Car Insurance

Car Insurance
What is car insurance?

Car insurance is a protection measure of both car and the car owner from damage, death and financial loss. Car insurance policy is a protocol set between the car insurance company and a car owner. Car insurance provides the protection such as road accident damages, third party liabilities, theft, fire and natural disaster.

Renew car insurance online or Buy car insurance online

Buying a car insurance online makes life of buyer easier and hassle free. If the car insurance policy is expired then renew car insurance policy online immediately because it gives the following advantages.

        -          Car insurance company pays for the car damages due to accident, death or natural disaster.

        -          Car insurance company pays the bills of the hospital in case of accident.

        -          Car insurance reduces the legal and financial losses arise by the third party.

        -          By comparing get the best car insurance policy online from the various policy providing                         companies.

        -          Car insurance online is a instant and easy process of both buying car insurance and car insurance          renewal.

        -          Comprehensive coverage.

        -          In order to have improved protection we can have a various add-ons.

Types of Car Insurance Policy

        -         Comprehensive car insurance:

This type of car insurance policy provides coverage for third party liability and damages caused to the car. It offers more benefits in case of damages caused due to collision, theft, accident etc. comprehensive car insurance policy can be further enhanced by opting add-ons such as accessories, engine, zero depreciation, medical expenses and so on.

 

        -         Third party car insurance:

The third party car insurance provider will bear the expenses for death, disability, injury or property damage to any third party.

 

        -         Pay as you drive insurance:

Pay as you drive insurance allows the insurance company to pay  the insurance premium depending on the number of kilometers the car is driven. The car insurance policy seeker will have to declare the distance he or she expects to travel during policy year and then premium will be decided.

 

Best Car Insurance Policy

The best car insurance policy is one which gives more coverage less premium amounts to pay. Car insurance policy premium depends on various factors such as the number of add-ons, the type of insurance and insurance policy covers what all other damage coverages etc.

 

Check list while selecting a car insurance policy

        -          What is covered and what is not covered.

        -          Comparing various other car insurance online

        -          Incurred claim ratio

        -          What all covered in add-on

What Does Car Insurance Cover?

        -          Loss or damage caused by fire, natural disaster, collision, theft accident, lightening etc to the                  insured vehicle.

        -          Financial loss caused by the injury or death or damage to the third-party property.

        -         Personal accidental insurance cover.

 

What Does Car Insurance Not Cover?

        -          You cannot claim if your policy is not active.

        -          Car insurance policy do not covers the wear and tear of car and its parts.

        -          Car insurance doesn’t cover the loss or damage of the vehicle, when driven without a valid                     driving license.

        -          You cannot claim car insurance when the person driving is drunken.

        -          Car insurance cannot be claimed in case of oil leakage that causes damage to the engine.

        -          Loss or damage to the vehicle as a result of abuse of car manufacturer’s guidelines.

 

Calculate Car Insurance Premium

car insurance premium can be calculated on various factors. it is always feasible to calculated premiums using online car insurance calculator. The car insurance company considers the following parameters to fix the car insurance price:

        -          Insured Declared Value (IDV).

        -          Age and type of car

        -          Cubic capacity (CC) of an engine.

        -          Geographical area

IDV of car can be calculated by the formula:

IDV=Car’s showroom price + Accessories cost – Depreciation value

 

To calculate Own Damage (OD) premium amount we use the formula:

Insured Declared Value X [Car premium as per the insurer] + [Optional benefits] – [NCB/Discount etc.]

How to renew car insurance online:

It is always mandatory to renew car insurance to proceed with the benefits otherwise it may be a costly mistake made by the car owner. One can think of a renewal of car insurance online as it is instant and hassle-free task sitting at home, we can renew car insurance online without even going out and within no time.

Following are the steps follow by the car insurance policy holder to renew car insurance online.

        -          Go to the renewal section of the web page.

        -          Enter the details required such as policy number, mobile number, date of birth etc and submit.

        -          select the car insurance plan that you want to buy.

        -          Choose the add-on or drop add on.

        -          The premium amount that you need to pay will be shown.

        -          Pay the amount of insurance premium with credit card, debit card or online banking.

        -          Once the payment is successfully remitted, your car insurance policy will be renewed.

You’ll receive the policy document on your registered email id. You can download and get a hardcopy of the same.

Benefits of car insurance online:

        -          Its easy and quick process.

        -          Easy customization of policy as per the requirements of the policy holder.

        -          Renewal can be done very securely.

        -          One can easily switch from one insurance providers to another.

        -          No Claim Bonus (NCB) Transfer process is easier.

        -          A transparent way of renewal and buying a car insurance online.

        -          No agents are required hence no commission for middle men. Hence it will become economic for          the policy holder to buy the policy.

        -          Economical use of paperwork.

        -          Buying and renewal of car insurance is very convenient and saves lot of time.

        -          Once insurance is paid online you will receive payment reminders as and when the policy renewal          date is near.

        -          One can pay the premium amount online.

        -          It is really easy and convenient to compare the premiums of various insurer.

        -          Buying and renewing a car insurance online is most cost effective.

        -          Once the payment is done online, you will receive a soft copy of the document to your registered          email id.

Car insurance claim

Make sure that car insurance policy holder has the following things before they apply for the car insurance claim,

        -          Date and time of accident or damage caused to the car.

        -          Name of the driver, contact details and driving license details.

        -          Car insurance policy number.

        -          Estimated cost of loss.

        -          A brief description of the incident.

        -          Insured contact details.

        -          Survey location to support the investigation process.

        -          Once the claim is registered you will receive the notification on text along with the details.

        -          Based on the survey claim settlement will be done.

Documents required for filing a car insurance claim

        -          FIR copy of Police.

        -          Claim for signed by the policy holder.

        -          Fitness certificate for commercial vehicles.

        -          Driving License (DL).

        -          Car Registration Certificate (RC Card or RC Book)

        -          Insurance documents

 

If everything is clear, then the insurer will settle your claim within a week from the date of submission of all required documents.