What is car insurance?
If you own and drive a car on any road, the law makes it compulsory to have a valid and active car insurance for the four wheeler. Apart from being a mandatory requirement, a car insurance also provides protection and compensates from damages caused by accidents, theft, or mishaps.
If you do not have a car insurance at the time of an accident, you will have to bear the hefty expenses of car repairs and hospitalization costs from your own pocket and this can be a steep bill that might even cost you higher than the car itself.
For a smart purchase of car insurance you need to check out various insurance providers, compare car insurance policies, and pick the one which is best suitable for you.
What are types of car insurance plans?
A third party coverage is a basic insurance needed by every car owner. It covers damages to the third party and any bodily injury to the other person in case of an accident. It is interesting to note that you won’t get compensation for your own car or bodily damage.
For this, you will need to opt for a comprehensive insurance policy. You can also have the benefit of including helpful add-ons with a comprehensive insurance policy, which increases the level of protection you get for your car.
The list below will show you all insurance providers with their different policy plans. This way you can compare car insurance policies to check their plan and coverage details.
How to do online car insurance comparison?
It is very simple to do online research for buying a value-for-money car insurance policy. There are plenty of service providers that have made it easy for anyone to but an car insurance. You can check the inclusions and select add-ons and it will show the premium amount payable.
This way you can do a side-by-side comparison of the different insurance companies and buy car insurance that offers great value for money. You can also utilize the site the same way for online car insurance renewal.
Easy steps of car insurance renewal
It is essential to get your car insurance renewal done well before due date. This way you get sufficient car insurance renewal period without the policy going into a lapsed mode. Some of the important steps to follow for prompt car insurance renewal include:
- Keep track of date – You need to know when your car insurance policy renewal will be due. If you look at the policy document you will see that the policy valid period is mentioned right to the last hour. For any policy that has gone beyond that last date/hour, you will lose your insurance protection and its benefits.
- Keep documents ready – You need to keep your previous policy document and car’s RC papers ready during the insurance renewal process.
- Make the payment – Some sites will provide helpful ways in which you can pay for the car insurance renewal. Simply follow these steps for secure online payment through NEFT or credit card.
- Obtain acknowledgement – Once the payment is successful, you will have the renewed insurance policy document mailed to your inbox and delivered to your physical address.
Car insurance renewal premium calculator
Wondering how the insurance premium would look after you have entered all the necessary information?
Want to calculate the premium amount yourself before you buy car insurance?
List of Best Car Insurance Premium calculators
- Car Insurance Calculator – PolicyBazaar
- Car Insurance Calculator – Coverfox.com
- Car Insurance Premium Calculator – HDFC ERGO
- Car Insurance Premium Calculator Online
- Car Insurance Calculator
Key Parameters Considered in Calculating Car Insurance Premium
- Car model – A car’s brand, model, and variant will be significant determinants of the car insurance renewal premium calculation.
- NCB – No Claim Bonus (NCB) is the value accumulated for every year of zero claims made. So if you are in the third year of successive no claims, then you are entitled to a 35% discount on the premium. This can go up to 50% of the premium amount for 5 continuous years of zero claims.
- Your area of residence – The place where you stay is a big premium calculation factor. An urban area with high traffic volume and bigger chances of accidents is at a higher risk than a rural area where the concentration of four wheelers is low.
- CC capacity – The higher the cc capacity, the bigger will be the premium amount applicable.
- Fuel type – A CNG fitted car will generally have a higher premium rate than a petrol or diesel car.
- Manufacturing year – The manufacturing year impacts the IDV of the car which in turn impacts the premium amount. So the older the car, the lower the IDV, and hence, the lower the premium.
- Voluntary Deductible / Voluntary Access – The higher the voluntary deductible amount, the lower will be the premium.
- Anti-theft relief – An ARAI approved anti-theft device like a steering lock or gear box lock can lower your insurance premium by as much as 2.5%.
Best Car Insurance Companies
Here is a list of TOP CAR INSURANCE DEALERS.
Bajaj Allianz General Insurance Company
Bajaj Allianz General Insurance Company Limited is a joint venture between Allianz SE, the world’s leading insurer, and Bajaj Finserv Limited. The Company received the certificate of registration from IRDA on 2nd May 2001 to conduct general insurance business in India. Bajaj Allianz General Insurance, today, is one of the largest private insurer in the industry with offices in over 1100 towns and cities. The Company has continuously been expanding its operations to reach out to its customers.
Bharti AXA Motor Insurance Company
Bharti Enterprises is one of India’s leading business groups with interests in telecom, agri business, financial services, retail and manufacturing. Bharti has been a pioneering force in the Indian telecom sector with many firsts and innovations to its credit.
Cholamandalam MS General Insurance Company
Buy or Renew Car, Bike, Health and Travel Insurance in India. Chola MS is a General Insurance Company, offers different types of policies for individuals.
Future Generali India Insurance
Future Generali is one of the leading general insurance companies in India. They provide insurance for car, travel, health, and Mediclaim that fulfills every need of everyone.
HDFC ERGO General Insurance Company
Top Features: Claim Approved Within 24 Hrs, Cover With Emergency Assistance. Affordable Prices. Buy Now! Covers Accident, Fire, Theft & More. Save Big On Up To 3 Year Policy. Why Wait, Buy Today! Comprehensive Coverage. 24 x 7 Support. Hassle-Free Process. Instant Policy
ICICI Lombard Insurance Company
Policy renewal services are made smoother than ever by ICICI Lombard. Renew your Two Wheeler, Car, and Health insurance policies online in just few clicks. Claims Leader Award. Buy 3 Years Bike Policy.
IFFCO-Tokio Insurance Company
Car, Health, Bike, Home & Travel Insurance. Awarded ‘Claim Service Leader’. Get Your Quote. Save Upto 70%. Tax Benefits. Quick Claim Settlement in 4 hrs. Easy Renewal. Free Check-ups. Family Health Protector. Break-In Without Inspect. 4300+ Cashless Garages.
Liberty Videocon Insurance Company
Get a Comprehensive Coverage On Your Car Insurance. 4300+ Partner Garages. A Car Insurance that’s Affordable & Offers the Instant Claim Settlement. Call Us Today! Hassle Free Process. Less Paperwork. Personal Accident Cover. Third Party Liability.
Magma HDI Insurance Company
Magma HDI General Insurance Company caters general insurance needs online covering motor car insurance, health insurance, fire Insurance, home.
National Insurance Company (NIC)
National Insurance Company Limited (NICL) is the oldest non-life general insurance company of India. It was established on 5th December 1906 at Kolkata. National Insurance Company was set up largely on the nationalism principles of Swaraj (self-government).
New India Assurance
Largest public sector general insurance company of India. New India Assurance operates both in India and foreign countries. Buy or renew insurance online.
Reliance General Insurance Company
Quick & Hassle-Free Video Claim*, Get access to your policy anytime, anywhere – Buy Now. Zero-touch Insurance with Zero Documentation, Quick Claim Settlement Process – Buy Now! Renew Bike Insurance. Travel Insurance. Health Insurance. Renew Car Insurance.
Royal Sundaram Alliance Insurance Company
Royal Sundaram is a leading general insurance company in India, offering online ✯Health ✯Motor ✯Travel ✯Home Insurance.
SBI General Insurance Company
SBI General Insurance is a joint venture general insurance company. State Bank of India (SBI), the largest state-owned banking and financial services company.
Shriram General Insurance
Shriram General Insurance Co. is a joint venture between Shriram Capital Ltd. and Sanlam Limited (South Africa). We are licensed with IRDAI (Insurance Regulatory and Development Authority of India) and preferred insurance partner of IRCTC.
Which is cheapest car insurance?
When you’re shopping around for cover, you may simply want to get the cheapest car insurance policy you can find. It can be important to also keep in mind the level of protection you’re getting for your money.
Just assume, with optional forms of cover, third party property may be the cheapest car insurance in some situations, but it won’t cover you if your car is damaged in an accident or stolen.
Even if you decide on a higher level of cover, like comprehensive, there may be ways to keep the cost down. Some insurers offer discounts if you pay your premium annually or take out the policy online as opposed to over the phone, or you could opt to pay a higher excess if you need to make a claim.
It can also help to shop around and compare quotes from a number of insurers. These techniques may help you get value for your money, while still getting a higher level of cover than the cheapest car insurance might offer.
What Are Benefits Of Car Insurance
Car insurance online certainly has a plethora of benefits to offer. The list of advantages for car insurance comprises of the following.
- Covers third party damages involving your vehicle.
- Compensates vehicle repairing costs due to damage from an accident.
- Coverage against damages caused from vandalism, theft, fire, etc
- Offers cashless payment system. You can repair your vehicle form the network garages of your insurer and avail cashless facility.
- Offers additional discounts on premium as in multi car or multi policy discounts, accident free discounts etc.
- No Claim Bonus which is offered by auto insurance providers to reduce the cost of premium for each claim free years maintained by policyholders.