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What Is Car Insurance?
Like any other type of insurance, Car Insurance is also a form of financial agreement between insurance provider and a car owner . It helps you in Safeguarding your finances by providing you with prompt financial protection in case your vehicle is stolen or if it suffers damages due to accidents or natural disasters . Car Insurance is often referred to as motor vehicle or four wheeler insurance. A car insurance is your ticket to safety and peace of mind.
Types of Car Insurance
This category of car insurance is a hot pick among the car owners. As the name suggests it offers a comprehensive coverage to a vehicle owner as it not only offers financial support to your vehicle but also to the third party vehicle. It provides you with 360 degree protection and covers almost every disaster be it man - made or natural. Anything ranging from fire, explosion, accident or theft shall be covered.
This type of insurance is not an option but a necessity, at least in India . In case of third party car insurance you shall be liable to provide for the damages you have caused to the vehicle and life of the third party. In this insurance you need to pay for the vehicle and for the injuries ( permanent or temporary) or death you might have caused to a third party.
In September 2019, the Insurance Regulatory and Development Authority of India (IRDAI) unveiled the Standalone Own-Damage car insurance policy. This innovative offering provides insurance coverage exclusively for the damages incurred by a policyholder's four-wheeler or car due to various incidents, such as road accidents, natural or human-made calamities, fires, explosions, theft, and other mishaps.
How to choose a Car Insurance policy online?
With a huge number of Car insurance companies in the market offering relatively similar service it might be a challenging task to choose the one best for you . While every insurance company is trying its best to trap you into taking their plans . We are going to share with you some steps that will help you in choosing the best insurance plan for you.
- Check the Various car insurance types: There are three types of car insurance available currently in India . So, before choosing any insurance it is important to understand which type of insurance suits the best for you. If you want to be safe from legal complications it's advisable to choose third party insurance . If you want to protect your vehicle only then go for owner damage car insurance . However if all round protection is your goal then go for comprehensive car insurance.
- Always Check Car Insurance premium: The premium that you might have to deposit depends on multiple factors, some of them are IDV, model , fuel type etc. The premiums may vary from one insurance company to another insurance company ,So it's recommended to choose only that premium plan which completely aligns with your budget and requirement.
- Check for IDV: Before finalizing your car insurance, don't forget to consider the IDV, which stands for Insured Declared Value. IDV represents your car's current market worth, which naturally decreases as your vehicle experiences wear and tear over time. It serves as the upper limit that your insurance company will pay out if your car is entirely damaged or stolen. Keep in mind that the car insurance premium is linked to the IDV, meaning a higher IDV results in a higher premium for your four-wheeler insurance.
- Compare the different Car Insurance Plans online: A comparison of the various available car insurance plans online shall help you in making a rational decision about the plan that suits best for you.
- Add-ons: Add-ons are like bonus points. They enhance your car insurance plan with extras like zero depreciation, no claim bonus, key loss, engine loss cover, and more. These additions provide additional protection, so it's preferred to choose that insurance provider who has a lot of add-ons.
- Cashless Garages: While you are in the process of choosing a car insurance provider, always Opt for the ones who have an extensive network of cashless garages. This ensures hassle-free, cashless repairs when needed.
- Claim Settlement Ratio (CSR): CSR should be a prime factor while choosing an insurance provider. Always choose the one who has a high CSR. CSR, represents how efficiently claims of insurance holders are settled by an insurance provider. Higher CSR indicates a smoother claim process. Prioritize insurers with a high CSR.
- Services: Besides CSR, assess the services offered by the car insurance company. Look for quick claim settlement, 24/7 customer support, and other valuable services. Select a company that provides hassle-free customer service for added convenience.
Benefits of buying four wheeler insurance
Four wheeler insurance has many benefits. It is definitely a ticket to your peace of mind and well-being . Cars are expensive and we often spend our life savings on our dream vehicle thus Safeguarding and securing them becomes completely important. Let's learn other benefits of buying car insurance apart from this:
- Helps you stay legally Complaint
If you are a vehicle owner you need to have at least third party car insurance. This insurance will secure you legally as according to Indian Motor Tariff act it is mandatory for every car owner in India to have a third party insurance. Failing to obey is considered a punishable offence and you shall be punished with a fine of 3, 000 and a prison term of 3 months. - Safeguards you against third party liabilities
As third party car insurance is mandatory in India . It benefits you as it provides comprehensive coverage against third party liabilities like injuries, disability ( Temporary or permanent) . Thus helping you to evade major financial trouble easily. - Protects your car
Your car is your most valued asset and insurance will help you to be at peace that even if anything happens to your dream vehicle you are in secure hands. As your own vehicle insurance plan guarantees to safeguard your vehicle in case of accident, fire, theft etc. - No claim Bonus benefits
A car has thousands of memories associated with it from the first drive to the first scratch . However, if you are perfect at your craft and luck favours you , and you are making no claim then an NCB discount is given if you make no claim in a given year . In this case you are given a maximum discount of 50%.
Four wheeler Insurance Renewal online - Instant e policy
Here we are going to share with you some simple steps through which you renew your car insurance online through the PURE BIMA portal. This process is going to be hassle free and easy.
- Step 1:
Visit the PURE BIMA website and click on the ‘Car’ tab. - Step 2:
Enter the Registration Number of your car. - Step 3:
Once you have added the number click on the ‘Proceed’ button. Then choose your car’s variant and vehicle fuel type to continue. - Step 4:
In this step you need to share the expiry date of your previous policy . Along with this share the credentials of your car insurer. Apart from this information you also need to specify whether or not you have raised a claim in the previous company . Once done proceed further and press continue - Step 5:
Fill your credentials which include your full name and working mobile number and the duration for which you want to insure your car and click on the ‘Submit and Get Quotes’. - Step 6:
In this step you shall encounter different premium quotes by different insurance providers. Choose wisely the one that suits you. - Step 7:
Click on the ‘Buy Now’ button, verify your details, and make the payment.
Once you are done with your payment a car policy will be issued and its document will be sent to your registered email ID.
Why Should You Renew an Expired Car Insurance Policy Now?
Renewing your Expired Car insurance policy is the best gift you can give to yourself. It can save you from a lot of troubles and untoward incidents. Here are some reasons why you should Renew your Expired car insurance policy now.
Legal Quandaries: Taking out your car with an expired car insurance policy can land you in hot water, racking up penalties and potentially even a stint behind bars as it is mandatory to have at least a third party car insurance in India so to avoid trouble it's better to renew your insurance policy now.
Coverage Void: An expired car insurance policy is like a safety net with holes – it offers no coverage. If your car faces any damage, you'll be left holding the bill. No claim can be made, leaving you to foot the entire expense.
No NCB Benefit: Letting your car insurance lapse past 90 days can mean saying goodbye to your No Claim Bonus (NCB). Even if it was a hefty 50%, losing NCB could hike your next year's premium significantly.
Inspection Intrusion: An expired policy might trigger a mandatory inspection by your insurance company. This can increase costs for two reasons: the inspection process itself and potential premium hikes if your car is deemed risky or not in top shape.
How to file a four wheeler Insurance claim?
You have two options while making a four wheeler insurance claim . You can either go for a cashless claim or a reimbursement claim. Cashless claim works best for Network garage and reimbursement claim works best for non network garage. You can follow these steps to file a car insurance claim:
- Register your Car insurance claim
In case of any mis-happening you need to notify your insurance providers asap. Once you are done with that you need to fill the car insurance claim form on their website. Enter your policy number, name etc. Always add additional details as to whether a third party was injured during the accident or not. Once you have filled the form, submit it. - Claim Intimation Number
Once you have successfully submitted your claim . You will now receive a claim Intimation number you need to keep it secure as it will be helpful in future. - Inspection
A person from the company will access the damages and check whether your claims or true or not and then he shall submit his report to the company - Take your Car to a garage
Depending upon the type of claim you have opted you can take your car to a reimbursement garage or a cashless garage . The former garage means that you can mend your vehicle in any garage while the latter implies you can mend your vehicle only in selected places that are within the network. - Claim settlement
In case of the cashless garage the company will settle the matters manually without the policy holder's intervention while in case of reimbursement garage policy holder has to bear expenses at first until they are settled by the company.
Documents required to File four Wheeler Insurance Claim after an Accident.
To file a car insurance claim successfully, you require a few documents which are as follow:
1. Car insurance policy
2. A copy Driving license
3. Duly signed claim form copy
4. Original repair invoice
5. RC copy of the car
6. Cash Receipt and proof of cars servicing
7. Fitness certificate for commercial cars
8. In case of theft, injury or damage to third-party, or accidents a FIR copy is mandatory
9. Any identification proof of the insurance holder like aadhaar or PAN Card.
How to Download your car insurance policy online?
To download a copy of your car insurance policy, follow these simple steps:
1. Visit the Insurance Company's Website: Head to the official website of your insurance provider.
2. Log In: Sign in to your account using your credentials. Typically, you'll need to enter your policy number, name, and a few other essential details.
3. Access Your Policy: Once logged in, you'll be directed to a page displaying your policy details. Look for a visible download option on the screen.
4. Download Your Policy: Click on the download option, and your car insurance policy documents will be saved to your device.
5. If you encounter any issues while trying to download your four-wheeler insurance copy, don't hesitate to reach out directly to your insurance company for assistance.
Frequently Asked Questions About four wheeler Insurance:
- Is four wheeler insurance mandatory in India?
Yes , it's mandatory in India. - Can I claim my stolen vehicle through insurance?
Depending on your insurance policy you can claim your stolen vehicle . - What is a Cashless claim?
In cashless claims you will be able to get your vehicle repaired only in network garages. - How many types of car insurance claims are there in India?
At present there are only three types. - What is the name of insurance mandatory in India?
Third party insurance.