the vehicles because of the abuse of guidelines of car manufacturers

If you have complete knowledge about all the exclusions of these Auto Insurance plans, you will not face any kind of inconvenience all problem to avail the advantages of coverage whenever it is required.

The Process to Claim your Vehicle Insurance Policy

The Process to Claim your Vehicle Insurance Policy

Looking for the complete information regarding claim process for your insurance policy? Not verified policy, we understand the needs and requirements of all policyholders and other consumers. Here are the complete process details that you will use to claim your insurance plan:

Documents required for claim settlement:

When you are going to report your Insurance Company for the claim, it is important to take the following kinds of documents and information for the process of claim settlement:

  • Insurance policy number
  • Your contact number
  • Vehicle number
  • A short description of how the accident occurred
  • Location of the loss
  • Name of the policyholder
  • Time and date of the accident
  • Model and make of the car
  • The extent of the loss
  • Name of the garage with contact details
  • Contact details and name of the third-party in the event of a third-party liability claim

Other documents that you may require:

For accident damages:

  • Proof of insurance
  • Tax receipt
  • A copy of the registration book
  • FIR (For third-party liability claims)
  • The estimated cost of repair at the garage
  • Copy of the driving license of the insured driver
  • Repair bills and receipts after payment is made at the garage

For theft cases:

  • Original policy document or certificate
  • Original registration book with the endorsement of theft from the RTO
  • Original tax payment receipt
  • Details of the previous insurance
  • Policy number
  • Insurance provider
  • Duration of insurance
  • All keys, warranty card, and service booklets
  • FIR
  • Acknowledged copy of the letter to the RTO intimating theft and classifying the vehicle as ‘Non-use’

For liability claims:

  • Form 35 signed by the financer
  • Form 28, 29, and 30 signed by the policyholder
  • Consent towards the claim settlement from the policyholder and financer
  • Claim Discharge Voucher signed across a revenue stamp
  • Letter of subrogation
  • NOC of the financer if the claim is settled in favour of the policyholder

 These are the documents that you will require for the claim settlement process. After that, the policyholder will need to follow the process given below for the claim settlement in various cases:

Claim for own damage:

If you want to find coverage benefits for your own damage in case of accident or other damages to your vehicle, you will follow the process given below for it:

  • First of all, contact the Insurance Company and inform about the claim settlement process with all the details
  • Although, it is not important for policyholders to file FIR yet you can go to file an FIR for the safe side.
  • After the notification to the insurance company, there will be a schedule of the inspection process of your vehicle. The representative will visit for the inspection process and will take the vehicle to the nearest garage for inspection.
  • After completing the survey the company will analyze the request of your claim and will send approval to the garage. According to the estimated cost for all the repairs, the company will contact the garage owner and will pay for the repair work. After the settlement of the claim, you can get help to repair your vehicle and take it to the home.

Claim settlement for third party liabilities:

You have third party liability insurance; you can claim it in the following ways:

  • First of all, it is important to file an FIR at the nearest police station. You should have a copy of FIR for reference.
  • After that, you will share the copy of your vehicle insurance policy with the third party so that he can raise the claim on your policy.
  • After that, there will be third-party liability claim at motor accident claims Tribunal.

The claim in the case of theft:

In the cases of theft, you will follow the process given below for the claim settlement with an insurance policy:

  • Best of all, it is important to file an FIR at the police station after the case of a stolen
  • If you want to claim the coverage benefits of your insurance policy, you will require the following documents for it:
  • A copy of your car’s registration certificate (RC)
  • A copy of your driving license
  • A copy of the FIR
  • The first 2 pages of your car insurance policy
  • A detailed letter that is addressed to the RTO
  • After that, you will inform your insurance company and they will settle the claim after making research on the complete situation and verifying all the documents.

Therefore, it is the complete process that the car owners can follow to avail the benefits and advantages of these auto insurance policies in various situations of damage all theft. When it comes to getting additional information on it, it is possible to visit the website of your insurance company to get the complete details about all the terms and conditions related it.

Car Insurance FAQ’s

Car Insurance FAQ’s

What is Auto Insurance policy?

Auto Insurance policy is an agreement between the policyholder and Insurance Company for the complete financial protection against any kind of accident or theft cases of your vehicles. The customer will make the annual payments of premium and the company will provide a claim to cover the damages due to accident or theft for the vehicle.

Is it essential to get Auto Insurance?

In India, it is important for every auto vehicle to be insured with minimum third party liability insurance. This insurance plan is available to provide the financial protection against any kind of damage to another person over the property because of your vehicle.

What do you mean by no claim bonus?

If the policyholder does not claim the coverage benefits with Auto Insurance plan for the year, the company will provide the bonus benefits at the time of renewal. It is possible to get discounts on premium during the renewal of your insurance policy if you have not claimed your coverage benefits.

What will be the exclusions in auto insurance policies?

Here are some of the exclusions where the company will not provide coverage benefits with your vehicle insurance plan:

  • Normal wear and tear
  • Loss or damage caused to the vehicle due to depreciation
  • Electrical and mechanical breakdown of a vehicle
  • Any accident outside the geographical location
  • Driving without a license
  • If a driver is driving under the intoxication of drug/drugs
  • Vehicle not being used for the purpose mentioned in the document

What is insured declared value?

Insured declared value is the highest amount that insurance company will pay at the time of claim in case of any damage or theft of your vehicle. IDV of your vehicle will be its current market value that will be calculated on the basis of various factors by your Insurance Company. To understand the calculation method for IDV, you should check the details given below about different depreciation slabs:

Age of the vehicleDepreciation value in %
Not more than 6 months5
More than 6 months but below 1 year15
More than 1 year but below 2 years20
More than 2 years but below 3 years30
More than 3 years but below 4 years40
More than 4 years but below 5 years50

Can I pay the premium in installments for a motor insurance policy?

According to the insurance act 1938, you will not be able to pay your premium in installments for your motor insurance policy. If you are using online services to buy your insurance plan, it is possible to use your credit card so that you can make the entire premium payment at one time and then pay to the credit card company in installments. It will be a great solution for your problem but you want to make installments of the premium of your insurance plan.

What do you mean by total loss of the vehicle?

If the insurance company is paying more than 75% of insured declared value in case of accident or other damage to the vehicle, it will be considered asthe total loss of the vehicle.

Which damages are covered with comprehensive insurance plans for the vehicles?

When it comes to making choice for an insurance plan for your vehicle, there will be options of Third party Insurance and comprehensive insurance. Comprehensive insurance is always a better choice for the customers because it will give the following kinds of coverage options and benefits:

  • Liability to the third party
  • Accident by external means
  • Earthquake, flood, storm, landslide
  • Transit by rail, road, waterways, air or lift
  • Fire, explosion, self-ignition, lighting
  • Riots, strikes, terrorism, malicious acts
  • Burglary, theft or housebreaking

What is the cashless facility?

At the present time, many insurance companies are providing the features of the cashless facility to the policyholders. If you are getting the benefits of the cashless facility, you do not have to make the cash payments for the repairing of your vehicle at the network garage in case of any damage due to the accident. The company will directly make the payments to the garage and you will be able to find the benefits of the cashless facility to get the direct repair services without any kind of payments.

What should I do if my vehicle gets damaged outside the area where Policy was issued?

First of all, it is important to inform the insurance company as soon as possible. If you do not have a contact number, you can search online for it. You can also visit local office at the nearest location to inform the company. If you are not reaching the company officials, you can click the photos of accident vehicle and spot. In the cases of major accidents and involvement of third parties, it will be better to file an FIR as soon as possible.

What will be the premium for my vehicle insurance policy?

The insurance premium will differ from individual to individual and company to company. It will depend on various factors so you will need to use the online premium calculator when you want to make the right choice to find the insurance policy for your vehicle. The insurance companies determine the premium of individuals in the following ways:

  • The driving record of the applicant
  • The applicant’s age
  • The credit rating of the applicant
  • Claims history of the customer
  • Model and make of the car
  • Location where the car is usually parked
  • Location where the car is driven most of the time

Will my residence location affect the premium amount?

Yes, the amount of premium may change with location. For example, most of the companies provide the benefits on premium to the customers of rural areas and small towns. For the major risk of accident and theft, clients of major cities will need to pay more premium as compared to the clients located in rural areas.

How much time can I claim the insurance benefits in a year?

With the insurance companies, you will not find such kinds of restrictions. You will be able to claim your insurance benefits as much as the policy is in force. However, you should know about the restrictions on the number of claims according to your add-on plans. When it comes to getting more information on it, you should always check the terms and conditions of the insurance company for it.

Can I choose to cancel my vehicle insurance plan any time?

Yes, it is possible for the policyholders to cancel it as per the terms and conditions of your Insurance Company. When you will cancel it, the insured amount will be debited into your account. You will need to provide proof of alternate insurance policy to cancel your plan.

Which documents are required to claim the benefits of the cashless facility?

When it comes to getting the benefits of the cashless facility with your insurance plan, we will need to provide the following documents for it:

  • Your car’s original RC book.
  • A copy of your car’s RC book.
  • A copy of your driver’s license.
  • A duly filled claim form.
  • Copy of the FIR lodged at the time of the mishap

Is it beneficial to compare the insurance plans online?

Yes, to make the right choice for a perfect insurance plan for your vehicle, you should always try to compare all the available plans at the online websites. If you who want to avail the best benefits comma we are here to provide the best solution that you can use to compare the insurance plan in theeasiest way. It will not only have to save your time and money but it will help to pick the perfect plan with best-in-class advantages.

Should I buy car insurance online?

To get a new car insurance policy for your vehicle, either you can contact the insurance agent or you can use the online services for it. If you want easiest and convenient way to get a new insurance plan, it is always a good option to get it online on the website. By visiting the online website, you can easily fill the application form and can submit the required documents online. It will help to get an additional discount on premiums with your insurance plan.

Car Insurance
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