Table of Contents
What is Car Insurance?
Car insurance, also known as vehicle insurance or motor insurance, provides financial protection to you & your four wheeler against any loss or damages resulting from accidents, theft, fire, calamities and third-party person or property. It also provides personal accident cover to the car’s owner-driver.
Key Features of Car Insurance Policy
| Key Features | Benefits Offered |
| Third Party Damages | Covers both third-party injuries & property damages |
| Own Damage Cover | Available under standalone & comprehensive plan |
| Personal Accident Cover | Up to Rs 15 lakh |
| No Claim Bonus | Up to 50% |
| Add-On Covers | More than 10 add-ons depending on the plan |
| Car Insurance Premium | Starting @ ₹2072/year* |
| Buying/Renewal Process | Online & Offline |
| Cashless Repairs | Available |
*TP price for less than 1000 CC cars.
**All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C apply.
Types of Car Insurance Policy in India
Car insurance is a protection shield for your car against any damages caused by natural calamities such as floods, earthquakes, cyclones, accidents, and thefts. There are three types of car insurance policies:
How to Calculate Car Insurance Premium?
Car insurance price is decided based on several factors. It is also easy to find out the four wheeler insurance premium using an online car insurance calculator. However, the insurance provider takes into consideration the following parameters before fixing the car insurance price:
- IDV (Insured Declared Value) of the vehicle
- Age and Type of Car
- Engine’s Cubic Capacity
- Geographical zone
How To Compare Car Insurance Online at PolicyBazaar.Com?
Compare car insurance online from top four-wheeler insurance companies before renewing. It takes a few minutes to buy or renew car insurance online. You have to enter the vehicle details, contact information, and insured details and choose the covers as per your need. Buying a car insurance policy is mandatory in India for all cars as per the Motor Vehicle Act 1988. Car insurance companies compensate for the loss or damage caused to the insured car and a third party from the insured four wheeler.
You must be familiar with the following terms while filling the form:
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Car Make, Model and Variant
This information is critical to calculating the base premium. A luxurious, powerful and expensive car will attract more premiums. For e.g., an SUV car will always have a higher premium than a family car.
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Year of Manufacture
The manufacture year of your car lets the insurance company assess its Insured Declared Value (IDV) that facilitates the underwriter to decide the annual premium for your car.
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CNG Fitted Car
Being more vulnerable to combustion, a CNG fitted car is usually insured at a slightly higher premium than a plain petrol/diesel car.
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Additional Covers
You need to mention whether you do or do not want to get a cover on electrical and non-electrical accessories fitted in your car. Most insurers provide a cover for your car accessories at an additional premium of 4% on its value.
Best Car Insurance Policy in India 2022
The following table shows the complete list of the best car insurance policy in India with their personal accident cover and the number of network garages offered by the car insurers:
| Car Insurers | Network Garages | Incurred Claim Ratio % 2020-21 | |
| Bajaj Allianz Car Insurance | 1024 | 68.06% | |
| Bharti AXA Car Insurance | 3742 | 64.27% | |
| Chola MS Car Insurance | 4636 | 74.30% | |
| Digit Car Insurance | N/A | 74.91% | |
| Edelweiss Car Insurance | 1268 | 93.38% | |
| Future Generali Car Insurance | 3194 | 66.13% | |
| IFFCO Tokio Car Insurance | 6757 | 84.04% | |
| Kotak Mahindra Car Insurance | 2327 | 74.64% | |
| Liberty Car Insurance | 4365 | 59.91% | |
| National Car Insurance | 456 | 78.55% | |
| New India Assurance Car Insurance | 456 | 78.20% | |
| Oriental Car Insurance | 456 | 81.83% | |
| Raheja QBE Car Insurance | 1000 | 100.51% | |
| Reliance Car Insurance | 4779 | 76.89% | |
| Royal Sundaram Car Insurance | 3868 | 87.89% | |
| SBI Car Insurance | 2613 | 86.10% | |
| Shriram Car Insurance | 2071 | 79.43% | |
| Tata AIG Car Insurance | 1617 | 75.41% | |
| United India Car Insurance | 456 | 96.45% | |
| Universal Sompo Car Insurance | 1493 | 87.96% |
Standalone OD vs Third-Party vs Comprehensive Car Insurance Cover
| Coverage | Standalone OD Cover | Third-Party Cover | Comprehensive Cover |
| Third-Party Property Damage | No | Yes | Yes |
| Third-Party Bodily Injury | No | Yes | Yes |
| Own Damages of Car | Yes | No | Yes |
| Car Theft | Yes | No | Yes |
| Personal Accident Cover | Yes | Yes | Yes |
| Availability of Add-Ons | Yes | No | Yes |
Points to Consider While Selecting Car Insurance Policy
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What is covered
Checkout the inclusions and exclusions of both third-party insurance and comprehensive vehicle insurance policy. Only buy third party insurance if you can bear your own damage expenses.
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Compare Car Insurance Online
Compare car insurance online and select the one that meets most of your financial expectations. You can easily get multiple four wheeler insurance quotes online from the best car insurance companies in India.
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Incurred Claim Ratio
Higher ICR, indicate satisfied customers and more the chances of your claim being settled.
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Add-on Covers
It is always recommended to buy a comprehensive car policy with additional benefits like roadside assistance, zero depreciation, flat tyre assistance, etc.
How to Buy Car Insurance Online?
To Buy a car insurance policy online. Follow the steps given below:
- Visit the official website of Policybazaar Insurance Brokers Private Limited
- Pick a few suitable plans and compare them
- Once you select the plan of your choice check the inclusions, exclusions along with terms and conditions
- You can also add or remove any add-on as per your requirement. However, you can only purchase add-ons if you are purchasing a comprehensive plan
- Once you are done with it, you can proceed to make the payment online
- You can use your debit/credit card, UPI, and net banking to pay the premium amount.
- Once the payment is done, the insurer will send you the policy documents to your registered email ID as well as your home address.
Benefits of Buying Car Insurance Online
Buying car insurance online is a common practice today. With the buying of 4-wheeler insurance policy online, you can insure your car against any damage due to an accident, theft, fire etc within 2 minutes. If you are wondering why most people prefer to buy four wheeler insurance online, check out its benefits below:
Read More-
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No More Agents
Offline purchase of insurance policies involve agents who try to sell their own product rather than suggesting you a better policy from another insurance provider. Purchase of new car insurance policy online will eliminate such agents and you can buy the best policy after comparing various plans offered by different insurance companies.
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Zero Paperwork
Another benefit of buying four wheeler insurance policy online is zero paperwork. Contrary to the offline mode which requires you to fill multiple forms, the online mode allows you to fill up all the forms online. You can also upload the required documents online making the application process digital and free of any paperwork.
How to Renew Car Insurance Online?
It’s mandatory to renew car insurance to avail the benefits without a break. Therefore, you should ensure your car insurance before it expires. Follow the steps given below for online car insurance renewal.
- Go to the car insurance renewal section.
- Enter the details required on the page, such as your policy number, mobile number, date of birth, etc. and submit them
- Choose the 4 wheeler insurance plan that you want to purchase
- Select the riders or add-on covers that you want to buy or drop (if any)
Benefits of Renewing Car Insurance Policy Online
A new car insurance policy has a validity period and after its expiry, you need to renew it for keeping your car insured. You can renew car insurance policy either offline or online. Even though many of us still follow the traditional method of offline renewal of the policy but opting for online car policy renewal is better. Here are a few benefits of renewing your car insurance online.
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- Simple Customization of Policy: You can easily customize your car policy while renewing it online. You can enhance the coverage of your policy by adding add-ons to it. However, before topping your policy with an add-on, you must keep in mind that the premium majorly depends on the cover type that you are taking.
- Secure Renewal/ Purchase Process: Car insurance renewal online is an easy process because of the availability of all the required information over the web. This transparency enables you to make an informed decision. In addition to this, payment through secured gateways of payments ensures that your personal and critical information is not leaked anywhere. Therefore, it safeguards you from exposing to any fraudulent risks.
