Car Insurance

Compensations for any event like stolen or damaged car because of any foreseen circumstances can provide you with car insurance. Any individual can apply for the car insurance like Comprehensive Car Insurance, Standalone Car Insurance and Third-Party Car Insurance.

What is Car Insurance?

It is a contract where your general insurance company that contracted with you, will protect any financial losses that are happened to for any unfortunate events involving your car. Though the term and policies for your insurance, depend on the type of the insurance that you applied. So, be careful when you are applying for insurance policies. For continuation of this benefits, you should keep mind as a policyholder that you need to renew the insurance by time.

Some key features about any Car Insurance

Insurance can be claimed (In Third-Party Insurance) for any third-party damages like death, injury or property damages. Only under standalone and comprehensive insurance policies, self-done damages are counted for Insurance.

Third-Party Car Insurance

Irrespective of where you live, it’s very common to become in an accident (car accident) which makes Third Party Car Insurance policies a mandatory thing. Get it this time of insurance policy also called liability only car insurance policy. It covers any damages, bodily injuries, temporary disabilities or permanent one, as well as death of the third-party which is caused in the accident by the insured’s car. This policy also gives coverage of property damages done by the third party.

Standalone or Own-Damage Car Insurance

Introduced by the Insurance Regulation and Development Authority of India (by IRDAI, in 2019). This policy takes coverage of only on your self-damages sustained by your 4-Wheeler in road accidents like self-sustained or man-made calamity, explosion, theft, any other misfortunate event. Standalone Car Insurance has much more flexibility than you can imagine now.

Comprehensive Car Insurance

This most expensive car insurance policy covers the liabilities that insurance company will pay third party as well as your own-damages by insureds cars. With road accidents the policy is also applicable for natural calamities or man-made disasters, explosion, theft etc.

How to choose a Car Insurance online?

Select your plan (type of the plan): Check your insurance need and finalising your assessment choose up a policy according to your preference. Choose any policy you like based on third party coverage or comprehensive coverage or best requirements that meets your need according to you.

Compare the policies available: Before taking any insurance policy we recommend you to compare the policies online and available. Comparison always makes it clear for choosing between anything. Pick the best car insurance plan for your need and fit for you budget.

Check for Premium and IDV: IDV is the current value of your car that is in the market. This is the maximum value the insurance providers can pay you for a total loss or damages on your car without counting the repairs. The high IDV will extend your coverage but as well as the premium may increase. So, please check the IDV which you can afford.

Add-on covers: This extends the coverage of your policy. It can be increased by paying an additional premium amount. We recommend you that you should inquire about this add-on coverage. Choose one that suits you. However, these types of coverages can only be available with comprehensive insurance plans.

The claim process: The insurance claiming process can get complex so look for an insurance company which provides you a very ease and fast claim process. For your convenience, if you want to check the quality of the claim process of insurer, you can always check CSR (Claim Settlement Ratio) before finalising your insurance. It is the percentage of claim settled by the insurers in time period of a year. It is always better if you buy a plan from a high CSR company.

Benefits of Car Insurance:

> Staying Legally Compliant

It is legally helping for you to have a third-party car insurance at least. In countries like India, it is been mandatory to have a third-party car insurance policy, absence of which can make you pay a punishable fine or you can end up being imprisoned for up to a few months.

> Third-Party Liability Protection

The third-party liabilities like body injuries, temporary or permanent disabilities, death or property damage, everything can be compensated with a third-party insurance. It will make you financially correct.

> Own-Damage Protection

This insurance policy will keep you financially secure in the matter of own-damage expenses. Damages such as road accidents or natural calamities, manmade disasters, explosion, vandalism, etcetera can be covered under standalone insurance and as well as comprehensive insurance plans.

> Theft Coverage

Some insurance policies also cover incidents like theft of your car. In case of theft, they can provide you with IDV (insured declared value) of your car which is the current market price of your car.

> Personal Accident Coverage

Some car insurances also gives you a personal accident cover which will cover in case of death, injuries, disability in an accident of the policyholder.