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What Is car Insurance ?

Car insurance provides financial protection for your car in case of accidents, disasters, or other unexpected events. It helps cover expenses for repairs or replacements.

 

Four-wheeler insurance also provides protection against third-party property damages. In India, all vehicle owners must have third-party insurance as per the Motor Vehicles Act of 1988. Besides, you can also buy/renew a comprehensive insurance plan to get additional benefits.

Different Types of Car Insurance Policies

Did you know that there are different types of four-wheeler insurance policies in India to choose from? Here are the details:

 

A comprehensive car insurance plan is an enhanced cover compared to third-party four-wheeler insurance. It includes both the third-party cover and the own damage cover. A comprehensive plan costs more than third-party cover, but it's a good investment because it offers better coverage.

 

Comprehensive car insurance brings together the benefits of third-party coverage, personal accident cover and own damage cover. Comprehensive insurance covers any damage caused by unfortunate scenarios such as natural and man-made calamities or theft.

 

A third-party motor vehicle insurance cover is a basic insurance plan. It pays for damage to someone else's property or injuries to someone caused by your insured car.

 

The Motor Vehicles Act, 1988, requires drivers to have third party car insurance by law. Not having it can result in fines or imprisonment.. The plan also includes a personal accident cover to protect you against any accidental injury or disability.

 

The standalone own damage cover provides coverage against any loss or damage resulting to your own four-wheeler. It offers protection against theft, calamities, disasters, and other perils, excluding third-party liabilities. If you have third-party insurance and want more coverage, get standalone own damage cover to extend your protection.

Top Car Insurance Plans on Bajaj Markets

Insurance Provider
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Claim Settlement Ratio
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Premiums Starting at
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Cashless Garages
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Personal Accident Cover
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SBI General Car Insurance

98%

Starting Premium

₹2,094

7,200+

Network Garages

Cover Up to Rs. 15 lakhs

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HDFC ERGO Car Insurance

99.%

Starting Premium

₹2,094

8200+

Network Garages

Cover Up to Rs. 15 Lakhs

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Bajaj Allianz Car Insurance

98.54%

Starting Premium

₹2,094

4000+

Network Garages

Cover Up to Rs. 15 Lakhs

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Acko Car Insurance

95.50%

Starting Premium

₹2,094

8000+

Network Garages

Cover Up to Rs. 15 Lakhs

View More

Disclaimer: The premium rates, claim settlement ratio, and details regarding the cashless garage network and personal accident cover are only indicative. The actual information may change depending on various factors. Please check the insurers' website for more details.

Key Features of Car Insurance Policy

Highlights

Benefits Offered

Third-Party Cover

Protects against damage to third-party property & accidental injuries

Own Damage Cover

Offered as a standalone cover and as a part of comprehensive plan

Personal Accident Cover

Available up to ₹15 Lakhs

Add-on covers

Lucrative add-on covers are available to maximise car insurance coverage

No Claim Bonus

Available up to 50%

Cashless Claim Facility

Available at authorised network garages

Third-Party Vs Standalone OD Cover Vs Comprehensive Car Insurance - Comparison

Coverage

Third-Party Car Insurance

Standalone Own Damage Cover

Comprehensive Car Insurance

Third-Party Property Damage

X

Third-Party Bodily Injuries or Death

X

Loss Caused Due to Fire

X

Loss Caused Due to Natural Calamity

X

Personal Accident (PA) Cover

Own Damage

X

Vehicle Theft

X

Calamities & Disasters

X

Availability of Extra Protection with Add-ons

X

Steps to Buy or Renew a Car Insurance Policy Online

Follow these steps to purchase your 4-wheeler insurance policy today:

 

  • Step 1: Navigate to the ‘Car Insurance Premium Calculator’ page.
  • Step 2: Fill in your mobile number, vehicle type, make and model of your insured car, car number, and registration date. 
  • Step 3: Choose the type of insurance policy you want to purchase. You can also choose the add-on covers. 
  • Step 4: Fill in your details like your name, email ID, date of birth, residential address, etc. to proceed.
  • Step 5: Enter your car’s engine and chassis number.
  • Step 6: Enter the details of your previous car insurance policy.
  • Step 7: Cross-check all the details you have entered.
  • Step 8: Choose a suitable payment facility to safeguard your vehicle with car insurance.
 
  • You will receive your policy document soon.

Benefits of Buying Car Insurance Online

When considering the benefits of buying car insurance online, there are several important points to take into account. These include:

  • Cost Saving: Online car insurance is cheaper because companies have lower costs, leading to lower premiums for customers.
  • Convenience: Online process is faster and easier, with 24/7 access and simple policy comparisons.
  • Transparency: Online platforms have clear and easy-to-use interfaces for comparing plans, benefits, and premiums.
  • Less paperwork: Buying insurance online means less paperwork, making the process smoother and cutting costs related to physical documents.
  • Instant Policy Issuance: Online insurers offer instant policy issuance, providing immediate coverage without the need for extensive waiting periods.
  • Customer Support: Online insurers typically offer 24*7 customer support, providing quick resolution of queries and issues.
  • Flexible Buying: Buying car insurance online allows for easy changes to the policy, payments, and access to information, providing flexibility.
  • Additional Benefits: Extra perks: Certain online car insurance companies offer discounts, quick claim processing, and options for no-claim bonuses.

 

These are crucial points to consider when evaluating the benefits of purchasing car insurance online.

Benefits of Car Insurance Plans in India

Unexpected emergencies can occur at any timeIt's important to have the right car insurance. Check out health insurance plans on Bajaj Markets for quick claims and good coverage. Spend some time to select the most suitable plan for your needs.

  • Get third-party coverage

Even if you drive safely, accidents can still happen. If you cause harm or damage, you are responsible for paying for it. Your insurance will cover the costs for you.

  • Enjoy a comprehensive cover

In an accident whatever damage you suffer, you and your car would be covered if you have a comprehensive car insurance policy. Be it damage due to natural disasters such as floods, earthquakes, landslides, etc or any man-made calamity such as a terrorist attack, vandalism etc. you will be compensated.

  • Get rewarded for good driving

Your car insurance policy also offers you a reward when you drive carefully and do not make any claims during a policy year. The reward is given by your insurer in the form of a no claim bonus where you can get up to 50% discount on the upcoming policy premium.

  • Customise your coverage

With a comprehensive car insurance policy, you have the option of further enhancing the coverage by including various add-ons. Car insurance companies offer a wide range of add-on options that can further reduce your burden of car repair.

  • Enjoy peace of mind

When you know that you have a suitable car insurance policy you can enjoy a sense of security. You get the confidence to drive and enjoy your beloved car. With a solid financial backup plan, you do not have to get bogged down by the fear of damaging your car.

Why Choose Bajaj Markets for Your Car Insurance Policy

  • Trusted Companion

Millions of happy customers across India have chosen Bajaj Markets as their trusted financial partner. It's your time now!

 

  • Multiple Offerings

With multiple offerings for your insurance needs, we help you to make the right choice when it comes to four-wheeler insurance.

 

  • Hassle-Free Renewal

With a hassle-free online car insurance renewal process, you can instantly renew your policy!

 

  • Quick Online Process

No tedious paperwork! Search for a suitable plan and pay car insurance online with just a few clicks.

 

  • Tailor-Made Insurance Plans

With multiple insurance options and add-on covers, Bajaj Markets enables you to customise insurance plans as per your needs.

 

  • Compare Plans with Ease

Compare car insurance plans from multiple partners, empowering you to make informed decisions and secure the best coverage for your vehicle.

Inclusions & Exclusions of Car Insurance Coverage

Here are the inclusions and exclusions under car insurance policy that you must know before picking one up.

Inclusions

Exclusions

Loss or damage incurred due to natural calamities

Regular wear and tear of your car 

Any loss resulting from man-made disasters such fire or explosion

Mechanical or electrical breakdown

Third-party liability coverage

Damage caused to your car while driving under the influence of alcohol or other intoxicants

Personal accident cover

Loss or damage incurred while driving without a valid driver's licence

Damages incurred due to accidents

Damage caused when the policy is inactive

Theft of four-wheeler

Damage or loss incurred during a war-like situation and malicious activities

OPT for Car Insurance Add-On Covers

If you wish to enhance the scope of your car insurance plans in India, it is possible to do so with add-on covers. However, note that add-ons are only available with comprehensive motor vehicle policies. There’s no facility to add these benefits to a third-party car policy.

 

A few add-on covers to combine with your new car insurance plan are as follows:

  • Personal Baggage Cover

The personal baggage cover secures the loss or damage caused to your personal belongings during an unfortunate accident. Thus, you can have peace of mind when it comes to your baggage!

 

  • Lock & Key Replacement Cover

Misplacing your car keys or losing them is quite common. However, the replacement cost of car keys as well as the vehicle locks aren’t covered under your policy. You can easily gain coverage with such a key protection add-on while replacing the car keys and locks.

 

  • Roadside Assistance Cover

Experiencing vehicle issues on a trip isn’t on anyone’s itinerary. Without access to a nearby garage, you may get stuck in the middle of nowhere. But you can ensure emergency help for services like urgent fuel delivery, flat tyre repair, cab services, towing, etc., with 24x7 roadside assistance cover!

 

  • Engine Protector Cover

The repair or replacement cost of your four-wheeler’s engine can really leave a dent in your savings. Be worry-free when it comes to engine damage caused due to lubricating oil leakage, water seepage or other issues by opting for this insurance rider.

 

  • NCB Protection Cover

Trying to maintain a claim-free year to avail a No Claim Bonus can be tough, especially if you experience any damage that is beyond your control. The NCB protection cover offers a guaranteed NCB reward by permitting a set number of insurance claims in a single policy year.

 

  • Personal Accident Cover

The compulsory PA cover ensures coverage in the event of accidental death, permanent disabilities, or bodily injuries sustained by the insured car driver.

 

  • Zero Depreciation Cover

With zero depreciation cover, you can put an end to out-of-pocket expenses resulting from incomplete claim payments due to the depreciation rate of your car. Avail the complete claim amount without any deductions owing to vehicle depreciation now!

Factors Affecting Car Insurance Premium Amount

To calculate the car  insurance premium a lot of factors are taken into account. take a look at some of them and understand how how different aspects affect the premium that you pay:

  • Engine capacity

The key factor for deciding your premium is your car's engine capacity.  The higher the cubic capacity, the more premium that you would have to pay.

 

  • Your car’s IDV

IDV  refers to the insured declared value of your car.  In simple words IDV stands for the market price of your car.  While it is the insurance company that determines your car’s IDV,  you have a say in finalising it. A car with a higher IDV, will surely demand a higher car insurance premium.

 

  • The coverage that you opt for

It goes without saying that the more coverage you opt for, the more it will cost you. The bare minimum of third party liability insurance is much cheaper than a comprehensive plan because of the limited coverage it offers.

 

  • Add-ons add to the premium

If you add Riders/ add ons to your comprehensive car insurance policy you will also have to pay a higher premium The more add-ons that you opt for, the more money you would have to spend.

 

  • Your car’s age

A new car will be costlier and would have a higher cost of replacement of its spare parts.  On the other hand and old car will have more depreciation. In simple words the older a car the lesser would be its insurance premium and vice versa.

 

  • Your driving habits

The way you drive can also play an important role in the way your insurance premiums are fixed. if you have a history of road accidents you would be covered as a high risk policyholder and you would have to spend more on the car insurance premium. Not just that when you  make too many claims it affects your no claim bonus and thus increases your insurance premium.

 

  • Deductibles

When you buy/renew a car insurance policy you have the choice of choosing a deductible.  A deductible refers to the amount that  you as a policyholder have to pay when a claim is raised. If you choose a higher deductible, your premium amount will decrease.

FAQs about Car Insurance

Why is car insurance mandatory?

The government has made it mandatory for all vehicle owners to have third-party insurance for their vehicles under the Motor Vehicles Act, 1988. This is to ensure that the innocent party involved in the accident does not suffer financial loss.

Can car insurance be purchased/renewed online?

Yes, buying/renewing car insurance online has become quite easy. You can find a number of insurance options online from reputable companies that you can choose from. Car insurance purchased online is just as valid as insurance purchased in person.

Can car insurance be transferred to the new vehicle owner?

Yes, car insurance can be transferred to the vehicle's new owner and must be completed without fail!

How many car insurance claims can be made in a year?

There is no restriction on the number of claims you can make under your insurance plan. However, if you make a large number of claims, there is a high chance of your insurance premiums getting hiked during renewal.

Can I transfer my NCB reward while renewing car insurance?

Yes. As the No Claim Bonus belongs to the policyholder and not the insurance policy, you can easily transfer your NCB while switching insurers.

What is loading in a car insurance policy?

In case you are a high risk policyholder, your car insurance company might charge you an additional premium. This additional premium is called premium loading.

Does the car model affect the cost of car insurance?

Yes, the model of the car is an important factor affecting the cost of car insurance. The different models of the same car variant can affect the price of the car and thus its insurance premium. The higher the car price, the higher the premium.

What is an endorsement in car insurance?

When you purchase a car insurance policy, you are required to submit your personal details with the insurer. In case of any change, you need to inform the insurer about them and provide the required documents. The evidence of such changes is called an endorsement.

Can I renew car insurance after the expiry?

Yes. You can renew your car insurance after its expiry. You can contact the insurer or visit its website, enter the required information and pay the premium for the chosen plan to get your policy renewed.

Can I switch to a different insurer to renew my car insurance policy?

Yes, you have the choice to switch car insurance provider when you renew your policy.

What is the grace period for renewing car insurance?

Depending on the terms and conditions specified in the policy, the grace period for renewing a car insurance coverage might range from 15 to 30 days. Somehow, if you missed that too, you will have to get your car inspected by your insurance company.

What should I do if I lose my online policy?

You can revisit the website of the insurance company from where you purchased the policy. Log in to your account, go to the ‘Download Policy’ option. In case you do not have your login details, get in touch with the customer care for further assistance.

How to download a car insurance policy?

When you complete the process of car insurance policy purchase, on your screen you would see the option of download policy. Click on this tab and your policy will get downloaded on your device. You can save a soft copy of the policy or take a printout of the same. In case you purchase the policy offline you can ask for a hard copy from the agent or the insurance company executive.

Does the capacity of the car engine play a role in deciding the insurance premium paid?

The engine’s capacity does have a role to play in determining car insurance, as the higher the cubic capacity, the more insurance premium amount you will have to pay.

Can I issue a car insurance plan for less than a year?

No. Car Insurance at Bajaj Markets is provided for one full year.

Are there any tips to maintain my vehicle so I can avoid the high cost of insurance?

You can maintain your vehicle by employing some techniques to avoid the high cost of premiums in insurance plans. For instance, you can maintain your car and service it regularly, so your vehicle is always in good condition. You can frequently check the engine oil, tyres and coolant to make sure they are adequate and in proper condition. Finally, you can drive with care to avoid accidents. 

How can you compare car insurance policies effectively?

Comparing various policies is essential to pick the best car insurance company and insurance plan for your car. To do so, you can rely on Bajaj Markets. The online platform lets you easily compare plans and their features & benefits.

What are the advantages of comparing car insurance online?

The following advantages can be enjoyed if you compare the car insurance plans online:

  • Check the price of various car insurance plans

  • Get an insight into the various features offered by car insurance plans

  • Pick the most suitable plan for your vehicle

How can car insurance comparison help you save money on your car insurance premium amount?

Comparing available plans online gives you a clear insight into the features, benefits, and premium of different plans. This way, you can pick a plan with the most affordable premium.

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