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What is Car Insurance?
Car insurance, also called four wheeler insurance or 4 wheeler insurance, is a contract between an insurer and you, the policyholder. In India, there are three main types of car insurances, standalone own damage (SAOD), third-party, and comprehensive coverage. Under the Motor Vehicle Act 1988, every car owner must have at least a third-party car insurance policy. These car insurance policies protect you financially when your car is damaged, stolen, or needs repairs. It also ensures your financial and legal security if your car injures a third party, damages their vehicle or their property. Today, it’s easier than ever to buy car insurance online or complete a car insurance renewal online, giving you quick and convenient options to maintain proper coverage for your vehicle and ensure both physical and financial safety of yourself and your family.
Key Features of a Car Insurance Policy
- Financial Protection Against Damages: Covers repair and replacement costs when your car is damaged due to accidents, theft, fire, vandalism, or natural calamities, reducing your out-of-pocket expenses.
- Third-Party Liability Coverage: Legally required to drive in India, it protects you from financial and legal obligations if your car injures someone, damages their vehicle or their property.
- Personal Accident Cover: Provides financial support if the owner-driver faces injury, disability, or death due to an accident, helping cover medical bills and loss of income.
- No Claim Bonus (NCB): Helps reduce your cost of renewal for having no claims made during the policy term, helping you save money over time.
- Cashless Repairs at Partner Garages: Allows you to get your car repaired at network garages without paying upfront, with the insurer settling costs directly with the repair centre.
Types of Car Insurance
It is important to choose the right car insurance policy for yourself and before you do that, here’s all that you need to learn about the different types of car insurance policies.
Comprehensive Car Insurance
Comprehensive car insurance is an insurance that covers you for both standalone own damage and third party car insurance. Its benefits cover you financially and legally from damage to third party property, third party injury or death.
Third-party Car Insurance
A third-party car insurance is an insurance that is mandatory as per the Motor Vehicle Act of 1988. With this insurance plan you are safeguarding yourself with any legal or financial liabilities arising due to an injury caused to a third-party, or any damage to their property or vehicle by your car. A third-party car insurance also covers the cost incurred in covering for the loss of life of a third-party.
Standalone Own Car Insurance
A standalone own damage car insurance gives you legal and financial protection to your car from any damage caused due to accident or natural and manmade calamities. This car insurance also protects your car from theft, fire, vandalism or if there is any loss of property (kept in your car) during a theft, accident or calamity.
Third-Party Vs Comprehensive Car Insurance Vs Standalone Own Damage Car Insurance
The difference between a comprehensive and a third-party policy can be drawn from the below-mentioned table.
|
Covers |
Third-party (mandatory ) |
Standalone Own Damage Car Insurance |
Comprehensive Car Insurance(Recommended) |
|
Damage to a third-party vehicle in an accident |
Yes |
No |
Yes |
|
Own damage cover (damage caused to your car in an accident) |
No |
Yes |
Yes |
|
Personal cover (damage caused to you in an accident) |
Optional Add-on |
Optional Add-on |
Optional Add-on |
|
Cover against natural disasters (fire, flood, earthquake, etc.) |
No |
Yes |
Yes |
|
Cover against acts of terrorism, vandalism, riots, etc. |
No |
Yes |
Yes |
|
Transit cover (damage caused while your vehicle was in a truck, train, or ship) |
No |
Yes |
Yes |
Car Insurance Add-ons
Add-ons are optional extra benefits which can be added to your policy to extend the coverage. Add-ons come with a price so every added add-on increases your premium. By adding add-ons to your car insurance policy you can extend the overall protection of your car.
Pay As You Drive
Pay As You Drive is a new development in the space of car insurance. This car insurance add on helps you save more on your car insurance premiums since you only pay for the number of kilometres you choose to drive. This is a discounting-based add on cover that is easily customisable as per your need. When you drive less, you pay less which reduces your overall premium price.
Zero Depreciation
This is one of the most purchased and useful add-on. With this add-on, the depreciation factor is out of the policy and the parts are considered to hold their original value irrespective of the age of the car. The zero depreciation cover is available till the age of the car is 7 years, or 10 years in some cases where the car has been well maintained.
NCB Cover
The NCB Protection add-on safeguards your accumulated NCB in case the policyholder is involved in an accident. For example, if you have an NCB of 20% and you renew your policy with an NCB protector. Your NCB will stay 20% for the next renewal even if you claim during the policy period. If you don’t make a claim, your NCB will increase according to the guidelines.
Engine Protection Cover
This add-on covers the repair or replacement of your engine when required. The benefits of this add-on do not restrict to cases of accidental damage but engine damage due to car break down is also included. It proves to be beneficial for people who reside in places which witness water logging issues or are on flood alert during monsoon which causes risk of damage to the cars engine.
RTI Car Insurance Cover
Return to Invoice or Invoice covers both ex-showroom + RTO tax of your vehicle in case of theft/loss of your car hence keeping the original invoice of the car intact and providing you with increased coverage. Note that this add-on is only available for the first 3 years from the date of purchase of your vehicle.
Roadside Assistance Cover
Roadside Assistance is another very popular add-on. It provides towing assistance in case your car is no longer in condition to be driven. It proves to be useful as it helps to transport your car to nearest garage in cases when your car breaks down or gets severely damaged in an accident. Apart from towing assistance, roadside assistance also helps in emergencies like flat tyer, empty fuel tank, battery issues, etc.
Consumable Cover
This add on covers the charges of consumables like nut and bolt, screw, distilled water, oil filter, engine oil, brake oil, fuel filter, grease, washer, etc.
Tyre Protection Cover
Tyre cover add-on covers accidental loss, damage, or cuts on tires. It covers the cost of labour required to repair as well.
Loss of Personal Belongings
If any personal belonging like clothes, laptops, or gym equipment is lost in an accident or theft, this add-on covers their cost. To avail the benefits of this add-on you need to file an FIR and submit a copy of the same.
Key And Lock Replacement
This add-on covers the cost of repairing or replacing the keys and lockset of your car. Lost keys, damaged keys, and damaged locksets are covered with this add-on.
Battery Cover
This add-on is important for hybrid and electric vehicles as it covers the cost to repair or replace electric parts such as the vehicle’s battery, its drive motor/electric motor, and its Hybrid Electric Vehicle (HEV) system. These repairs are very costly and hence getting this cover is highly recommended.
Electrical Accessory Cover
This add-on protects you against damages that may arise to the following common car electrical accessories present in a four-wheeler – Fog lights, Air conditioner, Music player/system, Monitor, Entertainment System, and Brake lights.
Documents Required for Purchasing a Car Insurance Policy in India
The following documents are mandatory to purchase a car insurance policy:
- Govt. authorised Identification Document (Passport/PAN Card/Aadhar Card)
- Driving License
- Registration Certificate of Vehicle
- Passport size photograph
Add Your Heading Text HerBenefits of Buying or Renewing Car Insurance Online
- Convenience and Time-Saving: Avoid those lengthy calls with insurance agents and save your time by handling everything on-the-go at your own pace.
- 24/7 Availability: Renew policies at your convenience anytime, nights, weekends, or holidays without having to wait for business hours.
- Easy Comparison: Compare multiple insurers and plans side-by-side, review customer feedback, and choose the policy that suits you best.
- Instant Documentation: Receive digital policy documents immediately, eliminating delays in mailing and leaving you unprotected.
- Cost Savings: Online channels often offer lower premiums and exclusive discounts that you don’t get when buying through insurance agents.
- Secure Payments: Complete transactions easily through a payment method of your choosing.
- Renewal Reminders: Get automated alerts for renewals, preventing policy lapses that leave you uninsured.
What is Covered Under Car Insurance Policies?
Below are the inclusions under car insurance:
- Natural disaster coverage which includes coverage from floods, storms, cyclone, earthquakes, etc
- Personal accident cover – amount dependent on the insurer
- Access of cashless repairs in network garages
- Choose from different add-ons
- Coverage for accidents, theft, and terrorism
- Coverage for third-party legal liabilities
- No claim bonus benefit
Eligibility Criteria for Purchasing a Car Insurance Policy
In order to purchase a car insurance plan, here’s the list of must haves:
- Your vehicle should be registered under the Regional Transport Office (RTO)
- You must have your car registration papers
- You must own a valid driving licence
- Other documents may be required depending on the requirements by the insurer such as KYC, previous year policy document / invoice copy in case of a new car, RC etc.