About Car Insurance

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.

Why Do You Need Car Insurance?

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

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.

  • Car, property and personal accident covered

A car insurance policy covers personal accidental injury costs, you do not have to worry about your treatment expenses.

  • Cover for natural and man-made calamities

With damages caused due to natural and man-made disasters covered, a car insurance policy helps you stay ahead of life’s uncertainties

  • Legal Liabilities covered

A car insurance cover takes care of the expenses incurred in legal procedures in case your car accident involves filing a legal case.

Our Car Insurance Partners

  • Bajaj Allianz General Insurance Co.

    Bajaj Allianz General Insurance Co.

    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.

    Acko General Insurance Ltd.

    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.

Best Car Insurance Plans In 2020

Bajaj Allianz Car Insurance

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

Acko Car Insurance

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

 

Different Types of Car Insurance Plans

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.

  • Third Party Car Insurance

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.

  • Comprehensive Car Insurance

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.

Difference between Third Party Insurance and Comprehensive Car Insurance

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.

 

Why Should You Compare Car Insurance Plans Online

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:

  • Convenience

Comparing car insurance plans online is very convenient! You can surf the product details and make a well-informed decision

  • Cost-Effective

When you compare and choose online, there is no need of a middle man, thereby making it a cost- effective process

  • Customer Reviews

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!

How to Compare Car Insurance 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.

Here’s what you need to consider:

  • 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.

Key Benefits of a Car Insurance Policy

Key Benefits of a Car Insurance Policy
  • No Penalty

    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

    Financial protection against loss or damage to your car due to any unfortunate mishap.

  • Liability Coverage

    Covers third-party liability in case of an accident.

  • Personal Accident Cover

    Covers for the treatment costs incurred due to an accidental injury to the driver of the insured car.

  • Financial Security against Calamities

    Natural or man-made calamities come uninvited and can cause major damage to your car. With a car insurance plan, you can rest assured!

Factors Affecting Car Insurance Policy Premium

Age of Vehicle

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.

Type of Engine

Your car’s engine capacity is one of the key factors determining your car insurance premium.

Type of Plan

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.

Geographic Location

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

Add-on covers are a great way to enhance your coverage with the hike of a nominal amount in your premium.

How to Calculate Your Car Insurance 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:

  1. Enter your car’s registration number & your mobile number

  2. Confirm if your existing policy is expired

  3. Fill your car details including registration number, make & model, fuel type, and more

  4. Select the plan of your choice!

  5. Provide your personal information such as date of birth, address, etc.

  6. And that’s it! Your car insurance premium will be displayed on screen

List of Different Add-On Covers Available on your Four Wheeler Insurance

Here are some of the add-on covers available with Car Insurance plans available on Finserv MARKETS.

  1. Personal Baggage Cover - Covers you in case of any loss or damage caused to your personal belongings kept in the car during an accident

  2. Lock & Key Replacement Cover – Cover for recovery of the car keys, in case lost or left inside the car

  3. Roadside Assistance - Provides emergency roadside assistance for services like urgent fuel delivery, flat tyre repair, urgent car fixing, cab services, and towing

  4. Engine Protector – Covers for engine damage due to lubricating oil leakage or due to water seepage or any such incidents

  5. NCB cover - No Claim Bonus cover offers guaranteed NCB benefits even after raising up to 2 claims in a single policy year

  6. Consumables Cover – Covers costs incurred in the repair or replacement of consumables like engine oil, coolant, brake oil, after an accident

  7. 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

  8. 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.

  9. Accessories Cover – Covers for damage incurred to your car’s accessories in case of any mishap

What's Covered

Things that are included under the Car Insurance policy include–

  • Loss or damage incurred due to natural or man-made calamities

  • Third party liability coverage

  • Repair and replacement expenses

  • Cover for personal accident and other riders

  • Damages incurred due to accidents

What's not Covered

Things that are excluded from the Car Insurance policy include–

  • 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 license

  • Damage caused when the policy is inactive

  • Damage or loss incurred during a war-like situation

  • Damage or loss incurred due to malicious activities

Reasons to Buy Car Insurance from Finserv MARKETS

  • Trusted Companion

    100 million+ happy customers across India have chosen Finserv MARKETS as their trusted financial partner. It's your time now!

  • Multiple Offerings

    With multiple offerings for your insurance needs, Finserv MARKETS makes it easy to make the right choice when it comes to Car Insurance.

  • Hassle-free Renewal

    With a hassle-free renewal process through Finserv MARKETS, you can get your policy instantly!

  • Quick Online Process

    No tedious paperwork! Search the plan of your choice and buy online in just a few minutes on Finserv MARKETS.

  • Tailor-made Insurance Plans

    From different plans to additional rider covers available, Finserv MARKETS lets you customize your insurance plans as per our needs.

How to Buy Car Insurance Online at Finserv MARKETS

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.

  • Fill up the details

    Begin by enter your car’s registration number & mobile number

  • Provide necessary information

    Complete the application form and enter the details of your car

  • Make a choice

    Pick the Car Insurance plan that best suits your need

  • Pay your premium

    Make an instant online payment

  • And that’s it!

    Your policy will be sent on your email address

Car Insurance Renewal

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!

Steps to Renew Car Insurance Online

Now follow a few quick steps and get your policy renewed within no time!

  • 1

    Enter your registration number and mobile number

  • 2

    Provide your previous policy details

  • 3

    Check your renewal premium

  • 4

    Make an instant online payment

  • 5

    Download your policy copy

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.

Steps to Renew Car Insurance Offline

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.

Why Renew Your Car Insurance Before Expiry

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:

  • Vehicle inspection-

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.

  • NCB benefit-

You may not be able to enjoy the NCB benefit in case your policy is not renewed on time.

  • Damage risks-

With a lapsed car insurance policy, your financial back-up stands nullified, thereby increasing the risk for both, you as well as the car.

Documents Required To Renew Your Car Insurance

Generally, a car insurance renewal process is a minimal documentation process. However, it is advised to some key documents handy, during policy renewal.

  • Proof of identity
  • Proof of address
  • Bank account details
  • A recent passport size photograph
  • Driving License & RC
  • Previous policy details

Car Insurance Claims

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.

How to Claim Car Insurance Online

The claim settlement process is similar across most insurance companies in India. Finserv MARKETS just makes it even more easy for you!

Process for Filing Cashless Claims

  1. Register the claim & inform the insurer. You may do so by calling their toll-free number or by visiting their website

  2. Get your car repaired at an nearest network garage

  3. Submit all the required documents

  4. Once the documents are verified, your insurer will settle the claim directly with the network garage

Process for Filing Reimbursement Claims

  1. Informing the insurer about the damage

  2. File a FIR in case of vehicle damage due to third party or theft & Submit its copy along with other documents

  3. Get your car repaired at any nearest garage at your own expenses

  4. Submit the original bills and payment receipt to the insurer

  5. Once the documents are verified, your claim amount is reimbursed

Documents Required for Claiming Car Insurance

Take a look at the important documents that you need for claiming a car insurance.

  • Car insurance policy document

It is undeniably one of the basic documents required for car insurance claims

  • Vehicle details

All the details of your insured vehicle

  • Insurer details

Personal details of the insurer

  • Details of the Incident

All the details of the incident specifying the location and the date of the accident

  • FIR copy in case of theft

  • Original bills and receipts of the vehicle repair

Glossary

Here are some important car insurance terms:

  • POLICYHOLDER

A policyholder is the owner of the policy

  • IDV

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 (NCB)

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.

  • RIDERS / ADD-ONS

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.

  • OWN DAMAGE COVER

With the Own Damage cover, you get compensated for the loss or damage of your car.

  • DEDUCTIBLE

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.  

Latest Car Insurance News

Timely renewal of motor insurance policies is a must

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.

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Manage All Your Queries About Four Wheeler Insurance

  • ✔️What do you mean by NCB for car insurance?

    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.

  • ✔️What do you mean by comprehensive car insurance policy?

    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.

  • ✔️How is this calculated?

    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.

  • ✔️Can I renew my policy on Finserv MARKETS?

    Yes, you can renew your car insurance policy through Finserv MARKETS. The process is very simple.

    Steps to renew your car insurance plan –

    1. Enter your registration number and mobile number

    2. Enter your previous policy details and check your renewal premium

    3. Make Payment

    4. Your policy will be sent your registered email id.

  • ✔️If my car is stolen, how can I claim the car insurance coverage?

    Don’t worry! If unfortunately, your car is stolen, you can claim your car insurance coverage by following the steps mentioned below.

    1. Register your claim online.
    2. File a FIR at the nearest police station

    3. Submit the same along with other necessary documents

    4. Claim Assessment

    5. Claim Decision

Explore all the car insurance FAQs to find more answers.

Finserv MARKETS - User Reviews & Testimonials

User Reviews & Testimonials

3.8out of 5

3 reviews

Car Insurance

Getting my car insurance policy through Finserv MARKETS was a very quick and seamless process. It was not just easy but very time-saving.

Car Insurance

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.

Car Insurance

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.