The digitalization of India is accelerating the internet usage. Online shopping is a great way to save money on private car insurance in India. This article will provide information on the benefits of private car insurance in India.
A good way to find private car insurance is to search for an agency with flexible payment terms and competitive rates. These factors are crucial when evaluating a company as they directly impact the final cost of the policy.
India has a lot of traffic. India is a country where private cars are not affordable, which has led to many Indians using public transport. It is important to have adequate liability coverage for your vehicle in this situation.
There are many choices available in India when it comes to private auto insurance providers. You should make sure that the policy covers all your needs and is priced accordingly to your budget before you commit to a policy.
These are the main benefits of purchasing Private Car Insurance Online in India.
Private insurers offer private car insurance policies in India. The insurance company will cover damages to another person’s vehicle or property if there is a car accident.
Private car insurance is one of the most important aspects in India. Indian citizens have the option to purchase insurance policies online through several private companies.
Private Car Insurance Policies are offered by a variety of Car Insurance Companies, including:
Bajaj Allianz Private Car Insurance
- New India Assurance Private Car Insurance
- National Private Car Insurance
- SBI Private Car Insurance
- Raheja QBE Private Car Insurance
- Magma HDI Private Car Insurance
- Private Car Insurance Policy
Motor Vehicles Act 1988 makes it mandatory that every owner of a vehicle operating on public roads must have an insurance policy to cover any amount that may be legally liable for damages to third parties due to accidental death, bodily injury, or property damage. As proof of such insurance, a Certificate of Insurance must also be kept in the vehicle.
For Rs.7.5 lakhs under Private and Commercial vehicles, liability is covered for death or injury to third-party property. 1 lakh for scooters / motor cycles.
The policy covers vehicle owners’ legal responsibility to pay for:
- A third party may sustain bodily injury or death.
- Third party property damaged
This policy covers damage or loss to the insured vehicle. This policy, in addition to liability coverage, covers damage or loss to the vehicle and accessories.
- Explosion, fire, self-ignition or lightning.
- Burglary, burglary, or theft.
- Riot and Strike
- Malicious Act.
- Terrorist Act.
- Earthquake (Fire & Shock) Damage.
- Flood, Typhoon and Hurricane, Storm, Tempest. Inundation, Cyclone.
- Accidental external means.
While in transit by road or inland waterway.
Companies offer discounts and coverage for private car insurance policies:
Third-Party Liability: This policy covers you against any legal liability to third parties arising from the use of your vehicle.
Personal Accident to Owner Driver: Rs.1 Lakh coverage for the owner/driver of the vehicle, while they are driving, traveling, mounting or dismounting. Additional personal accident coverage is available for co-passengers.
No Claim Bonus: NCB stands for No Claim Bonus. This bonus is given to customers who have not filed a claim in the past policy period. No-claim bonus: This is a discount that customers receive for not making claims during the previous policy period. No-claim discounts can be availed on renewals of policies. They range from 20% to 50% depending on the vehicle type and the number years since no claim was made.
Return to Invoice This add-on covers the cost of the registration fee and road tax towards the insured car, as well as the insurance premium.
Electrical & Electronic Accessories You can also cover.
Bi-Fuel System – Your CNG/LPG Kit, whether in-built or separately fitted can be covered.
Key Protect Cover: If keys are stolen or lost, we will replace them. We also cover key and lock damage.
If you purchase additional car insurance, you can get daily reimbursement for depreciation. If the vehicle is kept in the garage for longer than three days, the Company will provide a cash benefit.
Engine Guard: This add on pays for repair and replacement costs or damage to the internal parts of an engine, gearbox or transmission due to water ingress or a leakage of lubricating oils from the engine/corresponding assembly.
Roadside assistance: A car breakdown is not always inevitable. You can call for assistance in the event of a small or large breakdown, or for situations such as flat tires, running low on fuel, towing your vehicle, or emergency fuel requirements. Private Car Insurance provides 24*7 roadside assistance.
Consumables coverage: The standard Motor insurance policy covers small consumable expenses like screws, nuts bolts, oils, and so forth. They are not covered, and you will be responsible for the costs if they need to be repaired or replaced. This coverage covers the cost of any consumables that are required to be replaced in the event of an accident to your vehicle.
Voluntary Excess Discount – You will get more savings on your insurance premium if you choose a Voluntary Excess in addition to the Compulsory Excess.
AAI Membership: If you are a member of Automobile Association of India (AAI), you can get an additional discount.
Anti-Theft Devices 500 on your Own-Damage Premium.
Vehicle damage or loss: This policy covers you for any damage or loss to your vehicle and its accessories caused by the following natural or man-made calamities.
Natural calamities include fire, explosion, self-ignition, lightning, flood, typhoons, hurricanes, storms, tempests, inundation and cyclones.
Man-made disasters: Theft, riot, strike and malicious act.
Private Car Policy Exclusions
If the following occur, any loss or damage to the vehicle or accessories will not be covered.
- Vehicles are subject to normal wear and tear.
- Consequential loss, depreciation
- Both mechanical and electrical failure
- Vehicle being used in a way other than that which is permitted by the manufacturer
- Person driving the vehicle without a valid driver’s license may cause damage or injury
- Person driving under the influence of drugs/liquor may cause damage to the vehicle.
- Loss or damage caused by war, mutiny or Nuclear Risks
The vehicle is not being used in accordance with the “Limitation as To Use” clauses of the schedule.
The vehicle is being driven or will be driven by any other person than the driver, as specified in the Driver’s clause in the schedule.
Contractual liability – A claim
Accidents that occur while a person is employed by the insured or any other person covered under this policy. Death or bodily injuries sustained by such persons.
Any person who is a passenger in a contract of employment or death of bodily injury, other than the one being carried in or on the vehicle at the time of the event that the claim arises, may be carried in or upon the vehicle or entered or mounted or alighted from it.
How do I claim my private car insurance policy online?
A claim for insurance is a request by the policyholder to an insurance company for compensation for the loss or damage to his/her car. The type of policy purchased will determine the amount of the claim the policyholder can make. Private car insurance allows policyholders to instantly file claims and offers quick and easy claim settlements.
- Step 1: Claim registration: Call the toll-free number immediately to notify the insurer. You can also write to them or visit their customer portal.
- Step 2: Send your vehicle to repair: Completed and signed claim form. If the vehicle is owned by a company, or firm, the seal of the company must be attached. A duplicate and an original copy of the registration document.
Original driving license required for verification. Copy of driving licence The insurance can’t be claimed if the driver of the vehicle is not listed on the DL.
Police Report (FIR) in cases of partial theft, third-party damage, death, disability or injury.
If the claim amount exceeds Rs. 1, KYC documents are required. 1 Lakh. Address proof and ID proof can be submitted.
- Step 3: Claim Settlement After the repairs are complete, the surveyor will re-inspect your vehicle. After receiving the original repair bill, private car insurance will issue CAC (Claim Acmount Confirmation).
- Step 4: Delivery of Vehicle: After paying any share of the claim, delivery can be made. At the time you take delivery of your repaired vehicle, you will need to sign the Satisfaction Letter. Within 7 days, the payment will be sent directly from the garage by the insurer.
Private Car Insurance Online Online: Documents Required
The policyholder must immediately notify the insurance company in writing with all pertinent documents.
- You should complete the claim form and submit it with all supporting documentation.
- A medical certificate that identifies the nature of injuries
- Report from the medical examiner
- The details of the treatment are provided
- Name of the hospital/nursing house/doctor
- An employer’s certificate stating that the policyholder was away for the specified duration
- Policyholder must present a fitness certificate
- In the case of accidental death, the claimant must submit the following documents:
- FIR or Police Report
- Post-mortem report
- If applicable, departmental inquiry
- Report from the hospital/nursing homes/doctor
Certificate of death
If you follow these guidelines and report the incident promptly, the Private Car Insurance claim process will be easy and painless. All claims are resolved by the insurer and the necessary payments made within the shortest time possible.
You should immediately notify the office where the policy was issued if your car is stolen.
Also, you should send a written notice to Private Insurer.
An investigator will be assigned by the insurer. Notifying the police is necessary in order to file an FIR.
Failure to notify the police or the insurer may delay the claim settlement process.
Private Car Insurance Premium Calculation
Private car insurance premiums depend on many factors, such as Add-ons, IDV, Age of car, Make and model of car, Year of registration, Manufacturing date. Previous NCB, RTO etc. The online calculator can instantly calculate private car insurance premiums. This calculator can be used to estimate the cost of car insurance before you decide on the budget.
These are the key factors that must be considered in order to obtain the online Private car insurance premium:
- Basic information such as name, e-mail, mobile number, etc.
- Car Make and Model determine the price of the vehicle.
The insured declared value represents the maximum amount of insurance company’s liability in the event of a claim. The premium will be higher if the IDV is higher.
The year of registration to determine the car’s age. Private general insurance covers four-wheelers online up to 20 years old. Before quoting, cars older than 20 years old will need to be inspected and approved by the underwriting team.
The premium for Private car insurance policies will also be determined by the previous year’s bonus. The premium that the customer would pay is determined by how high the NCB is.
The RTO determines the premium that will be paid through the online car insurance calculator. The state capitals fall under Zone A, while the rest of cities are under Zone B.