Car Insurance

When you buy a car, it comes with an insurance policy, right? It’s a neat package that ensures that you do not have worry about the formalities of four wheeler insurance and that allows you to legally drive your car, right from the moment it leaves the dealership. But have you ever wondered if the plan that is given to us is the best option for you and your car? Here are some reasons why you should look into plans besides the one that comes with the car. 1. The one size that fits all might not fit you. The plan that comes to your car is pre-packaged. It is the same one that all other buyers will receive. However your insurance needs might be different, you might live in a flood-prone area, on which case, getting the engine protector cover might be needed. Or maybe your parking spot is under a coconut tree, in which case you might want to get the windshield protector add-on just in case. Or maybe you live in a theft-prone area and would like protection for your personal belo...

Buying a car insurance policy can be a little tricky, especially with the number of options you have today. There are dozens of insurance providers and they will all have a bunch of USPs and benefits that sets them apart from others. However, since car insurance is a financial product and financial products are all about the numbers, here are five important digits to remember when buying a car insurance policy that will help ease the entire purchase process. 1. Network garages. This is one of the most important numbers to keep in mind when buying a car insurance policy. The more network garages an insurance provider has under its belt, the easier it will be for you to access cashless claim in case of an accident. Don’t settle for a motor insurance plan if has a network garage near your home but fewer network garages in general. This is because an accident can happen anywhere or you could relocate, therefore the key is to have a widespread choice of network garages. 2. ...

Car insurance comes under personal finance, and when it comes to personal finance, everyone has an opinion. Sometimes, unsubstantiated opinions about car insurance can be passed on from one person to the next until they turn into myths. The thing about myths is that, to the uninitiated buyer, they are facts upon which purchase decisions will be made. This can be quite dangerous and result in major disappointments in the future. To keep this from happening to you, the following article will go over some of the most common myths about buying 4 wheeler insurance online to ensure you make smart & sound buying decisions.   1.     Older cars don’t need insurance First of all, not only is car insurance necessary but it is also mandatory by law to buy at least a basic policy for every car. So, whether your car is old or new, the Indian Motor Vehicle Act, 1961 makes it compulsory to buy motor insurance. Secondly, the reason that many people believ...

Car insurance is extremely important and mandatory too! However, current reports show that a vast populace is not insured. Moreover, if you ask individuals, many will tell you they wish they didn’t have to pay for motor insurance . Well, this article will highlight the importance of such policies to reinforce their need if you drive your vehicle on Indian roads. Without car insurance: Driving your car on Indian roads without a valid motor insurance policy could result in numerous fines and even jail time. This is because, because of the Motor Vehicles Act, car insurance is mandatory. Driving your car without a valid policy could invite a penalty of Rs. 4,000 and jail time of up to 6 months. Liability: Besides for the fines, car insurance covers your liability towards others in case they suffer injuries or their property is damaged due to an accident that you are involved in. Without a motor insurance policy, you’d have to cover these costs out of your own pocket. However...

As discussed in the previous part of this article, the motor insurance industry has been changing rapidly in present times. Some of the future trends discussed previously include insurance premiums dependent on the driving etiquette of the buyer, insurance premium based on the previous credit history of the buyer and insurance policies for electric and self-driven cars. In this article, we discuss some of the other future trends in motor insurance:      ·         100% virtual claim process: One of the biggest improvements that have been made in the recent years in car insurance is in the claim filling process. The car insurance companies are now attempting to develop a virtual process that will take away all the tedious paperwork and will allow the policyholder to make a claim from his or her smartphone by making a video showing the damage done to his or her vehicle. This is probably the biggest change as far as the policyho...

Along with the growing percentage of vehicles in India, the importance of road safety has also increased. This is why getting motor insurance has been stressed up on; it keeps motor vehicle users protected from financial damages that might arise after an accident or mishap. Having a third party car insurance is regarded as a compulsory measure by the Law and using an uninsured vehicle is punishable. Motor insurances work as a tool when one is affected financially by an accident or other man-made or natural calamity. Essentially, insurance is taken to get a cover in times of vehicular damages. However, it is not always suggested to claim the insurance amount. It’s confusing but believe it or not, there are occasions when it is better not to make a claim against your insurance! Here are 3 of these occasions. 1.        In case of minor damages It goes without saying, accidents lead to vehicular damages. However, in many cases, the damages t...

It’s quite common for personal belongings to wind-up in the car.   Things like a laptop, tablets & reading devices are often used while traveling. It’s understandable given that most of us have long commutes and we might as well utilize this time get some work done or catch up on the latest shows. Wouldn’t it be devastating to find that your car has been stolen and with it, all these cherished personal belongings have also been lost? Well sure, your car insurance policy will provide compensation, but this will be limited to the car itself, not your personal belongings. The policy will pay the current IDV of your car or the on-road value of the vehicle (only if you have the return to invoice add-on), but you will not be reimbursed for your personal belongings. This where personal belongings add-on could help! Just because a standard comprehensive motor insurance plan does not cover the theft of your personal belongings, that doesn’t mean you cannot get cove...

Your car insurance policy document is an important piece of paper. But at the end of the day, it is still just a piece of paper – it is susceptible to lose and damage. Maybe you send your car/bike for a deep clean and remove all the documents from the vehicle, misplacing the policy document in the process. Or maybe some liquid spill destroys the policy documents – whatever the case is, the following article will tell you what you need to do to get a new policy document and continue riding/driving your car with complete peace of mind. First things first, file a police complaint. If your car insurance policy document is lost, one of the first things you need to do is approach the police and lodge an FIR. This is because your policy document is extremely important and, if lost, could be misused. Therefore it is best to inform the police quickly. Also, to apply for a duplicate policy document, you need an FIR. Place an advertisement in the local paper. Step two when ...

If orange is the new black, then renting is the new owning! Sure, buying a home or a car has always been joyous moment, but the new generation is looking for practicality and they find it in the form of leasing. Until not too long ago, leasing was reserved for corporate big shots and luxury cars. Companies offered their top executives swanky premium cars as perks of the job. However, the concept of leasing a car is picking up steam, and if you’ve been thinking about giving it a try, this article will further your planning and understanding of the concept by throwing light on the motor insurance aspect of car leasing. Do I need to buy insurance on a leased car? This is one of the biggest differences between owning and leasing a car. With your own car, you need to pay for various things such as a motor insurance plan , vehicle upkeep and in some cases, vehicle repair. However, with a leased car, the lessor will usually take of these aspects for you. Therefore, you wil...

Car insurance and warranty are very important for your car. However, there is no comparison between the two - they are completely different elements of protection that are designed to complement each other. Unfortunately, some car owners feel that, if they have one, they don’t need the other. It is due to this misconception that many of them even fail to renew their insurance policies . Keeping this in mind, the following article will explain both and explain why you need insurance despite having multiple years of warranty for your car. Vehicle warranty: Vehicle warranty is what keeps you insulated from bills that arise due to any manufacturing or material defects. It’s a written guarantee that the car manufacturer will bear the cost of repairs or replacement in case your car’s parts do not work as promised for a certain period of time. Most manufacturers will provide standard warranty when you buy the car and offer the option of extended warranty to get protection from m...

Car theft is a real danger - figures from Delhi show that 125 cars are stolen every day. So many cars being separated from their owners on a daily basis is a cause for concern. However, it shouldn’t worry you much if you own a comprehensive car insurance policy. Even if your car is stolen, your insurance policy will reimburse you with a large percentage of your car’s value. This is because all comprehensive insurance policies cover theft by default. However, if you are one who requires extra peace of mind from theft, you can opt for a number of add-ons that will reduce, if not completely nullify, the impact of a stolen car. This article will highlight 3 of these add-ons to help you get full-proof protection from car theft. 1. Zero-depreciation cover: Usually, car insurance will provide you with the insured declared value of your vehicle in case it is stolen. However, it will also take into consideration the depreciating value of your car when providing the payout. ...

Car insurance is much more expensive than two-wheeler insurance. In fact, the average single year, a comprehensive policy will set you back around Rs. 10,000-15,000/- and that’s a conservative estimate. However, every penny you spend is worth it as you are buying yourself a financial safety net that will help you bounce back from the financial impact of an accident. It is only a problem when people end-up overpaying for this financial safety because of simple errors due to lack of understanding or clarity during the purchase process. This results in a waste of money and is a mismatch of cover as well. However, you can avoid all of this by NOT making the 5 purchase errors mentioned in this article. 1. Setting a high IDV when buying car insurance . When you buy a policy, you have to set the Insured Declared Value or IDV of your policy. IDV is simply the market value of your car insurance and is the amount your insurance company will provide in case of a total loss or theft of yo...