Comprehensive Car Insurance

Comprehensive car insurance offers to you plans that can give you holistic coverage, including third-party car insurance. It covers the repair and replacement expenses of a third-party vehicle involved in a mishap as well as your own.

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

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.

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 premium prices before purchasing your car insurance policy.

How to Buy Comprehensive Car Insurance?

With technology developing leaps and bounds in the past few years, motor insurance has grown along with it. You now have the option to purchase your comprehensive car insurance online. Here’s how you can do so through Bajaj Markets.

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

• Step 2: Enter your car number, mobile number, area pin code and other additional details

• Step 3: Pick from the comprehensive car insurance policy options displayed on your screen

   

• Step 4: Add the insurance riders of your preference to the basic plan

   

• Step 5: Pay the premium amount through your preferred online payment method

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

Comprehensive car insurance offers you the chance of adding various top-ups and insurance riders to your plan. Hence, you can customise your comprehensive car insurance policy to precisely fit 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 add-on. 

• 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 is the 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 offer you coverage against unforeseen mishaps.

• No-claim Bonus (NCB) Protection

No-claim Bonus or NCB is a discount you can get on subsequent renewal premiums for every claim-free year. This add-on cover will offer you a little cheat chit where you can get one chance to make a claim without tarnishing your claim-free year record.

Comprehensive Car Insurance Premium

Comprehensive car insurance premium refers to the basic amount you pay in order to purchase the coverage and benefits of a particular insurance plan. The premium price is greatly affected by factors such as your car’s IDV, add-ons, the model, age of the car, etc. 

Hence, to dive further into this crucial aspect of comprehensive car insurance, let’s look at how your insurance premium will be calculated, the factors that will determine your insurance premium and how you can reduce your car insurance premium. 

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 a hundred times easier for you, Bajaj Markets offers the comprehensive car insurance premium calculator. You can use this calculator to derive an approximate premium amount depending on your car’s model, brand, purchasing price, etc. All you need to do is enter fundamental details of your car into the premium calculator and you will be able to find out an estimate of the potential premium price 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 vehicle. The insurer will decide this value for you and deduct a depreciation value from the initial IDV. The older your car is, the lower the IDV will be and in proportion to that will be your comprehensive car insurance premium.

• 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 high-risk sports car. Similarly, four-wheelers with a high cubic capacity and those which function on gas or CNG can bring you higher premium prices to pay. 

• Safety Systems

Let’s say that your car has an anti-theft alarm installed in it. Such safety systems can lead to a drop in the premium price you are supposed to pay. These include car alarms, anti-theft systems, good quality safety locks, a GPS tracking system, etc. 

• Desired Coverage

If you are satisfied with the basic coverage offered by comprehensive car insurance, your premium price would be the closest to the estimated value computed by an insurance premium calculator. However, the premium price changes depending on insurance customisation through add-ons and insurance riders.

How to Reduce Your Comprehensive Car Insurance Premium?

Here’s four ways in which you can reduce your comprehensive car insurance premium.

• Policy Comparison

This is a prerequisite. Just like you look at the models and makes of various cars before you purchase a brand new car, make sure to look at various comprehensive car insurance policies before purchasing a plan. You could find the perfect insurance plan for yourself at a smaller premium price as compared to other plans on the market.

• Rethink Policy Features

While you are comparing comprehensive car insurance policies, make sure to compare every last feature with your expectations from your ideal insurance plan. At times, you could have certain default add-ons or benefits that you may not need at all. Hence, dropping those features and closing the price at a lower premium value is a great way to save money for you. 

• Higher Deductible

Placing your deductible threshold high can help you significantly lower your insurance premium amount. Let’s assume that a certain repair expense brings 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 price. 

• 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 damage, go for it! Always remember that claim-free years can bring you No-claim Bonuses and hence, discounts on the next renewal premium.

Car Insurance Claim Process

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

Offline:

• Contact the Insurance Company: Establish contact with your insurance company and explain the situation/damage

• Fill the Claim Form: Complete the claim form given to you by your insurance executive and submit it

• Get the Estimate: Acquire the estimated value of the expenditure that will go behind repairs and replacements

• Cooperate During Inspection: Allow the insurer to inspect your vehicle and the damage caused to it to sanction the claim amount

• Submit Documents: Give in 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, explaining 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 asked to.

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

• Reimbursement Claim

1. Inform the insurer about your wish to make a claim and explain the extent of the damage caused to your car.

2. Start the repair and replacements 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. Submit the claim and, 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

• Keep a police FIR ready for submission before you file a claim since it is a compulsion

• Know exactly what your policy does not cover. You don’t want to return disappointed after claiming a policy exclusion

• Be prepared to pay the predetermined deductible cost you will have to pay despite the claim

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 Plans Available at Bajaj MARKETS