Private Car Insurance

What is Car Insurance ?

Car insurance is an insurance policy which protects you, your car and an affected third party from financial losses arising out of an unforeseen incident. 
It is a contract, you and your insurer enter into, to protect you from financial damages caused by unforeseeable circumstances like accidents, theft, and even natural calamities. The Government of India has made it mandatory for all car owners to have a minimum third-party car insurance policy. This policy covers the damages caused to the life and property of individuals, other than you, affected by an accident your car unfortunately becomes a part of. The other most common form of insurance is Comprehensive Car Insurance. It helps you cover the majority of the liabilities you might attract if your car gets damaged in  social unrest, natural calamity, or even gets stolen in a case of theft.

Points to Consider While Choosing Car Insurance

The process of buying car insurance is simple but takes time and quite a bit of research. We understand the importance of having a suitable car insurance policy and offers car insurance policies that cater to varying individual needs and budgets. Below are some points you should consider when you buy car insurance.

Choose Insurance Type

While choosing car insurance, you can choose between a basic third party liability cover and a comprehensive insurance cover. While having a basic third-party insurance cover is a legal compulsion and covers damages caused only to a third party individual or property, a comprehensive car four-wheeler policy offers more extensive cover that offers protection against accidental damage, damages due to loss and theft, natural and man-made disasters and also offers a personal accident cover. We also provide varied types of car insurance such as Comprehensive Car Insurance Policy, Stand Alone Own Damage Car Insurance Policy, and Third Party Car Insurance Policy. This array of choices so that you can find the car insurance type that best suits you and your car’s needs.

Check Policy Coverage

The policy coverage of your car insurance policy will depend mainly on your needs and your budget. Apart from that, your car’s make and model, the area you live in and other factors will affect the policy coverage. While choosing a suitable insurance policy, you can compare the coverage of various policies before making an informed decision.

Availability of Add-Ons

While you buy car insurance online or renew your policy, you can consider extending or enhancing your policy cover with the help of appropriate add-ons. Insurance companies offer various add-ons such as Key Replacement, Return to Invoice, Engine Secure and more, that meet various situations outside the scope of your car insurance policy. A selection of the appropriate add-ons in your car insurance policy can provide an all-round protection to your car.

Check Insured Declared Value

The IDV or Insured Declared Value of the car is its current market value. When calculating your car insurance, the IDV is important as it is the amount your car is insured for. In case of “Total Loss” - complete damage or Theft of the car - the policyholder receives the Insured Declared Value when the claim is settled. Always select the IDV carefully as a lower IDV means insufficient compensation in the event of total loss, even though it means lower policy premiums. On the other hand, a higher IDV could mean paying more expensive premiums.

Network of Cashless Garages

If you want to repair your car in case of minor or major damages, then you could visit your insurance provider’s network garages to have the damages repaired. By doing so, you can avail of the cashless claims, wherein, the insurer will directly pay the cost of repairs to the garage, and you won’t have to splurge exorbitant amounts on your repairs!

Compare Quotes

Car Insurance quotes of various companies make it easy for you to compare different four-wheeler insurance policies. Depending on your budget and requirements, you can choose the insurance amount, the add-ons and then compare different plans to find the appropriate one to protect your car.

Check Claim Settlement Ratio, Review, and Service Offered

The claim settlement ratio of a company is an important factor to be considered while purchasing your car insurance. If your insurer’s claim settlement ratio is high, it indicates a better chance of your claims being settled on time. Similarly, the service offered by the insurance company directly affects customer loyalty and should be checked before you buy a four-wheeler insurance policy from the company.

Types of Car Insurance Policies

We offer many types of car insurance policies from various companies, each designed to address the varying needs of car owners and the coverage they need:

Comprehensive Car Insurance
Policy

The comprehensive car insurance policy offers extensive coverage as compared to basic third-party car insurance and offers protection against third-party liabilities as well as damage due to accidents, loss of the car, natural disasters like floods, earthquakes, cyclones, etc., and man-made disasters. However, damages due to driving under the influence of substances and driving outside of the designated geographical area are not covered under a comprehensive car insurance policy.

Stand Alone Own Damage Car Insurance Policy
If the insured car, bought after September 2018, suffers a financial loss as a result of accidental damage, the own damage cover takes care of the damages caused only to the insured car. This policy does not cover losses incurred by third parties and also is only applicable to cars bought after September 2018.    
Stand Alone Third Party Car Insurance Policy

The standalone third party car insurance policy is a basic but legally mandatory car insurance policy. It protects you from the legal and financial liabilities that arise from damages caused to a third-party person or property by your insured car. However, this policy does not cover any damages to the insured car.

What’s Not Covered in Car Insurance Policy ?

As per the standard car insurance policy, the following causes of losses are not covered :

  • Regular wear and tear repairs of the vehicle are not covered.
  • If the previous year's policy is not valid or NCB declared is not valid.
  • Damages or losses arising due to war and war like similar conditions.
  • Damages or losses from driving outside the designated geographical location i.e. outside India.
  • Damages that arise when driving under the influence of alcohol, drugs or such substance.
  • Damages that arise when driving without a valid license.
  • Damages caused due to negligence of the driver.
  • Using a private vehicle for commercial usage.
  • Disclosure or misappropriation of information provided.
  • Damages caused due to speed racing, crash testing, etc.
  • Damages or losses are not covered if the owner of the vehicle has changed as per RC and is not updated on the policy with an insurance company.
  • Any alterations done to the vehicle without informing the insurance company and RTO (CNG kit being installed without RC updation from RTO).
  • Any mandatory documents or certificates issued from government authorities (RTO office) and could not be produced for verification.
  • Insurable interest is an essential requirement and if insurable interest violated (in case of owner transfer or death of the proposer of insurance).

Documents Required for Filing Car Insurance Claim

While filing a claim, the owner is required to produce the following documents (original documents need to be verified and copy need to be submitted to the insurance company):
  • The claim form, duly filled and signed (stamp in case of organisation) by the insured person himself.
  • A verified copy of the First Information Report (FIR) or Policy Panchanama.
  • A copy of the vehicle’s Registration Certificate (RC).
  • A copy of the driver’s license (LMV validity).
  • A copy of the policy documents.
  • The original keys to the vehicle (incase of theft/total loss).
  • RTO transfer papers duly signed with Form 28, Form 29 and Form 30.
  • NOC and Form 35 from the bank or lender, where the car has an active loan.
  • No Trace Report from the police and court in cases of theft of the vehicle.
  • Insured person’s KYC documents and cancelled cheque for bank details.
  • Factors Impacting Insured Declared Value.
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Registered Office

Office A-14, Privia Business Center, Next to PCMC RTO office, Moshi, Pune-412105.