Buying a car is one of the key milestones for most of us. With our hard-earned money put into buying the car, it becomes all the more important to take the necessary care for protecting the car. This begins with securing your car through a car insurance plan. Car Insurance is a basic requirement for you to drive on Indian roads, which provides a financial protection against vehicle damages. A third-party car insurance policy is mandatory as per the Motor Vehicle Act, 2019 without which it is illegal to drive on Indian roads. Apart from this, car owners can also go for the Comprehensive Car Insurance plan that not only keeps your legally compliant, but also ensures that you are covered for more! Moreover, an additional protection offered by various add-on covers available with a Car Insurance plan, further enhance the financial protection. All you have to do is, pay a regular premium, in exchange of which, the car insurance provider promises to pay for the losses you incur in case your car was in an accident.
Car Insurance is a mandatory piece of document that is required for you to drive on Indian roads, whether you own a private or a commercial vehicle. Apart from being mandatory as per law, Car Insurance acts as an effective financial coverage against the unfortunate damages caused your car in case of an accident. It ensures that you are financially backed, when it comes to paying for the damages caused to the third-party or your own car.
So, here’s why you need a Car Insurance:
Car Insurance is mandatory as per the Motor Vehicle Act of 1988. If you are caught driving an uninsured car, you are liable to pay a penalty, and can even lead to imprisonment.
A car insurance policy covers personal accidental injury costs, you do not have to worry about your treatment expenses.
With damages caused due to natural and man-made disasters covered, a car insurance policy helps you stay ahead of life’s uncertainties
A car insurance cover takes care of the expenses incurred in legal procedures in case your car accident involves filing a legal case.
With a great expertise in the insurance sector, Bajaj Allianz General Insurance Co. brings to you, extensive Bajaj Allianz Car Insurance, designed to fit your diverse needs. From offering value for money and customization, you need not look any further!
Acko General Insurance Ltd., with its unique approach, marries technology with insurance. It brings to you new-age car insurance plans that are well-designed to fit into your needs and budget too! From customization to affordability, you always have more.
Parameter |
Highlight |
Claim Settlement Ratio (CSR) |
With a CSR of over 95%, Bajaj Allianz General Insurance is one of the most trusted insurers |
Network Garages |
With cashless claims at 4000+ network garages Bajaj Allianz General Insurance ensures that your immediate repairs are taken care of, that too in a cashless way |
Claim Settlement |
With a simple claim settlement process and quick service, Bajaj Allianz General Insurance has your back |
Add-on covers |
With several add-on covers offered with Bajaj Allianz Car Insurance, you can enhance your coverage effectively |
Roadside Assistance |
Bajaj Allianz Car Insurance offers 24*7 roadside assistance, being your 3 am friend |
Parameter |
Highlight |
Claim Settlement Ratio (CSR) |
Acko General Insurance holds a claim settlement ratio of over 95%, making it one of the trusted choices |
Network Garages |
With a wide network of cashless garages across the country, Acko helps manage car damages seamlessly |
Claim Settlement |
Acko Car Insurance offers a 3-day claim guarantee (in select cities) for minor repairs, so you need not have to wait for your quick needs |
Add-on covers |
Acko Car Insurance comes with additional riders that are designed to help you go an extra mile, when it comes to your car’s protection |
Roadside Assistance |
With emergency roadside assistance, you are never stranded on the road |
There are two types of car insurance plans: Comprehensive Car Insurance & Third Party Car Insurance. You can pick the plan you need as per your requirements.
A third-party car insurance cover is a basic insurance plan that covers the injuries caused to third parties and the damage incurred by the third-party property due to your insured car. Moreover, third party car insurance is mandatory as per the New Motor Vehicle Act and can result in a penalty or in worse cases even imprisonment. A third-party cover ensures that that you are on the right side of law. Hence, it is very essential to get this plan. The third-party car insurance covers injuries caused to third parties or their property. This also includes a basic personal accident cover for the person driving the car. The personal accident cover insures you against permanent disabilities and even death while driving your car.
A comprehensive car insurance plan is an enhanced cover compared to the third-party car insurance plan. It includes both, the third-party cover and own damage cover. With a complete protection, the cover helps manage legal liabilities and offers an extensive financial protection. Although you have to pay a slightly higher premium for a comprehensive plan over a third-party plan, it is still advised to go for this plan. 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 & man-made calamities, and theft is covered under the comprehensive plan.
Read on to understand the difference between third party insurance and comprehensive insurance
|
Third Party Car Insurance |
Comprehensive Car Insurance |
What does it mean? |
A basic car insurance plan that covers for damages caused by your car to any third-party vehicle or property. |
This is a complete coverage for your car that covers your third-party liabilities as well as the damage caused to you and your car. |
What’s covered? |
This plan covers third-party damages caused due to an accident with your car. It also includes a personal accident cover to take care of the treatment cost of personal injuries. |
The plan covers damage and losses caused to any third-party as well as damages to you and your own car. |
Benefits |
It protects you in case of any accidental injuries to a third-party vehicle/property. It ensures you are in compliance with the law. |
It protects you against both, damages to your own car and third-party damages. |
Limitations |
It does not cover the damages caused to your own car. |
You would have to pay a higher premium for a comprehensive plan. |
Customization |
No customizations are available with this car insurance plan. |
You can customize your car insurance plan by adding additional covers such as the zero-depreciation cover, Return to Invoice, etc. |
Comparing car insurance online before purchasing is a very important task. It helps you pick the right plan as per your needs. All you need to do is, go through the product details on Finserv MARKETS and choose the policy you need.
Here’s why you need to compare plans online:
Comparing car insurance plans online is very convenient! You can surf the product details and make a well-informed decision
When you compare and choose online, there is no need of a middle man, thereby making it a cost- effective process
It is easy to understand the reliability of the product and the insurer by going through the customer testimonials, so you can pick the product that has proven beneficial for many with such benefits and more, comparing car insurance is much more effective when you do it online!
Online car insurance calculator has made it easier for customers to view the premium amount payable, instantly. It is important to keep certain factors in mind, while we compare car insurance premiums online.
It is important to examine factors such as the features and inclusions to identify the right choice.
Insurance cover is the next important factor that lets you select the plan. Typically, lower the premium, lower is the insurance cover. Hence, it is important to go through the plan details.
Check for the add-on covers made available with the plan, so you can enhance your financial protection against damages.
As third-party car insurance is mandatory as per law, getting a car insurance ensures that you are on the right side of the law while driving.
Financial protection against loss or damage to your car due to any unfortunate mishap.
Covers third-party liability in case of an accident.
Covers for the treatment costs incurred due to an accidental injury to the driver of the insured car.
Natural or man-made calamities come uninvited and can cause major damage to your car. With a car insurance plan, you can rest assured!
The age of your car is helps determine the depreciation, which along with the manufacturer’s present value help fix the car's Insured Declared Value or IDV. Hence, it is an important factor.
Your car’s engine capacity is one of the key factors determining your car insurance premium.
The type of car insurance plan you opt for has a key role to play in determining your car insurance premium. As comprehensive car insurance covers both, own damage & third-party damage, the premiums are higher.
If you are located in areas that are prone to vandalism, you may have to pay a higher premium as a car parked in a dangerous zone is more likely to get damaged or stolen.
Add-on covers are a great way to enhance your coverage with the hike of a nominal amount in your premium.
With the car insurance premium calculator on Finserv MARKETS calculating your car insurance premium online is quick, simple and convenient.
Here’s how you can calculate your car insurance premium online:
Enter your car’s registration number & your mobile number
Confirm if your existing policy is expired
Fill your car details including registration number, make & model, fuel type, and more
Select the plan of your choice!
Provide your personal information such as date of birth, address, etc.
And that’s it! Your car insurance premium will be displayed on screen
Here are some of the add-on covers available with Car Insurance plans available on Finserv MARKETS.
Personal Baggage Cover - Covers you in case of any loss or damage caused to your personal belongings kept in the car during an accident
Lock & Key Replacement Cover – Cover for recovery of the car keys, in case lost or left inside the car
Roadside Assistance - Provides emergency roadside assistance for services like urgent fuel delivery, flat tyre repair, urgent car fixing, cab services, and towing
Engine Protector – Covers for engine damage due to lubricating oil leakage or due to water seepage or any such incidents
NCB cover - No Claim Bonus cover offers guaranteed NCB benefits even after raising up to 2 claims in a single policy year
Consumables Cover – Covers costs incurred in the repair or replacement of consumables like engine oil, coolant, brake oil, after an accident
Personal Accident Cover – Covers the expenses in the event of accidental death, permanent disabilities or bodily injuries caused to the driver of the insured car
Zero Depreciation cover - With no depreciation in the value of the car’s external parts, this cover takes care all car body repairs or replacements.
Accessories Cover – Covers for damage incurred to your car’s accessories in case of any mishap
Things that are included under the Car Insurance policy include–
Things that are excluded from the Car Insurance policy include–
100 million+ happy customers across India have chosen Finserv MARKETS as their trusted financial partner. It's your time now!
With multiple offerings for your insurance needs, Finserv MARKETS makes it easy to make the right choice when it comes to Car Insurance.
With a hassle-free renewal process through Finserv MARKETS, you can get your policy instantly!
No tedious paperwork! Search the plan of your choice and buy online in just a few minutes on Finserv MARKETS.
From different plans to additional rider covers available, Finserv MARKETS lets you customize your insurance plans as per our needs.
Now that you know what’s covered in the Car Insurance plans on Finserv MARKETS, take a look at the quick steps that you can follow to get your plan online! Purchasing car insurance with us requires just a few of your minutes, and you are done.
Begin by enter your car’s registration number & mobile number
Complete the application form and enter the details of your car
Pick the Car Insurance plan that best suits your need
Make an instant online payment
Your policy will be sent on your email address
Apart from getting your car insured, it is crucial to keep the plan running, so you are not stranded in case of emergencies due to an in-active policy. Car Insurance renewal is very important part of this process. To continue to reap the benefits of your car insurance plan, you must renew it on time. On Finserv MARKETS, we have made this process, just how you need it, quick and simple!
Now follow a few quick steps and get your policy renewed within no time!
Lastly, don’t miss out on checking your eligibility for No Claim Bonus (NCB) benefit at the time of policy renewal. Timely renewal and no previous claims help you enjoy great discounts on renewal premium, through the NCB benefit.
Getting your car insurance policy renewed online is much simpler process compared to the offline process. However, if you choose to go by the traditional way of renewing your car insurance policy offline you can simply visit the branch office of the insurer of your choice, fill up the details, submit the necessary documents for renewal, make payment and renew your plan.
Car insurance policy renewal is extremely important when it comes to keeping all your coverage benefits intact. Moreover, it is even more crucial to get it renewed on time and before your existing policy expires.
Here’s why:
Insurers often allow renewal without inspection or online inspection, so you can renew your plan at the comfort of your home. However, in case your policy is lapsed, inspection of your vehicle becomes mandatory. Hence, it is advised to get your policy renewed on time.
You may not be able to enjoy the NCB benefit in case your policy is not renewed on time.
With a lapsed car insurance policy, your financial back-up stands nullified, thereby increasing the risk for both, you as well as the car.
Generally, a car insurance renewal process is a minimal documentation process. However, it is advised to some key documents handy, during policy renewal.
From sudden accidental damage, to car theft, a car insurance policy covers all the damages incurred to your vehicle due to theft or accident. While getting car insurance is the first step to security, the next crucial step is to understand how claims can be registered, in case a mishap was to occur.
Typically, car insurance companies offer two types of car insurance claims: Cashless claim & Reimbursement claim. Cashless claims are nothing but the facility under which you can get your car with accidental damages repaired at the nearest network garage, where the insurer takes care of the repair costs and same are settled directly with the garage. In case of reimbursement claims, you can get your car fixed at your preferred garage at you’re your expenses, while the claim amount is then transferred to your bank amount, subtracting the deductibles.
The claim settlement process is similar across most insurance companies in India. Finserv MARKETS just makes it even more easy for you!
Register the claim & inform the insurer. You may do so by calling their toll-free number or by visiting their website
Get your car repaired at an nearest network garage
Submit all the required documents
Once the documents are verified, your insurer will settle the claim directly with the network garage
Informing the insurer about the damage
File a FIR in case of vehicle damage due to third party or theft & Submit its copy along with other documents
Get your car repaired at any nearest garage at your own expenses
Submit the original bills and payment receipt to the insurer
Take a look at the important documents that you need for claiming a car insurance.
It is undeniably one of the basic documents required for car insurance claims
All the details of your insured vehicle
Personal details of the insurer
All the details of the incident specifying the location and the date of the accident
Here are some important car insurance terms:
A policyholder is the owner of the policy
Insured Declared Value (IDV) is one the key determinants of your policy premium. It is the market value of your car agreed upon by the insurer and policyholder. It lowers with the age of your age due to depreciation
No Claim Bonus is the premium discount or bonus that your insurer rewards you with, in case you have made no claims on your car insurance policy in the previous year.
These are extra coverage options voluntarily chosen by a policyholder while buying a policy. Although, they increase the premium amount you pay, they also enhance your protection against unfortunate mishaps.
With the Own Damage cover, you get compensated for the loss or damage of your car.
A deductible is the small amount that you pay out of your pocket, while the rest is taken care of by the insurer, in case of repairs due to accidental damage to your car. This way, you can lower your premiums.
According to India's Insurance Information Bureau, in the fiscal year of 2018-19, the annual report of the motor insurance stated that Indian general insurance companies settled claims of Rs. 35,319 Crore, whereas the total premium that was underwritten was Rs. 64,522 Crore.
One of the biggest lines of businesses continues to be car insurance as insurers nearly share 40% of total underwritten premiums, considered at Rs 64,522 Crore along with a 9% growth rate for the FY 2018-19. For FY19, the total number of policies and distribution of the premiums were very close to the previous fiscal year.
The mobility sector constantly keeps disrupting with new entrants in the market and developing technologies. Thus, insurance companies must closely work alongside manufacturers to ensure policies and regimes are fit for the required purpose. Car accidents are caused due to human error in more than 90% of the cases. The change to automation offers an optimistic scenario in car insurance as the risk is reduced overall and the number of accidents would drastically decline. Although manufacturers might face an increase in claims to accidents than usual comparatively in the liability of their products, they also benefit from the dip in the number of accident risks.
General Insurance Council, a representative of the insurance companies recently stated that renewing car insurance at the earliest is mandatory. The council stated that the MoRTH letter released on the 24 August that advises the state governments regarding the validity of the motor vehicle papers is with regards to permits, fitness certificates, registration certificates, and driving licenses only. On this ground, the car insurance policyholders must note that the MoRTH letter does not include motor insurance policies like car insurance, which hence, needs to be renewed as per the renewal due for continued validity of the insurance policies.
Despite the high availability of CNG cars in India, the popularity of the vehicle among the buyers is recent. The rise in demand for CNG cars is due to several factors such as high fuel prices, government initiatives like the Natural Gas Infrastructure Development Plan, and general care to preven.....
In India, third party car insurance is mandatory by law under the Motor Vehicles Act, 1988. The policy is the most basic and cheapest car insurance plan available in the market. It covers you against damage to any third-party property and person. The insurer will settle the claim for damage expen.....
A comprehensive car insurance plan is an extensive coverage that protects you and your vehicle against third-party liabilities and own damage. The policy safeguards your vehicle in the event of accidents, theft, and loss due to natural and man-made disasters. Although comprehensive car insurance .....
Driving a vehicle is a responsibility that one must only take up after a careful thought. Not only are you required to purchase a vehicle, but it is important to remember that there are several regulations in place that need to be adhered to in order to drive on Indian roads.
Naturally, h.....
Have you recently purchased a new car? If yes, that means you must have got it registered at the nearest RTO in your area. The registered number is then embossed on the vehicle number plate that is attached to the car.
In this section, we will be discussing everything you need to know abo.....
The joy of getting your own hard-earned car is immense. You put in so much effort to get yourself the car of your dreams, and for some auto enthusiasts, getting their own vehicle is not less than living their passion. And with a dream to make it their own beloved drive, people often look for vari.....
The Goods and Services Tax (GST) instituted by the Union government came into force on July 1st 2017. It was the largest tax reform in Indian history since independence in 1947. GST is a value added tax that sought to do away with the complicated, multi-tiered and indirect consumption.....
Your car is one of your precious possessions, and protecting it from damage is your responsibility. Hence, a comprehensive car insurance plan is the most recommended option. It safeguards your vehicle from third-party liabilities and own damage as well.
But with a plethora of options avai.....
Since most of us were children, we have dreamed of having our own cars and driving to work, to the theatres, with our friends and even heading on long drives alone or with a special someone. This dream transitioned towards reality the day we got our first learner’s license and then our driving li.....
FASTag offers an electronic method of paying the highway tolls without having to stop at the toll-collection plaza. Specifically, a FASTag is a prepaid and rechargeable card affixed as a sticker on your vehicle’s windscreen. The sticker comes with the FASTtag trademark, a unique QR code, an anten.....
Top carmakers - Hyundai, Honda, Tata - have seen a marked increase in their sales coming from first-time buyers. Some models - including Suzuki Dzire and Hyundai Xcent -are getting more than half their sales from first-time buyers.
The primary difference between the comprehensive and third party insurance is the kind of coverage the two plans offer. As we all know, third party car insurance plans only cover third-party liabilities; whereas comprehensive plans provide extensive coverage by protecting you against your own los.....
It is essential that you have an appropriate car insurance policy when driving on the Indian roads. Third-Party insurance is mandatory under the Motor Vehicles Act, 1988. Failing to insure your car only makes you more prone to financial burden due to road mishaps, theft,.....
Finding an appropriate car insurance policy can be an overwhelming task. Hence, most people skip the researching stage and opt for a policy that they either come across first or the one offered by their auto dealer.
However, if you have just purchased a new car, then make sure that .....
Instead of relying on public transport, it is convenient to own a car for everyday commute. When you buy a new vehicle, it is also mandatory to have a car insurance policy under the Motor Vehicles Act 1988.
This article acts as a quick g.....
In today’s world, almost every other household owns a car. Although most people prefer a two-wheeler for traveling shorter distances, a car is a much safer option, when it comes to long-distance commute.
Since your car provides you safety and comfort when traveling, the least you can do i.....
Buying a car is a dream come true. But untoward incidents happen. Most of us tend to put off these unpleasant thoughts and postpone the all-important duty of purchasing a comprehensive car insurance policy. Investing in a car insurance policy is crucial to safeguard your.....
While buying car insurance online is simple, the claim settlement process can be a tedious experience for many. Lack of knowledge about the claim process and the technicalities involved often causes panic and confusion at the time of claim settlement. The sole purpose of buying car insurance is t.....
If you are planning on buying bike insurance or car insurance for the first time, you may be unfamiliar about the various factors involved in the calculation of the insurance premium. IDV or Insured Declared Value is a crucial component that determines your motor insurance premium as well as the .....
With the e-commerce industry gaining momentum rapidly, there is a massive increase in the number of people buying products and services online. Right from clothes and groceries to diamond jewellery, everything is available online and car insurance isn’t any different. Nevertheless, many car insur.....
NCB is the abbreviation of No Claim Bonus and it refers to a discount amount offered to the car insurance policy holder during policy renewal. However, to avail NCB, the policy holder should not have made any claim/s during any previous policy tenure.
There are two types of car/four-wheeler insurance policies – Comprehensive Car Insurance Policy and Third-Party Insurance Policy. The first provides coverage for own vehicle damage and as well as third-party liability whereas the second option covers only third-party liability. The rules prescribed by the Government of India makes it mandatory to have third-party liability insurance in place.
In simple terms, IDV or Insured's Declared Value is the current market of your car. It is the maximum sum assured that the car insurance company fixes on the vehicle which is provided only in the event of total loss or theft of the same. This is calculated on the basis of the selling price that is listed by the current manufacturer minus depreciation.
Yes, you can renew your car insurance policy through Finserv MARKETS. The process is very simple.
Steps to renew your car insurance plan –
Enter your registration number and mobile number
Enter your previous policy details and check your renewal premium
Make Payment
Your policy will be sent your registered email id.
Don’t worry! If unfortunately, your car is stolen, you can claim your car insurance coverage by following the steps mentioned below.
File a FIR at the nearest police station
Submit the same along with other necessary documents
Claim Assessment
Claim Decision
Explore all the car insurance FAQs to find more answers.
3 reviews
Getting my car insurance policy through Finserv MARKETS was a very quick and seamless process. It was not just easy but very time-saving.
Posted on 18 Feb 20
Car insurance policies available on Finserv MARKETS offered just the right coverage I was looking for. The buying process was also very simple. Very happy with the platform.
Posted on 26 Feb 20
When I was looking for a car insurance policy, my friend suggested looking up on Finserv MARKETS. And I must say, I was very happy with the entire process.
Posted on 05 Mar 20