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Along with the Indian economy, even the disposable income of Indians has increased substantially in the last decade. Combine this with the availability of highly affordable car models and the result is that the sale of cars in India is currently at an all-time high. However, once you have a car, there are various things like a driving license and insurance, which you need to ensure the safety of you and other people on the road. Apart from researching about the car you should buy, it is also crucial to search for the best car insurance plans to make sure that you are financially protected in case of an accident.

Why get Car Insurance?

Several reasons make car insurance a must for every driver. For instance, insurance covering third party risk is mandatory for every driver in India, and if you are caught without the insurance, you will be required to pay the penalty and can also lose your driving privileges. Apart from this mandatory insurance, it is also important to purchase additional car insurance policies to ensure that you are financially protected during a car accident.

Types of Car Insurance

There are essentially two different types of car insurance policies in India- Third Party Liability Insurance (Mandatory) and Comprehensive Car Insurance (Optional).

  • Third Party Liability Insurance- This car insurance protects you from paying for the third party damages and bodily injuries if you are responsible for the accident. As per the Auto Vehicles Act of 1983, every Indian driver is required to have this policy. With the availability of online car insurance quotes and comparison, it is now much easier to buy a third party liability insurance.

  • Comprehensive Car Insurance- This type of policy provides the coverage offered by the above mentioned third party liability insurance along with the coverage for damage to your vehicle, bodily injuries, and theft. The coverage of this type of policy can be further extended for additional benefits. Drivers are highly recommended to buy a comprehensive car insurance policy as it provides coverage for third person’s damage and injuries, along with yours.

Features of Car Insurance

Insurance providers offer a variety of features with their car insurance policies. Some of the most common features include-

  • Access to hundreds of network garages for cashless services throughout the country

  • 24 x 7 road-side assistance, like towing, fuel, mechanic’s service, and even accommodation if you are stranded due to problems in your car

  • Optional coverage to cover the bodily injuries of co-passengers

  • Zero depreciation coverage

  • Instant issuance of digitally signed policy documents when you purchase the policy online

  • NCB (No Claim Bonus) while renewing the policy if you do not make any claim during the policy period

  • Transfer NCB bonus if opting for car insurance policy from a different provider

  • Discounts if you buy anti-theft devices that are approved by ARAI

  • Multiple add-ons cover to provide additional benefits

Benefits of Car Insurance

Just like the features, the advantages of car insurance also depend on the policy you choose. Some of the most common benefits include-

  • Financial protection in case of a car accident

  • Protection from instances like theft

  • Add-on coverage which pays for the total cost of buying the same car model again if the current car is completely damaged

  • Cashless car repair in network garages spread across the country

  • Towing service to pick up your car if it breaks down

  • Third party property damage by cover if you pay additional premium

What is covered under Car Insurance?

Comprehensive Insurance:

  • Natural calamities like earthquake, floods, hurricane, etc.

  • Man-made calamities like burglary, riots, strikes, etc.

  • Personal accident cover: It provides accident cover to the owner or driver and the passengers while travelling in the vehicle.

Third Party Insurance only covers the damage done by your vehicle to other vehicle or property such as:

  • Any long-lasting or permanent injury/death of a person.

  • Any damage caused to any other insured property caused while anyone is driving the insured vehicle.

What is not covered under Car Insurance?

Here are a few clauses which are not covered under the insurance claim:

  • Wear and tear or aging of the vehicle.

  • Depreciation or any consequential loss.

  • Mechanical/electrical breakdown.

  • Wear and tear of consumables like tires and tubes.

  • Insured vehicle being used for purposes other than mentioned in the limitations of usage in the agreement.

  • Vehicle being used outside the geographical boundaries of India.

  • A person driving any vehicle without a valid licence.

  • A person driving the vehicle under the influence of any kind of drugs or liquor.

  • Loss/damage encountered due to war, mutiny or nuclear risk.

How to choose the right Car Insurance?

If you are confused with all the different insurance providers offering car insurance policies with all the different policies, online car insurance comparison can make things easier for you. Apart from this, you can also use the below-mentioned tips to make the selection easier-

  • Choose a reputable car insurance provider to ensure that you get the best of insurance policies and additional features. You can check customer reviews online to know more about the products and services offered by insurance providers.

  • Make sure that the insurance provider is known to provide quick claim settlements.

  • Choose the deductible carefully. While higher deductible helps in reducing the premium amount, you will be required to pay more from your pocket in case of a car accident.

  • Review the coverage regularly to ensure that you always have adequate coverage. The risks and costs increase with time, and the coverage should be increased if required. p>

  • Take advantage of the available add-ons. Reputable insurance providers offer a variety of add-on coverage for low additional premiums, and these add-ons can provide you with a range of benefits.

  • Ensure that you read all the terms and conditions of the policy carefully before buying the policy to avoid any problems in future.

Eligibility Criteria

Anyone who has a car registered in India can buy a car insurance. The IDV (Insured Declared Value) which is the total coverage for the car is determined by the value of the car. Factors like make and model of your car, age, occupation, and claim history if you are renewing the policy are taken into consideration for calculating the premium for the car insurance policy.

Documents Required

To buy car insurance, you will need-

  • Copy of the driving license of person purchasing the insurance

  • Copy of registration certificate of the car

  • Declaration page of the insurance policy if you already have a car insurance

  • Duly-filled insurance form

Why CompareRaja?

If you are looking to buy car insurance online, CompareRaja can be an excellent choice. The platform provides you with the best of car insurance policies from more than 20 insurance providers and allows you to get car insurance quotes and compare car insurance online to enable you to choose the coverage that suits you best. With instant approvals and hassle-free processing, CompareRaja ensures that your vehicle insurance-buying process is quick and easy.