Teaching Online Contents
- 1 What Is Car Insurance?
- 2 How Car Insurance Works
- 3 What Is Not Covered In A Car Insurance?
- 4 Importance of Buying Online Car Insurance
- 5 Types of Online Car Insurance Policies
- 6 Tips To Buy Online Car Insurance Policy
- 7 Get Discounts On Your Online Car Insurance Policy
- 8 Save Money, Buy Smart!
- 9 Factors That Affect Your Car Insurance Premium
- 10 How Easypolicy Helps To Reach The Best Car Insurance!
- 11 Car Insurance Online Renewal Process
What Is Car Insurance?
A car insurance is the policy which covers your car against financial losses that you may face in case of accident or theft of car. You pay a certain amount as a premium to the insurance company to buy this cover, and they agree to pay for accidental damages and theft losses. As per IRDA (Insurance Regulatory and Development Authority), it is mandatory for any vehicle running on Indian roads to be covered under an active car insurance policy
How Car Insurance Works
Car insurance is given to you based on various factors like the brand and model of your car, what kind of driver are you, and your past car insurance history. You may opt only for a third party cover or a comprehensive car policy based on your need.
The comprehensive policy is a package of different types of features (add-ons) like liability cover, accident cover, invoice cover, consumable cover, engine cover etc. All these are discussed in a separate section on our website.
Please note, while buying a car insurance, you are required to choose a deductible, which is the amount you are willing to pay, against the losses incurred. This amount determines the annual premium you will pay for your car insurance. Higher the deductible, lower the premiums.
The insurance company pays a part of the losses, while the deductible amount chosen by you will be paid by you. For example, if the total expenses you have to bear to get your car repaired after an accident are INR 20,000/-. Your chosen deductible is INR 5,000/-, then the insurance company will pay INR 15,000/- and you will pay INR 5,000/- from your pocket.
While buying a car policy, choosing a deductible is an important step as you pay the deductible for each and every situation in which you require your insurance company to cover damages.
What Is Not Covered In A Car Insurance?
Here are a few conditions which are not covered by a car insurance policy:
- Occurrence of loss or damage when the policy has expired or not active.
- Normal wear and tear of the car and its parts.
- Usual depreciation on the car.
- When the person driving does not possess a valid driving license.
- Electrical or mechanical breakdown.
- If the person is found to be driving under the influence of liquor/alcohol/drugs.
- Loss or damage as a result of war /mutiny /nuclear risks.
- Damage to engine due to oil leakage.
- If the car faces a mishap while being driven outside India.
- If the car is used for any other purpose other than its intended use.
For any queries, please do write to us, or get in touch with us through our 9:00 am to 7:00 pm chat assistance.
Importance of Buying Online Car Insurance
If you are driving a car on the roads, you definitely need a car insurance! It is very important to remain insured, safe and secure under an adequate car insurance policy. This helps you to save on money and a lot of mental stress.
Here is why it is very important to have a car insurance:
To Cover Accidental Damages
You can encounter an accident anytime, no matter how careful a driver you are. The damages that you incur during accidents bring down a whole lot of expenses. A comprehensive car insurance policy helps to cover all the expenses for all damages to your car, or to another car in collision.
To Remain Covered For Medical Bills
In case of an accident, cost is to be incurred for injuries, loss of life or limb. A third party car insurance helps to bear the expenses for damages to the other driver’s vehicle as well as provide money for any loss of life or limb along with hospitalization and legal expenses.
You can drive with utmost safety and never meet an accident. But, if the car is damaged due to a flood, fire or earthquake, there is little you can do about it. It is better to have a comprehensive car insurance policy to have such damages reimbursed.
Theft and Vandalism
With increasing crime rates you need to be safe and secure. Comprehensive car insurance provides you cover for instances involving theft and physical damages due to vandalism. If your car is insured, you get the value and are saved from great losses.
To Fulfill Legal Requirements
As per the Indian Motors Vehicle Act, third party insurance is mandatory on all the vehicles. Not adhering to this law can result in fines and penalties.
Here is a clear comparison table to help you understand your insurance needs:
|THIRD PARTY COVERAGE||COLLISION COVER||COMPREHENSIVE POLICY|
|Damage To Third Party’s Vehicle||Yes||No||Yes|
|Damage to Own Car||No||Yes||Yes|
|Coverage Other Than Collisions||No||No||Yes|
|Personal Accident Cover||No||Yes||Yes|
|Coverage of Loss of Belongings in The Car||No||No||Yes|
|Medical Expenses For Self||No||No||Yes|
|Medical Expenses For Third Party||Yes||No||Yes|
|Loss Due To Natural Calamities||No||No||Yes|
It is very important to get your car insured at the earliest. If you already have coverage, get it renewed on time. Whether you go for a cheap car insurance policy like the third party insurance or a bit expensive one like comprehensive car policy, what matters is that your car is insured against all kinds of unforeseen risks.
Types of Online Car Insurance Policies
Car Insurance in India comes in three major forms. Here is a quick list of all types of car insurance available with insurance providers:
Third Party or Liability Cover
In case you are liable for an accident and damages to someone else’s vehicle, this type of insurance comes in force. It is mandatory by law to have a third party insurance cover, before you start driving on roads. Liability insurance will cover the cost of repairs for any third party property damaged by an accident as well as the medical bills for the other person from resulting injuries. This cover is mandatory for all cars.
In case you meet with an accident and your car is damaged severely, this cover helps to bear the repair expenses. Also, if the damages are such that the repair expenses are exceeding the total value of the car, the collision cover pays the value of the car. This cover is important for expensive high-end cars.
This type of car insurance covers all types of damages under all unfortunate situations you may face with your car. It covers accidental damages, medical expenses to self and others and also, damages due to weather, natural calamities, car theft, and vandalism, which are not covered in other two insurances, are covered in comprehensive cover. It is not compulsory by law to have comprehensive coverage, but if it suits your budget, it is one of the most important insurance policies to have in your kitty if you are a regular driver. It can further be enhances by adding on the riders like NCB (No Claim Bonus), accessories cover, invoice cover etc. With the all-inclusive features that this cover comes with, it is expensive than the rest two.
Tips To Buy Online Car Insurance Policy
Easypolicy, your best insurance advisor, is here to share some important tips to buy car insurance. Please make sure to consider these points while making your search.
How To Reduce Premium?
If you choose a higher deductible (amount to be paid from your own pocket in case of accidental repairs), the premium goes down.
If your car has in-built security features, approved by Automotive Research Association of India (ARAI), you enjoy further discounts on premium.
Not filing for claims consecutively for 3-4 years can lead to a no claim bonus of as much as 40-50% lesser premium in the fifth year!
Precautions – Do not make these mistakes while buying car insurance
Declaring reduced value of the car in the insurance form may reduce the premium initially, but in case of an accident or theft, this proves real costly, as the insurance provider will settle the claims as per IDV (insured declared value), only. Hence, always try to provide the right value of the car to gain maximum claim benefits.
Never forget to renew your policy in time. You get a grace period of a week from policy expiry date. Post that, you lose discounts and other lowered premium benefits!
Get Discounts On Your Online Car Insurance Policy
Save Money, Buy Smart!
Here is a range of smart discounts on your car insurance policy for you to save money and buy smart!
While you can’t do much about the rise in fuel prices or vehicle buying costs, you surely can make a few smart decisions to ensure that you pay a discounted price on your car insurance!
If you are aged between 35 to 45 years, you are eligible to enjoy a discount of 5% on the OD premium. This discount further increases to 10%, if you belong to the age bracket of 46 to 60 years.
When you install an ARAI approved anti-theft device in your car, your insurer gives you a reward by providing you with a 2.5% discount on the Own Damage (OD) premium.
No Claim Bonus
For every claim free year, you are entitled to receive a discount, which may start at 20% and increase steadily to a whopping 50% of the renewal premium amount. Whatâ€™s more, this NCB is transferable, every time you buy a new car or switch to a new insurer.
Are you a practicing chartered accountant, doctor, defense personnel, a teacher in a Government recognized institution, or an employee of the State/Central Government? If yes, then you are up for an additional discount on the OD premium!
If you do not file for any insurance claim throughout the year of your car insurance policy, you get to enjoy no claim bonus. This comes in form of discounts on premiums for your next policies. For example, you get 20% discount on the premium you pay for your next policy after a claim free year. This can go up to 50% if you do not claim an insurance for 5 continuous years. In case, you are required to file even a single claim in an unforeseen event, your NCB will become zero. But, with NCB cover in your policy, you can keep your bonus intact and still claim insurance.
Voluntary Excess Discount
Voluntary Excess or a deductible is the minimum amount you declare to pay in the event of a claim. The higher the voluntary excess, the lower will be your premium! Now, when you are looking for a car insurance quote at easypolicy.com, donâ€™t miss out to mention these details! A little forethought can go a long way to get you extra discounts!
Factors That Affect Your Car Insurance Premium
Here are some important factors that affect your car insurance premium:
Age and Gender
If you are in the age group of 18-25 years, you will have to pay a higher premium as this is an accident prone age group, as per the insurance statistics.
Anti-theft Safety Discount
If your car is fitted with an ARAI (Automotive Research Association of India) approved anti-theft device, you enjoy an additional discount of 2.5%.
Fuel Type You Use for Your Car
If you drive petrol car, you pay lower premium, if you drive a CNG, your insurance comes at higher premium, because the chances of unforeseen damage are higher.
Car Model and Variant
If you own a high priced or high end car model, such as Bentley, Audi or BMW, you will pay a much higher premium. Simply because the theft rates for such vehicles are higher, the value of the vehicle is much higher and the damage cost is also quite costly.
No Claim Bonus (NCB)
If you did not make any claims throughout your insured year, you automatically get entitled to NCB which varies from 10% to 50% discount on premium, depending upon number of claim-less years. You can even transfer your NCB to another policy.
Township For Which The Insurance is Required
If you live in a posh colony or an active township, you pay higher premium. In urban areas where chances of accidents are higher than scarcely populated areas, the vehicle insurance is provided at a fairly high premium.
Car Make/Year of Manufacture/IDV
Older car, lesser premium, new car higher premium you pay. It is very simple. The year of manufacture directly effects the IDV (Insured Declared Value) of your car. The older is the car, lesser is IDV which is calculated as per the current market value of the car. The lesser is the IDV, lesser goes the premium.
Additional Discounts Based On Profession
If you belong to the category of defense personnel, doctors, government employees, or police force, you are entitled to get an additional discount on the premium, by default, as per all the insurance companies regulations.
At Easypolicy, you can key in all the factors and reach the best premium value as per your needs, in just a few clicks!
How Easypolicy Helps To Reach The Best Car Insurance!
A car insurance is must if you are driving on Indian roads. Easypolicy is a comprehensive platform where you can gather all information and buy the best car policy without any hassle. Simply because with us, buying a car policy is:
1. Easy 2. Affordable 3. Trustworthy
- Customized quotes matching with your exact requirements, resulting in huge savings on your car policy.
- Compare car insurance online, to filter your requirements through our rapid, accurate and reliable algorithms.
- Best and affordable quotes after comparing the premiums with various insurance providers across the plethora.
- The best car insurance policy, which will come across so perfect, that you will never have to worry.
At Easypolicy.com you are also benefitted with expert advice and hands on assistance based on your key needs.
We provide you:
- Informed, unbiased, and clear results to help you choose the car policy best suited to your vehicle.
- The help to go through the car policy purchase process, so that you sail smoothly and land at the best insurance plan.
- Instant policy in your mailbox, without going through long overtaxing process of filing forms.
- Quick, easy and reliable online payment methods to save time and effort.
All this is absolutely FREE of Charge and involves no paper-work at all!
From changes in your existing policy to the tricky questions you are too scared to ask, we have a quick, easy and friendly solution to all.
Here’s a quick run through of the insurance bounties being offered at Easypolicy, for quick and easy car policy purchase.
- 1) Simple Hassle-free Process
- 2) Quick And Easy Purchase & Renewals
- 3) Claims Assistance At All Times
- 4) Short and Simple Forms To Be Filled
- 5) Nationwide Documents Pick Up Facility
- 6) Live Policy Tracking Resource
- 7) Advanced Feature Filters for Customized Needs
We are more than glad to tend to any queries you may have. Call us or write to us!
Car Insurance Online Renewal Process
Car Insurance Renewal is one of the most important, thoughtful and responsible steps to take, in order to keep your car safe and your expenses in check. In case your car insurance policy has expired or about to expire, it is very easy to get it renewed at your insurer’s website or at easypolicy.com. Always remember that switching to another insurer or renewing your policy with the same insurer, both will be hassle-free and easy processes if you do it before your policy expires or within the grace period.
What is Grace Period?
Some insurance providers offer grace period which allows you a time of 3 to 30 days after the your policy expired, to get it renewed without a lot of additional cost.Â Do not overuse it or take undue advantage of it. Use it only when you absolutely need it. Some insurers may levy a late fee for using the grace period. The point to remember is that not all companies offer a grace period. You must make sure at the time of buying the policy, whether you are entitled to grace period or not. If you have missed the renewal before expiry or within the grace period, you can still get it renewed, but with a little more effort and a little more money.