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Car insurance is a type of insurance policy that efficiently takes care of expenses arising from unfortunate events, such as an accident, theft, and any third-party liability. Car insurance is the best way you can protect yourself and your car from financial emergencies, including any legal liability, resulting from physical damage, traffic collision, bodily injury caused to you, your car, or a third party. Various car-insurance-specific terms & conditions are subject to vary with legal regulations in different regions of the country.
As per law, it is mandatory for vehicle owners to buy car insurance for their vehicles plying on Indian roads. With car insurance comparison on PolicyBazaar, you can save money, avail discounts, and find the best plan. Compare various insurance plans online and buy the one that fulfills your insurance expectations hassle-free.
Heath Insurance or motor insurance covers for losses that you might incur if your car gets damaged or stolen. The premium amount of your car insurance is decided on the basis of Insured Declared Value or IDV of the vehicle. If you increase the IDV, the premium rises and if you lower it, the premium reduces. It is important for any policyholder to compare various car insurance options before going for a car insurance renewal or buying a new policy.
There are primarily 2 types of Car Insurance that are available in India -
Third Party car insurance provides cover against any legal liability to a third party caused when you are the at-fault driver. It covers damage/injury caused by you to another person/property. A Third Party Liability cover is legally mandatory in India under the Motor Vehicles Act.
A comprehensive car insurance policy provides coverage for third party liability as well as damages caused to your own car. In comparison with third party liability car insurance, a comprehensive car insurance policy offers extensive coverage, more benefits and covers the damages caused to the insured car in case of an accident, collision, theft, etc. A comprehensive policy can be further extended by opting for add-ons like accessories cover, engine protector, zero depreciation cover, medical expenses, etc. This type of coverage is the most popular as it offers end-to-end coverage and thus less stress for the policyholder.
Looking for car insurance comparison? PolicyBazaar provides you an innovative interface to compare car insurance policies by best car insurers in India. Check out details on each insurer and select the one that suits your needs.
| S.no | Insurer | Third Party Cover | Cashless Network Garages | Add On Covers | Special Features | Exceptions |
|---|---|---|---|---|---|---|
| 1 | Table cell | Upto 7.5L for third party property damage | 4000 and more | Default: Roadside Assistance plan (RSA)* Key & Lock replacementOptional: Zero Depreciation (ZD) Engine Protector PA for Passenger Electrical and Non Electrical Accessories |
RSA and Lock & Key included in all policies by default Instant Policy Issuance Receive Instant Claims Assistance and SMS updates on your motor claim status through 24x7 call-centers. |
RSA cover available for vehicles upto 15 years old Lock & Key cover available for vehicles upto 10 years old ZD and Engine Protector available till 5 years old |
| 2 | Table cell | Upto 7.5L for third party property damage | 2300 and more | Zero Depreciation (ZD) Roadside Assistance plan (RSA) Consumables NCB Protector Hydrostatic Lock Cover Invoice Cover PA for Passenger |
Receive Instant Claims Assistance updates on your motor claim status through 24x7 call-centers. | ZD and RSA plans available for vehicles upto 5 years old Consumables, NCB Protector and Invoice Cover for upto 2 years old vehicles |
| 3 | Table cell | Upto 7.5L for third party property damage | 6800+ | Zero Depreciation (ZD) Roadside Assistance plan (RSA) Engine Protector PA for Passenger Electrical and Non Electrical Accessories |
Unlimited claims for ZD plan in a year! Occupation and Age discounts available Comprehensive support through our dedicated customer support team |
ZD plan available for vehicles upto 5 years old; require previous insurance also to have ZD Engine Protector is available for vehicles upto 2 years old |
IDV (insured declared value) is the maximum amount to be paid by an insurer at the time of a claim if the vehicle is a total loss or stolen. It is the sum insured and is fixed at the commencement of the policy period for each insured vehicle. To know more about IDV
Voluntary deductible is the minimum amount that you agree to pay at the time of claim. For instance, if your total claim amount is Rs 10,000 and you agree to pay Rs 5000 of your claim in addition to compulsory deductible, then it is called voluntary deductible.
Although law mandates insurance policy for 3rd party only but it is strongly advised to buy a comprehensive insurance policy that protects your vehicle from man-made or natural calamities. With comprehensive cover, you can claim from your insurer for accidents or damages caused to your vehicle. In the absence of comprehensive cover, you need to foot the entire bill on your own. Thus, with comprehensive insurance policy on your side, you get complete peace of mind that whatever happens to your vehicle on the road, your insurance company will share your financial losses.
Car insurance companies give 50% discount on the own damage premium for handicapped people, provided the vehicle has been modified for their use.
Car insurance companies offer a discount on the premium for installing anti-theft devices approved by Automobile Research Association of India/ARAI. It enhances the security and reduces the chances of making the claim and for this reason, discount is provided on the premium.
Car insurance companies give 50% discount on the own damage premium for handicapped people, provided the vehicle has been modified for their use.
Total loss means accidental damage to a vehicle where insurance company’s share is more than 75% of the IDV.
If you have LPG or CNG fitted in your, you have to get it endorsed in your Registration book or RC. Then, inform your insurer about the change to get it endorsed in your car insurance policy. As the cost of premium will differ basis on the fuel type of your car.
Break in renewal policy is one of the simplest options available in the market to renew your lapsed policy. It means you can renew your expired policy without any inspection and documentation. It is not only hassle free but also a great money saver technique.
A compulsory excess is an amount that your four wheeler insurance company has decided that you will pay at the time of claim settlement. The amount varies on the basis of cubic capacity of the vehicle. For sub 1500 cc vehicles, it is Rs 1000, for vehicles above 1500CC it is Rs 2000.
