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What is Comprehensive Car Insurance?

Comprehensive car insurance is the most complete type of car insurance coverage. This includes third-party car insurance and standalone own-damage cover. It protects your own car from a variety of perils. This includes damage caused by accidents, theft, vandalism, fire, and even natural disasters. With comprehensive insurance, you'll have peace of mind knowing you're financially protected against a wide range of events that could damage your car.

 

Here are some of the key highlights of comprehensive car insurance:

Highlight

Specification

Cashless Garages

Yes

Third-party Damage

Covered

Own Damage

Covered

Personal Accident

Covered

Natural Disaster Damage

Covered

Add-ons

Available

No-claim Bonus

Up to 50%

Comprehensive Car Insurance Policies Available at Bajaj Markets

Here are all the comprehensive motor vehicle insurance policies for four-wheelers that you can opt for on Bajaj Markets:

Car Insurance Partners

Claim Settlement Ratio 

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Bajaj Allianz Car Insurance

98%

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HDFC ERGO Car Insurance

100.00%

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TATA AIG Car Insurance

98%

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SBI General Car Insurance

98%

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Disclaimer: The comprehensive car insurance premium rates are indicative and calculated for the lowest cc car. The actual premium may vary based on various factors. Kindly check the prevailing premiums before purchasing your car insurance policy.

Benefits of Comprehensive Car Insurance

Own Damage and Third-party Coverage

This insurance not only covers the damages inflicted upon a third-party vehicle but also the repair and replacement expenses of your own car.

No Claim Bonus (NCB)

Comprehensive car insurance offers you a bonus for every year you cruise through without any damages caused to yourself or your car. Hence, for every claim-free year, you are given a discount applicabl Read Moree to the upcoming renewal. This could go up to 50%, which is a substantial cut-off on the premium renewal price. Read Less

Covers Multiple Eventualities

Comprehensive car insurance doesn’t just cover you and a third-party vehicle in case of an accident. It also covers any damages or financial loss caused due to accidents, thefts, natural disasters, fir Read Morees, and man-made calamities. It thereby offers holistic coverage in various situations. Read Less

Coverage Extension

The extent of coverage offered by comprehensive car insurance is massive since it allows you to include top-ups and add-ons to the basic insurance policy. These can enhance your plan and increase the o Read Moreverall coverage you can claim through your policy. Examples include accidental hospitalisation charges, roadside assistance expenses, etc. Read Less

Who Should Get Comprehensive Car Insurance?

Comprehensive car insurance can be quite valuable for individuals looking to get complete coverage for their vehicle. However, it can especially be beneficial for the following: 

  • New Car Owners

While buying a new car can be exciting, it is ideal to keep it completely secured against various kinds of risks. Here’s where comprehensive coverage can be helpful in the long run, with its extensive protection for your vehicle.

  • Frequent Road-trippers

If you are someone who likes going on road trips with your car often, then comprehensive coverage can be useful. It secures your vehicle against emergencies on the road, which can further be enhanced with add-ons like roadside assistance cover.

  • Metropolitan City Residents

If you live in metropolitan cities, then your car may be exposed to risks such as pollution, high traffic, etc., which could cause accidents. Comprehensive insurance can come handy for such situations, ensuring adequate protection for your four-wheeler. 

  • Residents of High-risk Areas

Individuals living in risk areas such as mountainous or theft and accident-prone regions, can benefit from opting for comprehensive coverage.

  • Fancy Car Owners

Owning a fancy car may subject you to greater risks of theft and vandalism compared to other car owners. Comprehensive coverage can help protect your investment. This can thereby ensure greater peace of mind. 

Inclusions & Exclusions in Comprehensive Car Insurance

Inclusions

Fires

  • Damage caused due to fires is covered.

  • Coverage for damage caused by explosions is also covered.

Accidents

  • Accidental damage to the car is covered.

  • This includes repair and replacements along with a person’s safety.

Calamities

  • Any damage caused by natural calamities is covered.

  • Repair costs for man-made calamities are covered.

Theft

  • In case of theft, compensation/coverage can be claimed.

  • However, this is only for your own vehicle.

Personal Accident

  • If you bear any injuries during an accident, financial support will be provided.

  • Hospitalisation coverage and death compensation can also be claimed.

Third-party Coverage

  • Basic third-party coverage is included under this insurance.

  • It covers the vehicle owned by a third party involved in an accident or mishap.

Exclusions

Driving Under Influence

  • Should you be involved in an accident while under the influence of drugs, alcohol or other substances, no coverage will be provided.

Illegal Driving

  • If you are under the age of 18 years and incur vehicular damage or injuries during an accident, you won’t be able to claim coverage.

Unlicensed Driving

  • If damage or injuries caused during an accident are a result of driving without a license, you cannot claim coverage from your insurance.

Mechanical Damage

  • Mechanical breakdowns or damages are not covered under comprehensive car insurance.

War Damage

  • Damage caused due to war-like situations persisting in your region will not be given any coverage.

Wear and Tear Repairs

  • Basic wear and tear repairs of the car due to old age or irresponsible use will not be covered under this plan.

How to Get Comprehensive Car Insurance?

Car insurance has grown along with the various technological developments in the past few years. You now have the option to purchase your comprehensive car insurance online. Here’s how you can do so through www.bajajfinservmarkets.in.

  • Add the insurance riders of your preference to the basic plan

  • Enter your car number, mobile number, area pin code and other additional details

  • Navigate to the ‘Car Insurance Premium Calculator’ page

  • Choose from multiple comprehensive car insurance policy options displayed on your screen

  • Pay the premium amount through your preferred online payment method

What are the Add-on Covers under Comprehensive Car Insurance?

Comprehensive car insurance allows you to add various top-ups and insurance riders to your basic plan. Hence, you can customise your comprehensive car insurance policy as per your needs. The add-ons offered by a comprehensive motor vehicle insurance policy for four-wheelers are given below:

  • Zero Depreciation Cover

Under this add-on, the insurer will not deduct your vehicle’s depreciation value from the claim amount during the settlement period. However, only cars that are less than five years old can be covered by this.

  • Return to Invoice

This rider helps you acquire an Insured Declared Value (IDV) that is the same as the purchase price of your vehicle. This can be a perfect fit for you if you are the owner of a brand new car. 

  • Consumable Cover

Consumables include washers, nuts, bolts, coolants, engine oils, etc. This add-on can enhance your comprehensive car insurance policy to offer coverage for consumables in case of damage. 

  • Engine Protection Cover

In case of damage caused to your car’s engine due to an accident, natural calamity, man-made disaster, etc., the engine protection add-on will provide you coverage against unforeseen mishaps.

  • No-claim Bonus (NCB) Protection

No-claim Bonus or NCB in car insurance is a discount you can get on subsequent renewal premiums for every claim-free year. This add-on cover enables you to get one chance to make a claim without affecting your claim-free year record.

How is Comprehensive Car Insurance Premium Calculated?

You can calculate an estimate of your comprehensive car insurance price by yourself to decide the perfect insurance plan for you. For a manual calculation, you can use the following formula.

 

Own Damage Premium – (No Claim Bonus + Discounts) + Cost of Add-ons + Third-Party Premium as Fixed by the IRDAI = Comprehensive Car Insurance


However, to make things significantly easier for you, Bajaj Markets offers the comprehensive car insurance premium calculator. You can use this to derive an approximate premium amount depending on your car’s model, brand, purchasing price, etc. All you need to do is enter the fundamental details of your car into the premium calculator and you will be able to find out an estimate of the potential premium amount of your comprehensive car insurance plan.

Factors That Determine Comprehensive Car Insurance Premiums

Here are the factors that determine comprehensive car insurance premiums:

  • Insured Declared Value

The current market price of your car determines the Insured Declared Value or IDV of your car. The insurer will decide this for you and deduct a depreciation value from the initial IDV. The older your car is, the lower the IDV will be and your comprehensive car insurance premium will be calculated accordingly.

  • Car’s Model and Make

Your car’s make, model and brand also contribute to your comprehensive car insurance premium. A standard car would have a lower insurance premium as compared to a sports car, which features a higher degree of risk. Similarly, four-wheelers with a high cubic capacity and those which function on gas or CNG may require paying higher premiums.

  • Safety Systems

If your car has an anti-theft alarm installed in it, this can lead to a reduction in the premium you will be required to pay. These can include car alarms, anti-theft systems, good quality safety locks, a GPS tracking system, etc.

Read More

How to Reduce Your Comprehensive Car Insurance Premium?

Here are some ways through which you can reduce your comprehensive car insurance premium:

  • Policy Comparison

Make sure to look at various comprehensive car insurance policies before purchasing a plan. You could even find the perfect insurance plan for yourself at a smaller premium as compared to other plans on the market.

  • Higher Deductible

Placing your deductible threshold high can help you significantly lower your insurance premium amount. Let’s assume that a certain repair expense costs you a bill of ₹20,000. If your deductible limit is set at ₹4,000, you will claim only ₹16,000 from the insurer. This way, the coverage amount will be lower and hence, so will the premium.

  • Avoid Claims for Minor Expenses

If the cost for the repairs of your car or that of a third-party can be settled right out of your pocket without much dents, go for it! Note that claim-free years can ensure you No-claim Bonuses and therefore, discounts on the next renewal premium.

Comprehensive Car Insurance Claim Process

You can claim your comprehensive car insurance coverage in two ways: offline claims and online claims. Here’s how you can go about it:

Offline:

  1. Reach out to your insurance company and explain the situation/damage

  2. Fill in the claim form given to you by your insurance executive and submit it

  3. Get the estimated value of the expenditure that will go behind repairs and replacements

  4. Allow the insurer to inspect your vehicle and the damage caused to it to sanction the claim amount

  5. Provide all the documents asked of you such as your insurance papers, the car’s documents, invoices, etc. 

Online

  • Cashless Claim

  1. Make your insurer aware of your intention to make a claim, and explain the events that led to your car’s damages

  2. Approach the closest network garage to get an estimate of the repairs and/or replacements

  3. File a claim online through the insurer’s website

  4. Upload photos of the damaged car, insurance documents, an FIR copy of the accident, and other documents as required

  5. Once the claim is processed and approved, the bill amount will be settled between the insurer and the network garage while repairs to your car commence. 

  • Reimbursement Claim
  1. Inform the insurer about your wish to make a claim and mention the extent of the damage caused to your car

  2. Start the repair and replacement process at a garage of your preference and pay the costs incurred for it

  3. File your reimbursement claim online through the insurer’s website

  4. Upload documents such as an FIR copy, a photo that shows your damaged car, insurance documents, etc.

  5. Once the claim has been approved, give the insurer your bank details (if asked) to receive the reimbursed amount

Points to Remember While Raising a Comprehensive Car Insurance Claim

Here’s what you should consider while claiming coverage from your insurance company:

  • Make sure that your insurer provides you with a claim reference number. This code will help you with all claims you make through your comprehensive car insurance policy in the future.

  • Mandatorily keep a police FIR ready for submission before you file a claim

  • Know exactly what your policy does not cover since you would not want to return disappointed after claiming a policy exclusion.

  • Be prepared to pay any predetermined deductible costs charged to you.

Documents Required for Claiming Comprehensive Car Insurance

Keep the following documents handy before making a comprehensive car insurance claim.

  • Insurance plan documents

  • Car Registration Certificate (RC)

  • Driver’s Licence

  • FIR Copy

  • Invoice in case of reimbursement claims

  • Garage details

  • Tax Receipts

Check Out Car Insurance Partners Available at Bajaj Markets

FAQs about Comprehensive Car Insurance

What is NCB In comprehensive car insurance?

The NCB or the No-claim Bonus is a special incentive given to you for making no claims for a stretched period of time, such as a year or more. It can provide you a discount on the next renewal premium, thereby helping you save money on your overall comprehensive car insurance premium.

 

Is comprehensive car insurance expensive?

If you compare comprehensive car insurance with third-party car insurance, you will find it costlier. However, it is important to bear in mind that comprehensive car insurance offers you highly inclusive coverage wherein third-party car insurance is a subcomponent along with own damage, personal accident, road assistance, and more.

Can I get comprehensive car insurance online?

Yes, you can get comprehensive car insurance online. You can get one right here on Bajaj Markets.

How can I calculate comprehensive car insurance premiums?

You can derive a comprehensive car insurance premium estimate through various online premium calculators. For instance, you can use the one on Bajaj Markets to get an approximate value of your future comprehensive car insurance.

When should I get comprehensive insurance?

It is advised to purchase a comprehensive car insurance plan as soon as you purchase a car. However, if you haven’t done so yet, you could get an insurance plan as soon as possible.

Can I upgrade to a comprehensive car insurance policy from a third-party car insurance policy?

Yes, you can always upgrade to a comprehensive car insurance policy for better coverage.

What are the claim options available for full coverage car insurance?

You can claim the benefits and coverage offered by comprehensive car insurance either online or offline. Moreover, you can make a reimbursement claim or cashless claim as per your preference.

Will car modifications impact my comprehensive car insurance premium?

Yes, they will. Modifications made to your car may increase the premiums.

What happens to my comprehensive policy plan if I sell my car?

If you sell your car, you will have 14 days after the sale to transfer ownership of the insurance plan to the new owner under the Motor Vehicles Act, 1988.

Will a comprehensive car insurance policy cover damages caused due to normal wear and tear?

No. Only damages to your car as a result of accidents, mishaps, and calamities will be covered by the policy. Repairing damages or malfunctions due to normal wear and tear will have to be taken care of by yourself.

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