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Auto Insurance (Vehicle or Car) policy provides a coverage for damage or Loss to the vehicle against the risk of accident, fire, theft, floods, earthquake, riot, strike etc. The auto insurance policy also gives coverage for your liability arising out of one's injury, death, death to third party and/ or third party property damage. Compare the best auto/ car insurance policy from top rated companies & save money. Apply & get free car insurance quotes.

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About Car / Auto Insurance Policy

A motor insurance policy, unlike any other form of insurance policy, is a compulsory insurance policy which is required on every vehicle operating on Indian roads. So, whether you own a two-wheeler or a car, whether you have commercial vehicles or personal ones, you need to have a valid motor insurance policy on every vehicle you own if you intend to use it. Any insurance you buy for your two-wheeler falls under the category of a two-wheeler insurance policy and any insurance on a four-wheeler falls under the category of a car insurance policy. This mandatory insurance cover, whether a two-wheeler cover or car insurance, is so mandated by the Motor Vehicles Act which is the governing act on motor vehicles of all kinds.

Due to this mandatory motor insurance policy clause, general insurance companies offer various types of motor insurance policies for insuring your vehicles. Two-wheeler insurance plans, car insurance, third party insurance, commercial vehicle insurance, etc. are the major types of motor insurance policies offered by insurance companies. Today, we are dealing with the concept of a car insurance policy and how to select the best car insurance policy in India.

Selecting the best car insurance policy is a matter of comparison between the different available policies based on their features and selection of the plan which has the best in-class features. Before we discuss car insurance comparison, we must first understand the concept and basic features of car insurance policy.

What is car insurance?

Act only policy, commonly referred to as third party insurance as it covers damage or harm caused to third parties other than the insured. It is compulsory to take this cover.

What are the types of a car insurance policy?

A car insurance policy can be of two types – a third party liability only policy and a comprehensive package policy.

• Third Party Liability Only Policy – this policy is also called Act only policy as it is mandated by the Motor Vehicles Act. This policy only covers any damages which are caused to a third party or property. The damages include any sort of bodily harm or injury caused to any third person (i.e. a person other than the car and the car’s owner) and also any sort of damage caused to the surrounding property. These policies do not cover damages or losses incurred by the car or the car owner. The premium for these policies is fixed by the Insurance Regulatory and Development Authority (IRDA) depending on the engine capacity of the car and it is uniform.

• Comprehensive Package Policy – also called a bundle policy, package policy or a comprehensive cover, this policy provides dual coverage. It covers the mandatory third party liability and also provides coverage for any damage incurred on the car and its owner. This additional coverage is also called ‘own damage’ cover. Premiums are based on the insurer’s pricing policy and they comprise of two parts. One part of the premium is for the third party liability coverage while the other part is for the ‘own damage’ coverage. While the first part is fixed by the IRDA, own damage premium depends on the Insured Declared Value (IDV) of the car. The IDV of the car is the current market value of the car after depreciation. The calculation of the car’s IDV varies from one insurer to another and so the premium rates of comprehensive plans also vary across insurers.

So, these are the two types of car insurance plans which are available in the market. Now you know the basic difference between the two plans and wouldn’t be confused when you compare the available plans against each other.

How to compare car insurance policies?

It is true that the market is flooded with various car insurance plans being offered by multiple general insurance companies. As such, it becomes mandatory to compare the available car insurance plans and settle on the plan which offers the best benefits and is also competitively priced. To conduct a fair car insurance comparison of the available car insurance plans, a good knowhow of the different features of such plans is essential. So, here are some pointers which would guide you about how to compare the various car insurance plans and find the best vehicle insurance policy:

What are the types of a car insurance policy?

A car insurance policy can be of two types – a third party liability only policy and a comprehensive package policy.

• Shortlist the type of coverage you are comparing – as stated before, a car insurance policy comes in two variants – third party liability only policy and comprehensive package policy. So, before you set on the course of comparing the different car insurance plans, ascertain which type of coverage you would require. A third party policy is cheaper compared to a comprehensive one but the coverage extended by the latter is undoubtedly the best. So, though a comprehensive package policy is the best and the safest bet assess your requirements and settle on the type of variant you would require.

• Compare the Insured Declared Value offered by the insurer – the Insured Declared Value, also called IDV in short, is the current value of the car after being adjusted for appropriate depreciation. The rate of depreciation is listed by the Insurance Regulatory Development Company and depends on the age of your car. Older the car, higher would be the depreciation and lower would be your Insured Declared Value. This value represents the Sum Assured for your However, when you compare the different IDV’s offered by the insurers for your same car, you would find varying values. This is the reason car insurance comparison becomes necessary as different IDV’s also reflect different rates of premiums. So, first and foremost, you should compare the Insured Declared Values quoted by different plans and then make a selection of the plan. A tip- always invest in a plan which has the highest Insured Declared Value so that you enjoy the maximum coverage. This would be helpful in case of a total loss of your car when the entire IDV is payable.

• Compare the coverage options – while a third party liability policy has a uniform coverage, the coverage features differ in case of a comprehensive or package policy. Besides covering the third party liability, a comprehensive policy also provides coverage for damages to the car and the owner (who is also the policyholder). The coverage for the owner is the Personal Accident coverage whose coverage limit varies across different plans. Moreover, extra additional coverages are also extended by some car insurance plans. Thus, one should check this coverage feature to determine the amount of personal accidental cover provided and also any extra coverage, if provided by the plans under consideration.

• Compare car insurance quotes – premium rates of comprehensive car insurance policies vary as they depend on the Insured Declared Value of the car estimated by an insurer which also varies. Since you spend your hard-earned money on the premium amount, comparing the premium quotes is a must. But remember; don’t always be influenced by the premium quote. Look at the Insured Declared Value too and settle for a plan which provides the highest Insured Declared Value even if the premium rate increases .

• Compare the available riders – a car insurance policy can be customized to enhance the protection it offers by way of adding riders to the available policy. Riders are additional protection clauses which enhance the scope of coverage. Riders like Engine Protection rider, Zero Depreciation Cover, Collision Cover, etc. are very beneficial in terms of the coverage they provide. So, compare which riders are available under different plans and the plan which has the option of multiple riders is better as it offers us a choice of selecting the best rider as per our coverage requirements.

• Compare the insurer’s claim settlement practice – the true test of the best car insurance policy is the ease with which claims are settled by the insurance company offering the said policy. We do not like the unnecessary harassment at the time of claim settlement and so it is prudent to know the claim settlement process and ease of any car insurance policy which you are intending to invest in. every insurer has a different set of rules when it comes to claim settlement and such rules should be compared to find out which set of rules is the easiest and would enable a faster claim settlement.

Comparing between the different car insurance policies to get the best car insurance plan for youis always recommended if you want to get your money’s worth. Comparing has also been simplified through our website where we offer assistance for you so that you can compare all the car insurance plans easily and find the best one for yourself and also compare car insurance quotes online.

In today’s date, most of us tend to use a private vehicle. Using a private vehicle usually exposes us to certain unforeseen risks such as accident or even theft for that matter. Since a good amount of finance is directed towards buying a car, it becomes essential to keep the same protected from such startling situations.

This is where the motor insurance policy comes into picture. The motor insurance policy happens to be one of the hot selling policies of late. Based upon the vehicle that you are using you are charged differential rates by the insurance service providers. The best part about motor insurance policies is that in this particular area you tend to get access to a wide array of innovative policies that further offer you the convenience of choosing that particular policy, which happens to best suit your individual as well as your vehicle’s needs and requirements at large.

When you decide to buy any insurance policy it is crucial that you take into consideration various pros and cons of the same so that you are assured of your final decision. The scenario is no different in the case of a motor insurance policy. Before you zero down your mind on any particular policy it is vital for you to check out certain parameters before hand. In this article, we will be throwing light on the areas that need to be given attention before buying a motor insurance policy.

First and foremost, before you decide to buy motor insurance policy you need to list down different unpredictable conditions that your vehicle as well as individuals travelling in the same are likely to encounter. Though most of the car owners tend to avoid the negative conditions related to their vehicle that are likely to surface in the future, it is essential for them to realize that if god forbid any such situation occurs in the coming years then in that case it is essential for them to recover the complete loss.

If they fail to do so then, that can end up becoming their biggest regret. This is why it is mandatory for the car owners to realize what areas he or she would like to get insured before buying any motor insurance policy at large. Similarly, all the individuals who happen to use an uncommon car model it is vital for them to go out of their way and collect crucial information regarding the same. In addition, they can even consider taking expert help so as to make sure that they end up buying just the right motor insurance policy.

Apart from this, you also need to take into consideration the laws of the country that you are residing in before buying a motor insurance plan. In most of the countries, every vehicle needs to be insured up to a certain minimum level as per the law. You need to be well acquainted with the same and thus should buy the insurance cover in such a manner that you don’t end up going against the law. Yet again, you need to consider the frequency with which you will be using your vehicle. For example, if you would be using your car as a cab or taxi then, you will required to opt for an additional cover.

Last but not the least, you even need to focus your attention on the reputation of the insurance service provider from whom you plan to buy your Car insurance policy. Thus, all you people who are looking forward to buying a motor insurance policy can consider glancing through the above article in order to make a well-informed choice.

Type of Vehicles/ Auto/ Car Covered

* Motor Cycle/Scooter
* Private Car / Commercial Vehicles
a) Goods carrying vehicles
b) Passenger carrying Vehicles
c) Miscellaneous and special type of vehicle.

Risks covered by the Policy
Death of or bodily injury to any person
The insurance policy protects the motor vehicle from loss or damage.
By fire, lightning, self-ignition, explosion, burglary, housebreaking or theft.
Riot or strike.
Flood, earthquake, cyclone or inundation.
Transit by road, air, elevators or lifts.
Liability for third party's injury or death, third party property and towards the paid driver too.
Loss or damage to electrical/ electronic accessories, personal accident cover for the driver and passengers is also available after paying additional premium.

Is it compulsory to buy Auto Insurance in India ?

According to Law it is compulsory to take a Third Party Insurance Policy. Buying an comprehensive insurance policy is optional but it is advisable to take a comprehensive auto insurance policy for individuals.

Who Can Insure?

Individuals and corporate owners of the vehicle can be insured.

What else can be Insured?

On payment of additional premium the following can be covered :
Loss of or damage to electrical/ electronic accessories can be covered
This policy can be extended to cover Liability to Paid driver, other employees.
Personal Accident cover can be given to passengers of the car on a named or unnamed basis.
You should truthfully declare all the facts about yourself and your motor vehicle to the insurer.
You should maintain the vehicle in efficient condition and in case of accident/ breakdown, do not leave your vehicle unattended.
More importantly, you should not drive the vehicle without getting necessary repairs done.

What is No claim Bonus/ Malus ?

No claim Bonus is the discount which is given on the renewal of the policy in case there is no claim in the earlier year. This discount is given only on the own damage component of the premium.
Malus is the loading on the own damage premium if there is a claim in the previous year.

Exclusions

Every Policy has some exclusions and differ from company to company. Please read the fine print or terms and conditions before buying the policy.

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