Car Insurance

A legal contract between you and the insurance company, your car insurance, helps you get coverage for the repairs your car may require in case of an accident. You pay a regular premium to the insurer, and in turn, it compensates you in case of an accident/collision. The coverage depends on the type of car insurance policy that you opt for.

In simple terms, a vehicle insurance policy safeguards your four-wheeler against various mishaps that may occur on the road. Such a cover keeps you in compliance with the law and financially protects your vehicle in the event of damage. While basic third-party motor vehicle insurance, which is mandatory under the Motor Vehicles Act, of 1988, only secures the loss caused to a third party/ property, you would need comprehensive car insurance to avail coverage for your own vehicle. Let’s further deep dive into the importance of four-wheel motor vehicle insurance and how to opt for one.

Best Car Insurance Plans in India

Disclaimer: *The premium rates are indicative. The actual premium that you may have to pay may change depending on various factors. Please check the prevailing premium rates before purchasing your car policy.

How to Buy Car Insurance Online

• Step 1: Go to the ‘Car Insurance Premium Calculator’ page.

• Step 2: Fill in the required details such as the vehicle type, car number, your mobile number, etc. and proceed.

• Step 3: Enter your vehicle details such as the make and model, fuel type, manufacturing and registration date, etc.

• Step 4: Select the type of coverage you want to purchase, the NCB bonus from your previous policy and the Insured Declared Value. Moreover, you can opt for additional coverage with add-on covers.

• Step 5: Choose a suitable car policy and go through the policy details before proceeding.

• Step 6: Enter your details like your name, date of birth, email ID, address, etc. and proceed.

• Step 7: Enter your vehicle details like engine number and chassis number.

• Step 8: Now, you must enter the details of your previous motor vehicle insurance policy.

• Step 9: The page shall display all the information that you have entered, so go through it to ensure the details are accurate.

• Step 10: Finally, select a suitable payment option to safeguard your vehicle with car insurance.

• Step 11: After successful payment, your four-wheeler policy document will be issued soon!

Types of Car Insurance Plans in India

Now that you have understood the step-by-step process to buy such insurance plans online, let’s move to the next section. Did you know that there are different types of four-wheeler insurance policies to choose from? Here are the details:

• Third-Party Car Insurance

A third-party motor vehicle insurance cover is a basic insurance plan. It covers the damage incurred by third-party property or any injuries caused to the victim due to your insured car. Moreover, third-party insurance is mandatory as per the Motor Vehicles Act, 1988, and can result in a penalty or imprisonment if you do not have a valid policy. The plan also includes a personal accident cover to protect against any accidental injury, disability or even death of the insured.

• Comprehensive Car Insurance

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. With complete protection, the cover helps manage legal liabilities and offers extensive financial protection. Although you have to pay a slightly higher premium for a comprehensive plan over a third-party cover, it is worth the investment. Comprehensive car insurance brings together the benefits of third-party coverage, personal accident cover and own damage cover. Any damage due to unfortunate scenarios like natural and man-made calamities or theft is covered under comprehensive insurance.

• Own Damage Cover

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. So, if you already have a third-party insurance plan and want to extend your coverage, standalone own damage cover is the way!

Key Highlights of Car Insurance Plans on Bajaj Markets

Benefits of Car Insurance Policy 

An emergency does not knock on the door before walking into your life. While you may not always be able to avert a mishap, it is always better to be prepared. Therefore, choosing the right car insurance policy is essential. Take your time and browse through different health insurance plans at Bajaj Markets. You can benefit from features like swift claim settlement, bespoke insurance plans, extensive coverage, and so much more, take a look:

• You can fulfil your duty

Having the minimum of third-party liability for your car is mandated by the Motor Vehicle Act of 1988. Not having your car covered can thus put you in legal trouble. If caught without proper insurance, you would not only have to pay a hefty fine but may also have to face imprisonment.

• You get third-party coverage

Despite being careful on the road, you may not always be able to avoid accidents. In case you injure/ cause damage to a third-party person or property, it becomes your responsibility to compensate for it. Your third-party liability insurance will pay on your behalf.

• 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.

What’s Covered Under Car Insurance

Aspects that are covered under your car policy are as follows:

• Loss or damage incurred due to natural calamities

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

• Third-party liability coverage

• Personal accident cover

• Damages incurred due to accidents

• Theft of four-wheeler

What’s Not Covered Under Car Insurance

Aspects that are excluded from your insurance policy are as follows: 

• Regular wear and tear of your car

• Mechanical or electrical breakdown

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

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

• Damage caused when the policy is inactive

• Damage or loss incurred during a war-like situation

• Damage or loss incurred due to 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!

Things to Consider Before Buying Car Insurance Online

While buying car insurance is a simple procedure that would not take you more than a few minutes, it is important to make note of the following things before you get set to buy a car insurance policy:

    1. Choose the right type of policy

The most important thing is to understand the 2 types of car insurance policies. Only when you know their coverage would you be able to pick the right one. While third-party liability insurance is mandated by the government it will not cover the damages that are suffered by your car.

On the other hand, a comprehensive insurance policy covers your third-party liabilities as well as your own damage. If you have an old car that you rarely drive you can opt for a liability policy however in the case of a new or an often used car it is recommended that you opt for a comprehensive policy.

    2. Opt for a company that has a bigger network of garages

Car insurance companies have collaboration with garages all over the country where you can avail the advantage of cashless repairs. When you take your car to a network garage the repair bill is settled directly by your car insurance company and you have to pay only the uncovered expenses.  Thus, saving you from running around arranging money to pay the repair bills. You should choose a company with a wide network of garages.

    3. Choose the add-ons you really need

The available riders/ add-ons surely offer better coverage but you need to choose only the ones that are most suitable to your needs. Each and every addon that is included in your policy will have a direct effect on the premium that you pay. So, chalk out the needs before adding a rider.

    4. Make sure to compare

The best part about buying a car insurance policy online is that you get to compare the different car insurance plans easily. You can draw a detailed comparison between the premiums and the coverage that is being offered. Without a salesperson breathing down your neck you can take your time and choose the policy that it offers you the best coverage at the minimum premium.

    5. Claim Settlement

When you buy a car insurance policy the ultimate aim is to get your claim settled easily and quickly. It therefore becomes very important to see that the company that you are going to choose has a simplified claim settlement process.  You must also check the claim settlement ratio before you finalise the company that you are going to buy insurance from.

    6. Reviews and Ratings

These days no matter what we shop online we like to read the reviews and ratings of a product. Why should things be different for a car insurance policy?  reading the views of other policyholders will give you an idea of the company’s approach  to its customers. You can easily find out about the companies standing in dealing with different situations. 

Factors Affecting Four-wheeler 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 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. 

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

Car Insurance Claim Process

After getting four-wheeler insurance, the next crucial step is to understand how claims can be registered in case a mishap occurs. Typically, car insurance companies offer two types of car insurance claims, cashless and reimbursement claims. For a cashless facility, the insurer directly settles the repair cost with the garage if you opt for a network garage. Whereas for reimbursement claims, you must cover the repair expenses in case you choose a non-network garage. After document verification, the claim amount is reimbursed to your account.

How to File a Car Insurance Claim Online

The claim settlement process is similar across most insurance companies in India. Bajaj Markets just makes it even easier for you!

Process for Filing Cashless Claims

• Step 1: Inform the insurer and register the claim by calling their toll-free number or by visiting their website.

• Step 2: Get your car repaired at the nearest network garage.

• Step 3: Submit all the required documents.

• Step 4: Once the documents are verified, your insurer will settle the claim directly with the network garage.

Process for Filing Reimbursement Claims

• Step 1: Inform the insurer about the incident. File an FIR in case of vehicle damage due to a third party or theft.

• Step 2: Get your car repaired at a preferred garage and make payment.

• Step 3: Submit the original bills, the FIR and the payment receipt to the insurer.

• Step 4: Once the documents are verified, your claim amount will be reimbursed.

Documents Required for Claiming Car Insurance

Take a look at the important documents that you need for raising a claim under auto insurance.

• Insurance policy document

• Vehicle details

• Insurer personal details

• Details of the accident specifying the location and the date of the accident

• FIR copy in case of theft

• Original bills and receipts of the vehicle repair

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