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Car insurance is a policy that protects the financial interests of your vehicle in the occurrence of any unforeseen incidents such as theft, accidents, natural or man-made disasters. A car insurance policy also provides you a financial shield in case of any damage to a third party person or property
What do we understand by the term car insurance?
On occasions, you may end up hurting others or damaging others property in an accident, a car insurance policy also covers such third-party liabilities. If you own a car in India, having car insurance is a necessity that you have to fulfill for sure. That s why it s crucial to buy and renew your policy on time, not only to carry through the law but also to get a cover against car damages.
Why is car insurance essential in India?
Every country has different laws for driving vehicles. In India, according to the Motor Vehicles Act (1988), a vehicle owner is required to obtain a valid car insurance policy to be able to drive on the roads of our country. As same as possessing a driving license to ride your vehicle, car insurance is also fundamental. A vehicle owner s license can be invalidated until an authorized insurance policy is purchased as well as renewed.
Being a car owner, you have the leverage of selecting third-party insurance as mandated by Indian law or opting for a comprehensive policy that provides you and your car extensive coverage. And if you do not have time to visit the insurance company s office physically then always remember that you can anytime choose the car insurance renewal online option.
What Are The Different Types of car insurance policies in our country?
1 : Comprehensive Car Insurance Policy
These policies are extensive as they offer complete protection. A comprehensive car insurance policy protects your car against all the damages caused due to an accident. It also covers the expenses incurred on the damages to a third party, car theft, damages caused due to fire, burglary, or any natural and man-made disaster.
Likewise, the life casualties of the driver and/or passengers inside the vehicle in the event of an accident are covered in this policy. It is always advisable to have comprehensive coverage for your vehicle through a comprehensive plan as this is the best car insurance policy.
2 : Third-Party Insurance Policy
These policies compensate you for all the monetary losses and damages to the third party, incurred in the occurrence of an accident. Expenses such as death due to an accident, partial or total disability, loss caused to the property of the third party. If your car causes injuries to a third party or damages their surrounding property, then the insurance company takes care of the expenses and compensates you for the same.
The Motor Vehicle Act (1988) states that every car owner in our country has to purchase this policy necessarily. In the absence of a third-party insurance policy, you will have to pay a heavy penalty or your driving license could be seized, if caught by the traffic police authorities. On the other hand, a car insurance third-party policy does not cover any damage that is done to your vehicle
3 : Stand-Alone Damage Car Insurance Policy
In this policy, you are covered for any accidental damages to your car. These damages could be due to natural disasters (such as earthquakes, floods, cyclones, and landslides) or due to man-made disasters such as theft, burglary, riot, or strike. If you would like to purchase this policy then you ought to have an active third-party insurance policy for your vehicle first. In this way, this policy provides optimal protection to your car.
Reasons why you should buy an online or offline car insurance policy from Insurance kara lo ?
The Process Is Transparent
The process of generating policy from our side is transparent. Our agents do not hide any information or facts from you. We also provide complete and proper documentation as we believe in sharing all the important information with our customers.
Affordable Premiums And Easy Renewals
The prominent feature of our car insurance policy is we ask for affordable premiums from our clients. We make them save money on premium with intelligent decisions. Also, the process of policy renewal is hustle-free and prompt. We provide reminders and quick service for the same. SIMPLE provides the best car insurance quotes as per the client s needs.
Advice From An Expert
Our experts suggest the most informed choices which suit the best to your needs. They discuss the necessities in detail with you and bring out expert opinions to deliver the best policies and plans to you
Quick Claim Settlements
We take the least time in settling your claims. The process of damage estimation and claim filing is done by our agents with utmost dedication. This is the main reason our clients always feel satisfied and happy with our prompt service.
Simple And Secure Payments
Our payment system is not only quick but also there is no fear of losing receipts and accounts-related information. We keep all the financial information of our client, account track record, history of renewals, and payment gateways totally safe As we use insurance company payment gateway.
Individualized Service From Best Insurance Agents
We deal with our clients separately by providing individualized services and the best possible plans, after analyzing their needs. We have produced the best insurance agents in the market.
Prompt Customer Service
We have the fastest and the most reliable customer service with a maximum customer satisfaction ratio. We use it to train our employees for timely updates.
Less Paperwork And Safe Documentation
With the minimum of paperwork and quick process of getting insured, our company provides optimum car insurance policies. Even the process of documentation is safe and simple.
These are a few pre-eminent reasons why we are one of the top insurance broking companies in India.
Reasons Why You Should Get Your Vehicle Insured By Buying A Comprehensive Car Insurance Policy?
The Obligation Of Third-Party Car Insurance
Because of the legality of the Motor Vehicles Act 1988 of India, it is a compulsion for all the vehicles which are running on the streets to be properly insured. Being a car owner, you must have third-party liability coverage and an insurance policy. You also have to renew it timely, when it expires.
Gives Easy Access To Cashless Garages
Our company pays you for the repairs as per the claim and settles your dues directly with the garage authorities
Protect Your Car Against Theft
If in a certain case, your car has been stolen by someone, we compensate for the unforeseen event by paying you concerning the loss
Compensation On Death
The most unfortunate impact of an accident is a sudden death of the policyholder or a third party involved in it. On the occasion of the death of a policyholder, we compensate the nominees by ensuring that their daily expenses do not suffer due to a life casualty of their loved one.
Provide Personal Accident Coverage
Our comprehensive car insurance policy provides personal accident coverage of a big amount for the injuries to the registered owner, not only while traveling in the car but also while getting in or off the car
Hospitalization Expenses Get Covered
Getting hospitalized due to the result of an accident is not only mentally stressful but also brings a financial burden to your pocket. The medical expenses today are rapidly increasing day by day and can drain your financial savings. A comprehensive car insurance policy gives you leverage to get compensated for hospitalization expenses in such a situation.
It Saves You From Traffic Fines While Driving
According to the new Motor Vehicle Act 2019, you can be imposed with a traffic fine of Rs2000 for driving without car insurance. Moreover, if you get caught a second time, the amount of the fine doubles, and your vehicle can be seized.
All The Possible Damages Are Covered
This policy covers damages to your car due to any natural calamity (such as floods, tsunami, earthquake, lightning, landslide, hurricane, or typhoon) and any man-made disaster (such as riot, vandalism, or any malicious acts). Damages that can occur while transit or transportation by road, rail, air or elevator, are also a part of the policy s coverage.
Named Policy
The ship s name is mentioned in the insurance document, implying that the policy is issued in the ship s name.
So, these were the reasons why you should buy a comprehensive car insurance policy.
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What Are The Added Benefits Of Doing Car Insurance Policy with insurance kara Lo .
Daily Allowance Benefit
This is a type of cash cover on garages. Suppose you have parked your car in the garage for repair work, and are traveling with other conveyances. Then, you will get an allowance for traveling on a day-to-day basis by the insurance company, if in case the vehicle takes more than three days to get repaired.
Protection-Cover Of Engine
If you are the owner of a high-end car or you live in an area that is prone to floods, then our protection cover of the engine can be an important benefit for you. Under this add-on advantage, we pay for repair or replacement of the engine, if the need arises.
No Claim Bonus Protection Cover
If you haven t filed a claim for the past few years, then you can take the benefit of the No Claim Bonus. Our car insurance policy has this added benefit. By taking this advantage, a policyholder can earn up to 50% of the discount on the premium. No claim Bonus is cumulative and increases every year, and you can save from 10% to 50% of your payable premium.
Protection-Cover Of Consumables
Under this protection-cover company pays for the repair or replacement of nut and bolt, screw, clips, lubricant, grease, washer, engine oil, oil filter, fuel filter, A/C gas, brake oil, and related parts. We provide a complete protection cover for all these consumables.
Zero Depreciation Cover
With time and usage the original value of your car decreases. So, the zero depreciation cover policy compensates even for the depreciating value of your car. Due to this added benefit, you need not pay for the depreciation value of the vehicle s parts, at the time when you file a claim.
Protection-Cover On The Loss Of Personal Belongings
This protection covers the loss of your personal belongings such as your mobile phone, laptop, or clothes, which were kept in your car and are missing due to any reason such as theft. Also, if these belongings get damages due to causes such as accidents, then also the company compensates the loss by paying you the money
Save Through Paying High Deductibles
Deductibles are that part of the amount which a policyholder decides to pay from his own pocket. So, a policyholder can save money on the premium by paying higher deductibles. If you choose to pay some amount as deductibles while filing a claim, then you can avail of some discount on the amount of premium later on.
Liabilities Of Third-Party
If an unfortunate event happens and your car meets with an accident in which it causes damage to the property of a third party, then we will pay for it. You do not need to worry; these things are covered under our car insurance policies.
Roadside Assistance Cover
This helps you in case of a breakdown or accident. Facilities such as towing to the nearest network garage, battery jumpstart, on-call support, taxi benefits, or minor repairs are part of our roadside assistance cover. Because we provide these prominent add-ons, we are the best car insurance company.
How The Amount Of Car Insurance Premium Of Your Selected Plan Is Calculated?
There are several factors that affect the amount of premium you have to pay. They vary from car to car you own, plan to plan you want to buy, and facility to facility you would like to add on in your plan. Let us see the three components of premium and the factors that affect these components, in brief
Three Components
1 :Third-Party Liability Premium
This is stated by (IRDA) Insurance Regulatory and Development Authority of India. This car insurance 3rd party liability premium is directly proportional to your car s cubic capacity.
If your car has less than 1000cc then the amount would be Rs2072. However, in case your car has a capacity between 1000-1500cc and more than 1500cc then you have to pay Rs3221 and Rs7890 respectively. These are the updated figures, which are in effect from 16th June 2019.
2 : Own Damage Premium
This sum up as IDV X (Tariff Rate) (Discounts) + Add-ons
3 : The Premium For Personal Accident Cover + Additional Covers
Factors That Affect These Three Components
Year Of Manufacture
The amount of premium calculated depends on the year of manufacture. New cars could be costly to cover because of the unavailability of their spare parts in the market yet
Fuel Type
Denting, painting, and repairing petrol base cars are less expensive than diesel and CNG ones. This is the reason why petrol cars attract a lesser premium and are cheaper to be insured.
Location
Urban areas have huge traffic and rural areas have comparatively less. Accordingly, the possibility of an accident happening is more in urban areas than in rural ones. Therefore, the same vehicle may attract different premiums depending upon the location.
IDV
As declared value is the maximum amount that one can claim for his car under a particular policy. Hence, the higher market value and higher IDV of your vehicle attract a higher premium.
Make And Model
A higher-end car model is insured at a higher rate, and a lower-end model at a lower rate. The obvious reason is higher-end models have a higher cost of replacements and repairs.
Add-Ons
An additional cost will be added to your premium according to the add-ons you decide to include in your insurance policy. Car insurance premium increases with the increase in the number of add-ons.
Claim History
You can take advantage of the No Claim Bonus anytime if you haven t filed a claim during last year.
Which Things Are Not Covered In Our Car Insurance Policy?
1 : Drunk Driving
Any kind of damage or loss caused because of an unforeseen event during which the driver of the car was drunk or influenced with any kind of drugs are not covered.
2 : Damage While Driving Without A License
If the driver was not caring his driving license at the time of damage, then our company will not compensate for the loss in any case.
3 : Damage Caused Due To Negligence
In case your car gets damaged due to any negligent behavior such as driving through a waterlogged lane or jumping your vehicle from height, and if the damage seems intentional, the policy will not cover the loss
4 : Damage Due To War, Mutiny, Nuclear And Chemical Risks
Suppose your car gets damaged during a communal riot or a regional war, and a nuclear attack or a chemical war, then the company will not pay you for the compensation as these things are not covered under the car insurance policy coverage.
5 : No Requisite Add-On Cover
There are some damages that are compensated only if you have taken add-on covers. However, in the absence of those, only standard policy coverage will be given.
6 : Normal Wear And Tear
Such as wear and tear of car parts from aging and electrical or mechanical breakdown is not covered
7 : Compulsory Deductibles
This is that fixed amount that gets deducted at the time of claim. Compulsory deductibles will not be paid by the company but by the customer.
What Are The Ways To Save Money On Your Car Insurance Policy Premium?
1 : Recognize Your Car s IDV
The estimated value of a car depreciates with time. Therefore, it is always advisable to know the exact value of your car. You have to pay a lower amount of premium if the IDV of your car is lower.
2 : Acknowledge And Claim The No Claim Bonus
If you are a responsible driver and had not filed a claim for the past few years then No Claim Bonus is a type of reward for your responsibility. In such a case, you can earn a discount of up to 50% on your premium year after year and can save money on your car insurance price.
3 : Acquire AAI Membership
Acquiring Automobile Association of India membership is an important step in saving money on your premium. If you are a member of AAI, you can catch a concession on a personal damage premium.
4 : Increase The Amount Of Voluntary Deductibles
Voluntary Deductible is that amount which you agree to pay from your pocket. The bigger the amount of these deductibles will be, the lesser the amount of premium you will have to pay to the company.
How To Choose The Type Of Car Insurance Policy That Suits You The Best?
Now, as you are aware of the different types of car insurance policies, we would like to assist you in choosing the correct type of insurance plan to protect your car. With an immense number of offerings present in the industry market, opting for the right policy for your requirements can be intimidating at times. The below-mentioned conclusions will help you select the right policy for your necessity
1Transparency About The Type Of Policy Which You Actually Require
The Third Party Liability Car Insurance policy is generally a basic legal requirement and is chosen by individuals who want to purchase car insurance because it is mandatory by law. This policy compensates against the losses or unfortunate events suffered by a third party on the occasion of an accident caused due to a mistake of the policyholder s car
However, if you seek overall protection from the damages caused due to unforeseen accidents, selecting a comprehensive car insurance policy is always the best alternative. Furthermore, you can pick add-ons for your car as per the risks which are more relevant and meaningful to your requirements.
2 : Have A Look Into The Insurance Company s Claim Settlement Ratio
This is a type of prerequisite research we all should do before purchasing any insurance policy from any company. The claim settlement ratio points out the number of claims accepted by the company to the total number of claim applications received by it every year.
Hale and the hearty claim settlement ratio of a company depict that the company is an insurance provider of the highest quality. The higher the claim settlement ratio will be, the more you will be reassured about the chances of your claim to be honored and accepted within no time, in the future.
3 : Process Of The Claim
Some insurance service providers have a complex and lengthy claim process that takes time to be delivered. Moreover, a bad customer satisfaction ratio and insurance agent s inabilities hurt you more. Now wonders, at the time of an accident you would want quick and hustle-free service.
Therefore, before buying an insurance plan for your car you need to check out these things first. Always remember, pick out an insurance company that serves you with an uncomplicated claims process, and delivers a good quality service in a short span of time.
4 : Include Service Benefits Or Add-Ons In Your Plan
Everybody wants to receive the best services, but to receive them, Add-ons come with great benefits, you just need to evaluate them and choose the ones which suit your requirements against accidental damages appropriately. This is how you can choose the plans and make your car insurance which is best
Which Documents Are Required To File A Claim Through Your Car Insurance Policy?
If you want that your claim amount authorizes quickly and hustle-free, then you should keep all these documents handy
- Copy of Police FIR (filed after the unfortunate event)
- Claim form completely filled and duly signed by the policyholder
- Fitness certificate for commercial vehicles
- Driving license (one photocopy of the original document)
- Insurance documents with the endorsement (copy of insurance policy)
- Car registration certificate (RC of your four-wheeler)
About Claims
1 : When Should I Register The Claim?
The policyholder should report the claim on an immediate basis after the accident or damage. However, importance must be given to medication, hospitalization, and self-safety (if required). In theft cases, the company should be reported within 24 hours, after filing an FIR.
In the cases of an accident or damage due to any reason, the policyholder should furnish all the details to the company within 48 to 72 hours to avoid any delay in the claim registration process. If the vehicle is not produced for a survey or in case of any unnecessary delay, the company will not be liable to compensate for the loss.
2 : Can I Shift My Vehicle From The Spot Of An Accident?
For private cars, yes you can shift the vehicle. However, if the vehicle is in immovable condition or if there is a leakage of engine oil or coolant, then it is recommended not to start or move the car. Furthermore, if there is a problem with road blockage then you can tow or push the car without starting it.
For commercial vehicles, it is recommended and advised to opt for a real spot survey. If there is a problem of road blockage or leakage then you just need to take the car to the side of the road.
3 : What Are Cashless Car Insurance Claims?
Cashless car insurance claims assist you in getting your vehicle repaired without spending money in the garages of the service provider s network. In these claims, the insurance company directly pays the amount to the garage.
In General
1 : What Is IDV In Car Insurance?
Insured Declared Value is the topmost sum assured amount against which the insurance service provider will render you the services and compensate for the claim. IDV of your car changes year on year after rectifying the depreciation and is taken care of during the calculation of car insurance price.
2 : How Will I Know Which Add-Ons Are Required For My Car?
Our expert services and suggestions will let you know what is/are the best-suited add-ons for your car. You just need to tell us your requirements in brief and we will assist you in this matter.
About Policy
1 : Is There Anyway To Pay My Car Insurance Premium In Installments?
Section 64VB of the Insurance Act, 1938 says that no risk can be insured unless the premium is paid in advance. Therefore, the entire amount of the premium is needed to be collected before the commencement of the policy period.
2 : Is There Any Specified Limit On The Number Of Add-On Benefits I Want To Select For My Policy?
Nope, there is no limit on the selection of add-ons.
3 : What Is The Time Period For Which A Car Insurance Policy Is Issued?
A car insurance policy is issued for a year or for several years. A policyholder has to renew the policy before the particular expiry date mentioned on the insurance policy document. In the case of a new car, the owner has to mandatorily buy 3 years compulsory TP with a course of action of one year OD or a 3 year OD. In this way, he will continue to enjoy no claim bonus and will not have to take the pain of getting an inspection done at every renewal.
About Premium
How Much My Car Premium Will Increase With Each add-On?
Most of the add-on benefits in the car insurance policy are economical and modest. The amount of add-ons depends on several factors such as vehicle age, vehicle type, location, etc. You can tell us about the add-ons you want to include in the car insurance plan and we will provide you with a quotation for the same.
For Car Insurance Renewal
1 : Can I Purchase A New Plan For My Car At The Time Of Renewal?
Yes, this is possible. At the time of renewal of the insurance policy, you can also opt for other or additional insurance plans.
2 :What Is Break-In Insurance? What Should I Do In This Case?
Break-in insurance is that situation when your car insurance policy lapses as you haven t done its renewal on time. According to Indian law, there is a compulsion for you to hold a car insurance with a third party all the time if you want to drive in any corner of the country. In case of break-in insurance, if it is not more than 90 days old, you can retain your No claim Bonus also. Also, you have to appear for a car inspection while buying a new policy after the break-in.
Car Insurance Companies
Why Choose Insurance Kara Lo ?
- 1India is becoming familiar with Insurance Kara Lo :- Our transparent and quick process, a dedicated support team, and the availability of several insurance carriers have helped us provide a delightful experience to more than 1,000 + customers so far.
- 2Dedicated Support Team:- We have a dedicated support team available to assist you every day. Whether you need assistance with the purchase of an insurance policy or service during the settlement of a claim, our team of experts is at your disposal all day long.