Car Insurance

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What is Car Insurance?

In very simple words, car insurance is financial protection. It is a policy that is signed between 2 parties- The policyholder and the insurer. It covers all the losses that one might face due to the damage done to the car or in case of theft.

The suitable insurance policies that are broadly divided into comprehensive cover and third-party insurance, car insurance is a must.

Comprehensive cover protects you against damages caused to your car, while third-party insurance provides cover for the damages caused to another person or property by your vehicle.

Why is it important to have Car Insurance?

Your state’s minimum liability and property damage coverage are the most important coverage. More than anything else you need to maintain car insurance to keep yourself legal to drive.

 You risk losing your driver’s license and fines driving without it. Get into an accident without liability coverage and you could be facing enormous penalties including bills from the damages you cause.

Document Required

  • Documents Required to Buy Online:- Purchasing motor insurance online requires minimal documentation. If you are buying a new insurance policy, then you need to fill a proposal form and a copy of the Registration Certificate (RC).

  • In case of renewals, you need to provide a copy of the Registration Certificate (RC) along with the previous insurance policy. It is advisable for you to fill in your details carefully as by providing accurate and complete information you will face no issues at the time of a claim.

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Advantages of Car Insurance

A minimum amount of insurance is required by all the states of India. Car insurance can help offset the loss of huge sum in the following manner:

  • Provides benefits to survivors when an accident results in death

  • Cover all the lawsuits including legal fees brought against you as the result of an accident

  • Bills of Vehicle repair is covered due to damage caused in an accident

  • Bills of Vehicle repair is covered due to damage caused in an accident

  • Car insurance policies allow premium discounts for theft or for owning more than one policy with the same insurer

  • No Claim Bonus is offered if you do not make any claim during the policy period on renewals provided you fulfill certain terms and conditions

Compare and Decide

Everyone wants to get the best policy within the desired budget so that’s why Insurance Bucket helps you to decide to choose the best deal.

Insurance Bucket already has tie-ups with several insurance companies to serve the best premium rates. The process that we follow to provide free quotes is very simple.

You simply need to put your personal details and vehicle-related details in the online form, and in just a few steps you can get the best vehicle insurance policy. You can easily get the best and cheapest insurance policy that directly saves your hard-earned money by just following few simple steps.

 The portal provides free quotes that will help you to choose the best one. Our comparison service is free and unbiased.

Types of Car Insurance Policies in India

In India, there are two types of Motor Coverage:

  • Third party Liability Coverage: Under this feature, insures provides coverage to damages caused by you to the Third Party. This plan does not cover the losses, damages or the injuries to the insured person.

    It refers to the minimum risks which are covered under the Auto Vehicles Act 1938. Third party liability coverage plan is compulsory to have by each and every owner of the car under the law of India

  • Comprehensive Coverage: This is a plan which provides wider coverage to the insured and Third-party as well.

    Insurance covers the maximum expenses that can occur due to the damages caused to a car in case of an accident or loss due to theft or any other reason.

    All the damages are covered under this plan which are caused because of natural calamities, accidents, theft, fire, and much more. The insured person can extend the policy for increasing the additional benefits

Types Of Covers

  • Cover against fire, explosion, lightning, flood, hurricane, storm, cyclone, inundation, hailstorm, rockslide, landslide, frost, tempest, typhoon

  • Cover against theft, riots, strike, terrorism, burglary, malicious act, any damage in transit by rail, road, lift, elevator, inland waterway

  • Cover against legal liability owing to accidental damages leading to the permanent injury or death of a person, as well as damage inflicted to the surrounding property

  • Personal accident cover for the individual car driver while travelling, mounting or dismounting from the car

Car Insurance- Benefits

It is a necessity, not only because of the law but also for its helpful features and vehicle policy provides the needful coverage in case of any loss that occurs due to theft, accident, fire, explosion, etc.

 You should buy it for you and your vehicle’s safety by which you can have the advantage of the third-party liability coverage that protects you from paying heavy penalties during accidents that are caused by you.

  • Roadside assistance services such as on-spot technician availability, fuel supply facility, etc

  • Zero depreciation cover

  • Doorstep surveyor service

  • Accidental cover for co-passengers

  • Protection against third party liabilities

Coverage under Comprehensive Car insurance

Damage caused or loss occurred due to natural calamities like floods or earthquakes or manmade reasons are also covered under the comprehensive car insurance policy offered by various companies. Major natural reasons include – typhoon, lightning, storm, hurricane, inundation, tempest, cyclone, frost, hailstorm, rockslide, and landslide.

However, man-made factors such as burglary, riot, theft, strike, and accident by external means, malicious act and terrorist activity, damages in transit by rail, road, lift, elevator, inland waterway, or air are included in the policy agreement.

Additional Coverage:

Many policies offer extended coverage against other types of assistance for the vehicles, Apart from the basic damage and loss coverage.

However, the premium amount of the policy increases accordingly. Following are some of the additional benefits or add-ons that one can opt from for their car insurance policy-

Zero Depreciation Cover:

As the vehicle wears and tears gradually, depreciation is the reduction in the price of the vehicle over the years.

Therefore, many insurance companies protect the policyholders from the loss of depreciation and allow you to claim the amount for deprecation by replacement or repair of the damaged car part.

NCB Retention Cover:

NCB or no claim bonus is a reward to the policyholder for not making any claim in the policy for over a year. Also, one can get up to 50% discount by accumulating NCB over the period of 5 years.

So, those policyholders who have made even a single claim cannot claim the NCB.

This is where the NCB retention cover comes into effect where owners can claim under pre-defined limits which do not have any effect on the NCB for the specified duration.

Coverage against Damage or Loss:

A type of policy called a comprehensive car insurance plan covers the third party liabilities of the policyholder in case of an accident that leads to death or disability or injury to any third party or damage to any third party property.

Road Side Assistance:

Coming along with the comprehensive car insurance policy, this adds-on feature rescues you when your vehicle gets stranded or faces an accident or is unable to move due to mechanical or electrical issues in the middle of a remote area.

It offers services like towing, jump start of a battery, fuel re-fill, and service by mechanics.

Daily Cash Allowance:

While the policyholder has given their vehicle on service and the car company keeps the insured vehicle for more than the intended time period, the policyholder can claim cash for transportation and commuting through the add-on cover called daily cash allowance.

Frequently Asked Questions

Get answers to all your questions

What are important things to Consider before Buying Car Insurance Plan?
What will i do if my car insurance got rejected?
What if at the time of accident my vehicle is being driven by someone else?
I am selling my car. Can I transfer my policy to the new owner?
I took out car insurance last month. I have now found a cheaper insurance. Can I cancel?
Will I get a Personal Accident cover if the vehicle is registered under someone else’s name, but is driven by me and the premium is also paid by me?
What are the documents required to cancel the car insurance policy?
For how long is my car insurance policy valid?
Should I make small claims?
What is the best way to lower your car insurance premium?