Importance of Car insurance policy in India

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Importance of Car insurance policy in India

A Smart Way to Financially Cover Your Car

 

Car insurance is the smartest way to financially secure yourself and your car. Let’s say, you own a 1-year-old standard hatchback with Insured Declared Value (IDV) of Rs. 4,00,000, but sadly, don’t have car insurance. Following are the approximate expenses that you might incur if your car was to meet with an accident of “medium impact”

DAMAGES EXPENSES
Frontal Damages Rs. 25,000
Windshield Damages Rs. 6,000
Bumper Damages Rs. 5,000
Bonnet Rs. 6,000
Fender Rs. 5,000
Headlight Rs. 3,000
Total Rs. 50,000

Car insurance policy would have costed you a certain premium:

  • Without zero dep: Rs. 6,000
  • With zero dep: Rs. 8,000

Now, a car insurance can’t help you pay for medical bills in case you were injured in an accident. However, paying a miniscule amount like Rs. 8,000 every year can still help you cover those Rs. 50,000 [or more] worth of accident-related damages to your car.

No Car Insurance = Financial Expenses + Emotional Torture + Stress + Inconvenience

Third party property damage covered up to 7.5 Lakh and in case of physical injuries/death of third party, it will be taken into court tribunal.

For a premium of Rs. 100, Personal Accident Cover for the owner driver gets compensation up to a maximum Sum Insured of Rs. 2 Lakh in case of:

NATURE OF INJURY SCALE OF COMPENSATION
Death 100%
Loss of two limbs or sight of two eyes or one limb and sight of one eye. 100%
Loss of one limb or sight of one eye 50%
Permanent total disablement from injuries other than named above. 100%

Why is car insurance ​needed?

 

Your car needs more than just fuel and maintenance. A car insurance policy is a crucial factor which ensures the flawless upkeep of your precious vehicle. Reliance General car insurance plans are carefully designed to offer enhanced protection at affordable rates. Our key benefits include: –

  • Vast Cashless Network of more than 3800 garages
  • Instant Renewal without paperwork
  • 24×7 Roadside Assistance*
  • Comprehensive Vehicle Insurance Cover
  • ​A Range of Add-on covers for enhanced protection​​​

Buy or Renew Car Insurance Policy Online

 

HDFC ERGO offers comprehensive motor insurance policy for all round protection and security against all the possible damages against both external and internal factors. Additionally, Car insurance policy covers third party damage liabilities and personal accident too. Just a little precaution for your car is what it takes to ensure smooth driving and complete protection against unforeseen incidents. Buying a car insurance policy is not only essential for staying safe against lawsuits but also for ensuring safety every time you hit the road.

Did you know? HDFC ERGO offers unlimited claims with car insurance policies. Yes, that’s right there’s no limit on the number of claims you make during the policy period. Buy HDFC ERGO Car Insurance plans and leave behind all the claim worries totally.

 

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We, at HDFC ERGO understand the pain and sorrow you go through, when you have to drive around with minor damages to your vehicle. Due to your busy schedule it gets difficult for you to drop your vehicle at the garage to get it repaired and carry on your routine work without your car. Relying on public transport may sound cumbersome. To offer a breakthrough driving experience without any roadblock to happiness and freedom, we have introduced Overnight Car Repair Services. Yes, you’ve heard us right! We repair minor accidental damages from dusk to dawn without any hassle. You can simply get in touch with us, we will your car picked up car at night, get it repaired and delivered by morning at your Door Step. Isn’t that an amazing thing we do for you?

So, no more cabbie calls, public transport and postponing that long drive agenda. We get your car repaired overnight and let you “Take it easy”with HDFC ERGO, a brand trusted by 75 lakhs customers. Buy HDFC ERGO Car Insurance drive hassle free with zero worries.

 

Our Offerings​

 

Comprehensive Damage Cover

 

You may already be aware that Third Party Liability Car Insurance is mandatory by law. Therefore, if you own a car, you are mandated by law to take up a Third Party Liability Cover. However, taking up a car insurance policy that doesn’t compensate your own damages seems pointless, doesn’t it? A comprehensive damage cover was developed to offer a broad coverage against all possible damages arising from a variety of risks.

Our comprehensive car insurance policy offers protection against damages caused to your car by way of risks such as collisions, theft, fire and so on. Additionally, a comprehensive car insurance policy also covers third-party liabilities and offers extensive protection for your car.

Add-On cov​ers

 

When it comes to car insurance, additional coverage is always better. You can enhance your vehicle insurance coverage protection further with our wide-range of add-on covers such as Nil Depreciation, Consumables, Engine Cover & Key Protect Cover.

How to choose the one that’s best for you?

 

Now that you understand the nuances of both types of Car Insurance Policies you must be contemplating about which one to choose. Here are some valuable recommendation​s to help you with your decision: –

  • The Third Party Liability Car Insurance policy is generally chosen by individuals who want to buy car insurance as it is mandatory by law.
  • If you seek overall protection from the damages c​aused due to unforeseen accidents, opting for a comprehensive car insurance policy is the best car insurance plan option.
  • Additionally, you can pick add-on covers as per the risks which are more relevant to you.

Car Insurance Things to Know​

​Information is the key to make the right decisions. To ensure that you make an informed purchase, we have explained the essential car insurance concepts right here: –

What is IDV?​

 

The IDV (Insured Declared Value) is the current market value of the car which is calculated after deducting the depreciation amount. It is a crucial component of the car insurance policy as it determines the amount of compensation. In case of theft or total destruction of the car, the IDV is offered as “Sum Insured”.

What is No Claim Bonus?

 

When you don’t file a claim during your policy period, you will be eligible for a discount on your next premiums which is referred to as a No-Claim Bonus. This discount will keep increasing progressively for each claim-free year until the car insurance premium is reduced up to 50%.

What are the different kinds of add-on covers available?

 

We offer a wide range of add-on covers to ensure superior protection from a variety of risks. You can opt for add-on covers such as Nil-dep cover (Zero Depreciation), NCB retention cover (avail the NCB despite registering a claim), 24×7 Roadside Assistance, Personal Accident cover (covers personal damages), electrical/electronic accessories cover and many more. Refer to our add-on cover section, for more details.

How will a Zero Depreciation Cover Help you?

 

You may already know that the monetary value of your car reduces overtime. This eventuality is a result of asset depreciation. Nevertheless, with Reliance General Car Insurance policy, you can combat the losses of depreciation by taking up a zero depreciation add-on cover along with your car insurance. With a zero depreciation cover, you can be assured that the entire claim amount will be paid to you without deducting the depreciation sum.

How is a car insurance premium calculated?

​​​​

​Your car insurance premium is calculated based on several factors such as: –

1. Car Manufacturer and Model​

E.g. Honda City

2. Cubic capacity (cc)
E.g. 1497 cc​

3. Age of the Car​
E.g. 3 Years

 
4. Insured Declared Value (IDV)
​This is the current market value of your car which is calculated after deducting depreciation.

5. No Claim Bonus (NCB)NCB is a discount that you get on your premium amount when you have made any claims during your previous policy period. This discount will keep increasing progressively for each claim-free year until the car insurance premium is reduced up to 50%.6. Tax
The appropriate taxes that are eligible to be levied on your premium amount(9% CGST and 9% SGST in India)

Buy or Renew Car Insurance Policy Online

 

HDFC ERGO offers comprehensive motor insurance policy for all round protection and security against all the possible damages against both external and internal factors. Additionally, Car insurance policy covers third party damage liabilities and personal accident too. Just a little precaution for your car is what it takes to ensure smooth driving and complete protection against unforeseen incidents. Buying a car insurance policy is not only essential for staying safe against lawsuits but also for ensuring safety every time you hit the road.

Did you know? HDFC ERGO offers unlimited claims with car insurance policies. Yes, that’s right there’s no limit on the number of claims you make during the policy period. Buy HDFC ERGO Car Insurance plans and leave behind all the claim worries totally.

We, at HDFC ERGO understand the pain and sorrow you go through, when you have to drive around with minor damages to your vehicle. Due to your busy schedule it gets difficult for you to drop your vehicle at the garage to get it repaired and carry on your routine work without your car. Relying on public transport may sound cumbersome. To offer a breakthrough driving experience without any roadblock to happiness and freedom, we have introduced Overnight Car Repair Services. Yes, you’ve heard us right! We repair minor accidental damages from dusk to dawn without any hassle. You can simply get in touch with us, we will your car picked up car at night, get it repaired and delivered by morning at your Door Step. Isn’t that an amazing thing we do for you?

So, no more cabbie calls, public transport and postponing that long drive agenda. We get your car repaired overnight and let you “Take it easy”with HDFC ERGO, a brand trusted by 75 lakhs customers. Buy HDFC ERGO Car Insurance drive hassle free with zero worries.

 

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