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.
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% |
Here are the benefits of purchasing a full comprehensive car insurance policy to protect your finances.
The term ‘comprehensive car insurance’ pretty much signifies the provision of insurance for your four wheeler that offers you complete coverage, something beyond third-party car insurance. Comprehensive car insurance covers not only the damages inflicted upon a third-party vehicle but also the repair and replacement expenses of your own car.
Comprehensive car insurance supports your safety and security immensely and 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 assigned a discount applicable to the oncoming renewal. This discount could go up to 50% which is a cut-off on half the premium renewal price!
You might find yourself hesitating while buying comprehensive car insurance since its premium price is slightly higher than third-party car insurance. However, with coverage being the biggest priority, comprehensive car insurance can offer you so much more than a third-party car insurance can along with a wider range of benefits.
Comprehensive car insurance doesn’t just cover you and a third-party vehicle in case of an accident. It covers the damage or financial loss caused due to accidents, thefts, natural disasters, fires, and man-made calamities, offering holistic coverage in various situations.
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 add-on covers can enhance your plan and increase the extent of the coverage you can claim through your policy such as accidental hospitalisation charges, roadside assistance expenses, etc.
This is a comprehensive motor insurance perfect for you if you are a private car owner. It covers third-party vehicle damage in the event of an accident. It helps you protect your finances against damage caused to your vehicle during theft, a mishap on the road, natural calamities, fires, etc.
Such car insurance also covers the unfortunate demise of a third-party, property damage and disability compensation. It also provides personal accident coverage for you and/or a passenger in your personal four-wheeler vehicle. This personal accident cover will provide compensation in the event of accidental hospitalisation or an unfortunate demise.
Moreover, comprehensive car insurance offers you the chance to be a smart yet responsible citizen of the country. It firstly covers third-party liability which is a compulsion as per the Motor Vehicles Act of 1988. Secondly, it can help insure your own vehicle and your health by providing coverage for personal cars and health as well. Hence, there is a scope for claiming broader coverage and benefits through comprehensive car insurance.
Fires
|
Accidents
|
Calamities
|
Theft
|
Personal Accident
|
Third-party Coverage
|
Driving Under the Influence
|
Illegal Driving
|
Unlicensed Driving
|
Mechanical Damage
|
War Damage
|
Wear and Tear Repairs
|
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 |
Comprehensive Car Insurance Premiums* Starting at |
Check Plans |
Bajaj Allianz General Insurance |
98.54% |
₹7,182 |
|
Acko General Insurance |
95.50% |
₹6,995 |
|
HDFC ERGO General Insurance |
99.00% |
₹8,816 |
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.
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
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.
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.
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.
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.
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 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 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.
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.
Here are the factors that determine comprehensive car insurance premiums.
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.
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.
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.
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.
Here’s four ways in which you can reduce your comprehensive car insurance premium.
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.
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.
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.
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.
You can claim your comprehensive car insurance coverage in two ways: offline claims and online claims. Here’s how it goes.
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.
Make your insurer aware of your intention to make a claim, explaining the events that led to your car’s damages.
Approach the closest network garage to get an estimate of the repairs and/or replacements.
File a claim online through the insurer’s website.
Upload photos of the damaged car, insurance documents, an FIR copy of the accident, and other documents as asked to.
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.
Inform the insurer about your wish to make a claim and explain the extent of the damage caused to your car.
Start the repair and replacements process at a garage of your preference and pay the costs incurred for it.
File your reimbursement claim online through the insurer’s website.
Upload documents such as an FIR copy, a photo that shows your damaged car, insurance documents, etc.
Submit the claim and, once the claim has been approved, give the insurer your bank details (if asked) to receive the reimbursed amount.
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
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
The NCB or the No-claim Bonus is a special reward given to you for making no claims for a stretched period of time, like a year or more. It can bring you a discount on the next renewal premium, helping you save money on your comprehensive car insurance premium.
If you are to 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 a very inclusive coverage wherein third-party car insurance is a subcomponent along with own damage, personal accident, road assistance, and more. Conclusively, it is worth the premium price.
Yes, you can buy comprehensive car insurance online. In fact, you can get one right here on Bajaj Markets.
You can derive a comprehensive car insurance premium estimate through various online premium calculators. You can use the one on Bajaj Markets to get an approximate value of your future comprehensive car insurance.
No, comprehensive car insurance is not compulsory. However, it includes third-party car insurance which is a mandate as per the Motor Vehicles Act of 1988.
It is wise 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 you can.
Comprehensive car insurance offers the highest coverage possible for your car. However, the extent of the coverage mostly depends on the premium price and policy customisations.
Yes, you can always upgrade to a comprehensive car insurance policy for better coverage.
Yes, the model of your can affect your insurance premium. Most standard cars have lower insurance premiums as compared to accident-prone types such as sports cars. Gas and CNG powered cars entail higher premium prices as well.
You can claim the benefits and coverage offered by comprehensive car insurance online and offline. Further, you can make a reimbursement claim or cashless claim as per your preference.
Yes, they will. Modifications made to your car to enhance its exterior will increase the premium price.
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 of 1988.