Did you know that car insurance is mandatory under the Motor Vehicles Act, 1988? In simple terms, a car 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 a basic third-party four-wheeler insurance plan only secures the loss caused to a third person, you would need comprehensive car insurance to avail coverage for your own vehicle. Let’s further deep dive into the importance of four-wheeler insurance and how to opt for one.
Here are the main reasons on why car insurance policy is a necessity:
As you may already know, car insurance is mandated under the Motor Vehicles Act, 1988. Thus, purchasing one enables you to drive legally on public roads in India without attracting a penalty.
With a comprehensive car policy, you no longer need to cover the repair expenses incurred by your own vehicle! Four-wheeler motor insurance covers the accidental damage caused due to an untoward incident.
From damage caused to third-party property to any accidental injuries sustained by the victim, third-party liabilities are covered in case of an accident.
In the event of an unfortunate mishap, the treatment cost of any bodily injuries that you may sustain shall be secured under the compulsory personal accident cover.
Natural and man-made calamities come uninvited and may cause major damage to your car. With the right car insurance plan, you can rest worry-free!
Can you imagine your vehicle incurring damage due to an unforeseen mishap? Without the safety net of four-wheeler insurance, you shall have to shoulder the financial burden of repair and replacement expenses. However, the best car insurance policy ensures monetary backup during such times and compensates for the loss caused to your prized possession. Let’s go through the best car insurance in India available on Bajaj Markets.
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 car 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 car insurance policy document will be issued soon!
Step 1: Go to the ‘Car Insurance Renewal’ section on the insurer's website
Step 2: Enter the information required on the page
Step 3: Enter your vehicle details, such as make and model, fuel type, etc. and proceed.
Step 4: Now, select the type of coverage, policy expiry date, add-on covers and No Claim Bonus reward.
Step 5: Go through the policy details and proceed to renew your car insurance plan.
Step 6: Next, you must enter your personal details, vehicle-related information and previous policy details.
Step 7: Finally, make the premium payment online.
Step 8: Your renewed car policy document shall be issued soon!
Read More: What is Car Insurance Renewal?
Now that you have understood the step-by-step process to buy/renew four-wheeler insurance online, let’s move to the next section. Did you know that there are following types of four-wheeler insurance policies to choose from? Here are the details:
A third-party car 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 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 Lakh |
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 |
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 Markets enables you to customise insurance plans as per your needs.
The car insurance premium price is based on numerous factors such as:
Type of coverage
Insured Declared Value (IDV)
Engine’s Cubic Capacity
Type and age of the car
Add-on covers
Here’s the four-wheeler insurance premium formula,
Own Damage Premium - (No Claim Bonus + Discounts) + TP Liability Premium
You can now estimate and get a premium quote with our easy-to-use car insurance premium calculator! Moreover, the online tool further enables you to compare car insurance price lists for different insurance providers.
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 four-wheeler 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 four-wheeler insurance 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!
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, 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
The Bajaj Markets app makes buying car insurance a breeze with its simplified process. Here are the steps to get you started:
Step 1: Enter the details of the car you would like to insure including make, model, vehicle number, etc. along with your personal information
Step 2: Get a quote from the representative about the various options available
Step 3: Choose a coverage that suits your requirement and budget. Enhance the coverage by selecting add-on covers
Step 4: Choose the suitable policy cover
Step 5: Upload the requested documents and pay the car insurance premium online
You will receive the insurance policy, shortly after you make the payment.
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 a 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.
Explore all the car insurance FAQs to find more answers.