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.
Insurance Provider |
Incurred Claim Ratio (2020-21) |
Premiums Starting at* |
Check Plans
|
Bajaj Allianz Car Insurance |
68.06% |
Starting from ₹2094** |
|
Acko Car Insurance |
82.35% |
Starting from ₹2094** |
|
HDFC ERGO Car Insurance |
70.02% |
Starting from ₹2094** |
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.
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!
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:
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.
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.
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!
Highlights |
Benefits Offered |
Third-Party Cover |
Protects against damage to third-party property & accidental injuries |
Own Damage Cover |
Offered as a standalone cover and 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 |
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:
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.
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.
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.
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.
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.
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.
Millions of happy customers across India have chosen Bajaj Markets as their trusted financial partner. It's your time now!
With multiple offerings for your insurance needs, we help you to make the right choice when it comes to four-wheeler insurance.
With a hassle-free online car insurance renewal process, you can instantly renew your policy!
No tedious paperwork! Search for a suitable plan and pay car insurance online with just a few clicks.
With multiple insurance options and add-on covers, Bajaj Marketsenables you to customise insurance plans as per your needs.
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
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
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:
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!
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.
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!
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.
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.
The compulsory PA cover ensures coverage in the event of accidental death, permanent disabilities, or bodily injuries sustained by the insured car driver.
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!
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:
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.
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.
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.
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.
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.
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.
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:
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.
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.
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.
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.
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.
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.
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.
Coverage |
Third-Party Car Insurance |
Standalone Own Damage Cover |
Comprehensive Car Insurance |
Premium cost |
Affordable |
More expensive than third-party |
Most expensive |
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 |
✓ |
✓ |
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.
The claim settlement process is similar across most insurance companies in India. Bajaj Markets just makes it even easier for you!
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.
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.
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
Buying car insurance through Bajaj Markets app is simple, You just need to enter the details of the car you would like to insure including make, model, vehicle number, etc. along with your personal information. Then get a quote from the representative about the various options available, Choose and pay the premium online for coverage that suits your requirement and budget.
NCB stands for No Claim Bonus, which is a reward offered on the auto insurance renewal premium. However, to avail NCB, the policyholder should not make any claim/s during the policy tenor.
Zero or nil depreciation is an add-on cover that you can buy separately with your insurance plan. With such an add-on, the insurer won’t make any deductions from the claim amount due to the depreciation rate of your car.
Third-party insurance is a basic cover that safeguards you against damage caused to the third party, bodily injuries or even death of the victim.
You can visit the official VAHAN e-services website or the Insurance Information Bureau (IIB) portal to check the status of your car insurance policy online.
You can easily make payment for car insurance by visiting Bajaj Markets and selecting suitable insurance coverage.
You shall find numerous car insurance companies that offer extensive insurance coverage in the market. However, it is recommended to consider various factors such as the Claim Settlement Ratio, coverage, premium, etc. while opting for a plan.
Comprehensive insurance is an extensive insurance plan that provides coverage against own damage, theft, natural and man-made calamities, third-party liabilities and other perils. Although it isn’t a mandatory cover, we highly recommend it to enjoy 360-degree protection for your precious car.
Insured Declared Value (IDV) is the highest amount that you can receive as compensation under your insurance plan in the event of theft or total loss
In simple terms, Insured Declared Value is the current market rate of your car. It is the maximum sum insured that the insurance company fixes on the vehicle and is provided only in the event of total loss in car insurance or theft. This is calculated based on the selling price listed by the current manufacturer minus the depreciation rate.
Step 1: Go to the ‘car insurance renewal’ section on Bajaj Markets.
Step 2: Enter your registration number and mobile number.
Step 3: Enter your previous car insurance details and check your renewal premium.
Step 4: Make the payment online.
Step 5: Your policy will be sent to your registered email ID.
Don’t worry! Unfortunately, if your car is stolen, you can raise a claim under your insurance plan with the steps mentioned below:
Register your claim online.
File an FIR at the nearest police station.
Submit the same along with other necessary documents.
Claim details will be assessed.
The insurance company will reimburse the compensation amount.
Yes, car insurance can be transferred to the vehicle's new owner and must be completed without fail!
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.
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.
If you use your car for personal purposes, you cannot claim your car insurance premiums as tax-deductible. However, if your car is used commercially or for business-related purposes, you may be able to claim premiums as tax-deductible.
A car policy online does not generally cover the cost of regular maintenance and repairs. However, if your car gets damaged as a result of an accident or theft, the insurance company will pay for the repair cost of your car.
Yes, buying 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.
Yes, you can purchase a standalone own damage cover for your vehicle if you already have third-party 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 through Bajaj Markets.
Yes, you can go for a garage of your choice for vehicle repair and later raise a reimbursement claim with your insurance provider.
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.
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.
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.
While it is possible to transfer your old Insurance to your new car, it may not offer enough coverage. A new car would surely be costlier and may need more protection, which the old policy won’t be able to offer. However, if you wish to transfer you can get in touch with the insurer. Inform them about your decision to discontinue the policy and they would guide you further.
Yes, the Motor Vehicle Act of 1988, makes a minimum of third-party liability insurance mandatory for every motorised vehicle running on Indian roads.
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.
Visit the web portal of the insurance company from where you wish to purchase the policy, go to ‘buy now’ or ‘get quotes’ and enter the required details about yourself and your car. When you click on submit, the portal will show the availability of the four-wheeler insurance plan.
In such a scenario, you would have to write to your insurance company along with your policy details and a copy of your RC. You can get in touch with the customer care to know the status of your application. If your insurance company has an online complaint/ query portal, you can raise a request there too.
Car insurance companies have tie-ups with garages/ chain of garages, which are called network garages. If a policyholder takes his/ her car to such a network garage, they can get their car repair cashless. The repair bill is paid directly by the insurer, and you have to pay only for the uncovered expenses.
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.
Explore all the car insurance FAQs to find more answers.