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CAR INSURANCE

Getting your car insured is technically a one minute job for you now through MYINSURANCEBAZAAR.COM .We can help you do:

1) A smart and effective comparison of different products available which suits your needs and help you choose the right policy so that you save the most on premium.
2) Choose the right insurance provider which not gives you the right product but the right service
3) We also service your claims too

But before you go and compare your car insurance you might have many questions in mind. Below some answers which might help.

What Is Technically A Car Insurance Policy?

Car insurance is a specific type insurance policy primarily designed for you to help you cover the financial loss which otherwise you had paid yourself

a) To get your car repaired in case there is an accident
b) In case the car been stolen.

In either of the cases other than you losing a peace of mind, you also have to pay a heavy cost which is technically taken care by your car insurance policy. So from the point of view of understanding car insurance it helps you to cover economic loss which otherwise you would have borne yourself.

Is Car Insurance Mandatory?

Yes, it is legally a mandate to buy car insurance.

What A Car Insurance Policy Would Cover?

1)Coverage against loss or damage of your car
2) Loss coverage for damage caused to your car due to things like accident ,theft , explosion , natural calamities , acts of terrorism and many more
3) Policies also come with accidental coverage for the owner of the car. In a case if he/she faces an accident while driving the loss can be covered under a personal accident cover.

Are There Many Types Of Car Insurance Policies?

Yes, there are three different type of car insurance polcies offered by Insurance companies, they are following:

a) Third party Liability coverage: A policy which comes with third party cover helps you to cover legal liability which may arise on you as a driver. It can help you to cover cost which you might have to pay to a third party in case of damages/injuries caused by you.

b) Collision coverage: This type of policies help you to cover cost which you might have to incur to cover damages happened to your car due to collision and which is otherwise referred as accident. Loss due to theft is not cover under these types of policies.

c) Comprehensive coverage: This is a smarter option for you as a car owner. Everything from loss due to accident, theft and personal accident are all covered are them. Policies offered under this category also come with additional features like accessories coverage, engine protector, zero depreciation, medical expenses and many others.

 

What A Car Policy Will Not Cover?

 

a) Regular wear and tear of your vehicle and its parts
b) Loss or damage to your car when driven without valid driving license
c) Drink and driving in that state and if any loss happens during this state
d) Damage or loss happening to your car due to oil leakage
e) Loss happening if the vehicle is not handled as per the manufacturer's guidelines

How Premium Of The Policy Is Defined?

The premium that you pay every year after the end of the term of the policy is calculated based upon the IDV of the car.IDV is called the Insured's declared value. IDV is calculated by adjusting the current manufacturer's list price with depreciation .The basic factors defining the yearly premium of the policy are:

a) Cake make , Model and Variant
b) Year of Manufacture
c) Any additional cover if applied for.

How Can You Save More On My Premium?

a) If you are renewing a policy this year in which you never made any claims in years preceding the current year then insurance companies do offers discount in the premium and this is also called No claim bonus

b) If you opt for an option like Voluntary access where you mention the minimum amount of money you will always pay in case your make a claim. In a case like this Insurance companies do offer discounts on the premium that you otherwise would have paid.

c) There are different professional groups and the members belonging to them are specifically are offered discount. So if you are a doctor, a government employee or a defense personal or even a member of the Automobile Association you can enjoy specific discounts so it is very important for you to put the right profession while comparing insurance online.

d) In a case you have installed security devices in your car then can claim for special discount on your premium.

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How To Evaluate Car Insurance Plans, What It Does Not Cover?

It becomes very worrisome for a policyholder when his/her claims get rejected .Not only that leads to repair and damage cost completely being paid out of the policyholders pocket but it also makes him/her think that renewing the policy next time is just a waste of money. But this is technically a misunderstood fact. Buying best car insurance policy is never a bad decision to make but subject to condition one put that effort makes the right evaluation of all plans available and try to understand what is covered and what is not.

The insurer might be smart enough write in bold letters what is being covered and write in fine prints all the terms and conditions which defines what is not covered. The mistake that a lot of policyholders make is not reading all these terms & conditions.

Understanding what is not covered by the car insurance plan can help a person to take the right car insurance buying decisions. Let’s try and understand the important things which your car insurance policy doesn’t cover and we think it is.

  1. Remember that , if you have only opted for third party cover just to comply with the rules, the same doesn’t cover any damage which would occur to your car in case of accident. A third party car insurance plan is only liable to cover the policyholder against claims raised by third party because of damage done to him /her by the car in consideration.
  2. We should remember a car insurance policy is just a year long contract. In case one forget to renew that plan right time or might have missed the renewal date by just a day, any damage happening during this period will never be entertained by the insurer. One need to make sure that the policy has to always renewed on time to take the best possible of the plan.
  3. If any person driving the car with the consent of the policyholder in a condition influenced by alcohol or drugs and any damage occured to the car during this state will never be covered by the insurer.
  4.  A damage occurred to the car while being driven by a person with having valid driving license is never by the insurer.
  5. If damage to the car engine happens due to oil leakage is never cover under any type of car insurance plan even though the plan is comprehensive in nature.
  6. Every car manufacturer issues a guiding manual for its owners and if the insurer finds that the damage happened to the car due to the non compliance of guiding manual the claims regarding the same will never be honoured by the insurer.
  7. Any damage happening to car due to reasons like social unrest,terror attacks, foreign invasion etc are never honored under a car insurance contract.
  8. Damage occurred to the car because of reasons which the insurer finds deliberate in nature will never be honoured by the insurer. A very common example is when somebody mistakenly tries to start the vehicle in a water drowned situation and there is an engine damage corresponding that event , then the same is never by any type of policy that one takes.

The above mentioned are some of the most common situations when your insurer can disapprove your claim and but still it is necessary to read through the terms and conditions of the specific plan that you intend to buy because there may be some specific conditions under your policy. Read Relevant article: how to buy the right car insurance policy online ?

Another important thing that one should remember that if one feels that the claim being denied by the insurer outside the purview of the insurance contract then the same has to be raised within the court of law within 12 months of the event or otherwise the insurer holds no liability.

 

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How To Get Hassle Free Claim Settlement From Your Car Insurance Policy?

Owning a car is actually a matter of pride for a lot of middle-class families here in India. This is a priceless possession for a lot of people and most of them want to make the extra effort in doing research around the perfect car, the perfect color etc and also making that last mile effort to get an extra deal from the dealer before finally buying the car. Though this seems to be traits of an intelligent customer but a lot of these same group of people don’t want to make that extra effort while buying car insurance from the same car. The reason behind this negligence is that,they either underestimate the risk involved in driving an uninsured car and the financial loss that might happen when one needs to pay for damages post accident out his/her own pocket. Under evaluation of risk and reward associated with buying car insurance policy and the ignorance associated  with it can be eradicated but a lot people actually don’t buy a car insurance plan because they find the raising a claim with insurance company is not easy so why to pay for insurance.

As per regulatory guidelines , one needs to buy a car insurance policy if he/she wants to drive his/her car on Indian roads, the minimum guideline is to at least buy a third party cover. One needs to understand that in a country where 14-16 people die every hour due to road accident , think the number of car accidents happening and the incidental damages. Bearing the total damage out one’s personal pocket can sometimes leads to eating away a lot of one’s savings and which in turn can disrupt their financial well being. Just giving all credit to the claim process don’t serve the purpose.

Here is the list of common do’s and don’ts which one should remember while raising a car insurance claim with their insurance providers to avoid rejection of the total claim or part of the same

Common do’s :

  1. As soon as the accident happens find the nearest police station and get a FIR or First Information report registered with them as this is the first level which your insurer which check to identify the validity of your claim.
  2. Post the FIR is register, even before taking to the nearest garage or something raise a ticket with your insurer. In today’s world most of the car insurance providers have 24* 7 call centre to help you in this matter. Check whether there is an option in your policy regarding 24*7 road assistance in that case calling the insurer can become more helpful.
  3. Nowadays camera is available with everybody’s Smartphone so make the best use of the same.It is always advised to take a photo of all the damages that has happened during the accident and furnish the same while the making the claim. This  not only the help insurer but also you in judging the right amount of financial loss the accidental event has caused. (better steps to make a car insurance claim procedure)
  4. Another important thing if the accident has caused some damage to a third party or to an asset related to them, always try to take image of proof of the same . In case the other person also have a car insurance in place don’t be fearful about asking for a copy of the same. In this case it becomes very useful for your insurer to even settle the third party claim easily.

Common don’t:

  1. Don’t run away from the spot of accident and be fearless about filling a FIR with the police and informing your insurer. Generally most insurer give a tat of 24 to 48 hrs with which the damage has to be reported.
  2. Don’t lose any evidence that is available to justify your claims. You can always take contact numbers and names of the people who were present on roads at the time of an event.
  3. Avoid nondisclosure of any fact from the insurer. At any point of time, the insurers find that might consider the same as a fraudulent practice and reject the claim then and there

We feel that the above-listed dos and don’ts are not very tough to follow to get a hassle free claim settlement rather than ignoring and showing laziness in buying a policy.

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Demystifying Third Party Car Insurance Plan: Why One Should At Least Have It ?

Let’s start by understanding, what is third party car insurance plan ? As per Motor Vehicles Act 1988 this is the minimum insurance cover which somebody should have so that one can own a right to drive any kind of car on Indian roads. on adherence to the same can call for serious legal action by appropriate legal authority. Any point of time if one is caught by traffic police without having at least a third party cover can definitely ask the person to pay fine against the same. This is all legal but to understand the real essence of why somebody needs a third party car insurance lies in the essence of the benefits attached to it. Going by the definition, a third party car insurance plan to suppose to offer financial protection to the car owner to manage legal liabilities arising out of any injury, death or property damage to any third party which happened because of acts associated with the car in consideration.

 

A Third party car insurance Can help the car owner settle all expenses of a third party be it legal or medical or any other form of compensation which involves immediate money outflow on the part of the car owner because of damages happened in an event where the insured car in consideration is involved.  Thus it is a win-win situation for the car owner as well the third person involved. But to understand the case better let’s try to break the benefits associated with third party car insurance based upon the possible financial claims which an aggrieved party can raise against the insured car owner involved:

  1. In case of injuries wreaked by the accident: Any medical cost regarding treatment and hospitalization for minor injuries claimed by the third party is completely covered under the third party car insurance plan.
  2. In case of partial or permanent disability caused by the accident: There can be problems relating to partial disability like bone fracture and permanent disability like making anybody blind because of accidental were car insured is involved, if the car owner has taken required steps of buying the right third party car insurance plan then whatever be the cost most part is covered under the third party car insurance plan.
  3. In case of death of third party :  If the accidental event leads to the death of any third person and the legal heir of the died person makes a claim on the car owner, a rightly picked third party car insurance can help the car owner from getting away of this unexpected financial burden.
  4. In case of damage happens to a property or asset of the third person : In case of damage to property and not of the owner of the property the maximum possible amount of claim which would be borne by the third party car insurance plan is Rs.7.5 lakhs and the rest is to paid out of the policyholder’s own pocket. But for the third party to claim this a serious FIR needs to filled on the car owner and the insured need to submit the right policy document and the based upon which the Motor Insurance Claims tribunal would take decision and based on the decision arrived the claim compensation would be defined .

Now to wrap up all these though emergency can’t be predicted in advance but with effective financial protection at through a third party car insurance cover can take care of lot of bad possibilities .But one thing that needs to be kept in mind that third party car insurance don’t cover the damages happening of the car in consideration and for which a comprehensive cover always need to be looked into.

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Car Insurance-Money Savings Tips Car Owners Should Look Into

Looking at the Indian landscape, most Indians are more aspirational about two important things : Buying a home and owning a car. Owning a car has actually become the primary dream but we shouldn’t forget that expenses don’t cease after it is out of the dealer’s showroom. There are an endless set of expense which follow post purchase and your car insurance plan is just one of them. A rough expense estimate of Rs.10000 to Rs.40000 which a car owner needs to spend after every 40000 kms of drive.

In a country where close to 10 millions are automobiles are registered every year , the infrastructure has not been able to match that growing need.With bad roads conditions and no so effective driving behaviors of Indians, the cost of maintenance is always very high.So it is very important for any car owner to get look into few of the money savings hacks given below.

Credit score and Car insurance:  

As car insurance forms a large part of yearly expenditure which car owner makes every year, the relationship between credit score and car insurance premium is an important phenomenon which one should always look into. You may not know that car insurance premium is inversely proportional to your credit score. An higher credit score means that you have a less premium for a higher amount of cover. If you go by actual data you will find that regular car owners actually pay 80% more cost for their premium compared to car owners who have higher credit score.

Buying the right car insurance cover:

One should have clear understanding of when to buy a comprehensive add on cover or when just a third party cover is just sufficient. Consider a case where you car is already 10 years old , which means your car has already depreciated 10 times the initial premium. This means buying a comprehensive cover is of no worth. At this stage it is always advised to buy a third party cover car insurance plan just to satisfy the compliance. In fact one important fact that one should remember that at this stage the cost of premium would much higher case of a comprehensive plan which is not worth spending.

Keeping your car in a healthy condition:

As like any other asset , cars also depreciates which regular wear and tear. But maintaining a good health of the car reduces the chances of spending more that the normal. Getting your car check ups on regular schedules insures the car to be in a healthy state. One of the most common thing is getting your oil filter ok on regular interval and getting engine oil changed This ensures engine efficiency and reduced wear and tear. Quite similar on these lines is keeping check of the state of the tyre. Tyre is good condition gives you drive safety , reduces the chances of accident and reduces road friction.

The above tips may look bit common but we generally miss them. Keeping these things in mind can effectively help you reduce your car maintenance cost. Thus leading to efficient operation and longevity of your beloved asset.

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Why Evaluation Of Right IDV Is Required While Buying Car Insurance?

Every time when you try buying a new car policy or renewing an existing one a lot of offers being put forward to us from insurers, financial advisors and online comparison websites but the astonishing part of all these offers is that the premium prices on offer are always different even if it is for the same policy from the same insurer. But why is this phenomenon? This is one of the common scenario where policyholders end up buying car insurance plans motivated by lower premiums. But one should remember a lower premium means a low insured declared value (IDV).

 

The question now that need to be first answered is what is the correct value of IDV one should consider and why IDV  is so important? Let’s first understand what actually is Insured Declared value. From a car insurance perspective it is the amount of money for which your car is insured and it forms the basis of claim settlements in event the car is stolen or damaged beyond repair due to accident. Selection of the correct amount of IDV is important because the same define the maximum amount of claim which would be settled by the insurer.So in a case you are buying car insurance policy because it charges a low premium beware of the effects it would have on a later stage of claim processing.

IDV for a new car

At the point when you are buying a new car , the manufacturer’s listed price is the IDV but once bought and brought to road the value depreciates by at least 5% as per IRDA guidelines.So at any point when you a policy for a new car you should always keep in mind the default is always 95% of the on road price of the car.

Standard depreciation rates for calculating IDV

 

Age of the vehicle

% Depreciation for IDV

Not exceeding 6 months

5%

Exceeding 6 months but not exceeding 1 year

15%

Exceeding 1 year but  less than 2 years

20%

Exceeding 2 years but less than 3 years

30%

Exceeding 3 years but less than 4 years

40%

Exceeding 4 years but less than 5 years

50%

 

IDV during policy renewal:

At the point of car insurance policy renewal depreciation is a factor that defines the IDV of the car. The maximum IDV is always 50% of the manufacturer’s price at which the policyholder has brought the car.It is not like that insurer is the only person who sets the IDV when the policy is renewed but even the policyholder has a leverage to set an IDV 15% more or less what is arrived after depreciation. Once an IDV is accepted by the insurer, the policyholders hold the right to claim till the value of IDV.

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Renewing your car insurance policy? 7 way that can help you save money

 

 This is an important topic to discuss in a country where 30-35% of the cars and close to 70% of two wheelers driving on roads are uninsured. Though the legal system wants every car owner  to comply with the minimum insurance guideline of having at least a third party cover still a lot of people especially in smaller towns and cities don’t even have a policy in place, they carry with them fake or old insurance papers to just comply the norm. Even the insurance agents are not very much motivated to sell third party car insurance because of very less amount of incentivization.

We are specifically discussing here about renewals because most of the time the insurance policy for your new car is bought through the dealer and you have less opportunity to look for other options other than what your dealer has proposed. So renewal is the stage to make a sensitive decision.

 

There are few sincere thoughts that need to be put into before you jump into policy. Few sensitive steps which can help you eradicate the mistakes which you might have made while buying your first insurance from the car dealer and also help you build a long term strategy that ensures right protection for your car and enable you make a lot of savings.

 

Check Out Top 7 While Renewing Your Car Insurance Policy Things:

1.Which type of plan to select  : Though merely buying a third party car insurance cover can help you stay complied with the regulatory requirement but is the cover enough.The third cover is generally responsible to address claims which may arise from a third party because something happened from your car. The idea of building protection strategy for your loved asset is missing .So it is always recommended to buying a comprehensive cover that not covers the third party claims but also damages happening to your car.

2.Which add on cover to opt for: All car policies come with additional cover which you can buy or not buy depending on your requirement.Anyways for all these additional cover you have to pay additional premium over and above the basic cover. The most needed add-on covers options are Zero depreciation cover and Hydrostatic .Zero depreciation may be defined as suitable for car owners whose car’s age is just 3 years or less and for owners of high end cars for which they have a huge price to buy.

3.Is your most loved garage is part of your insurer’s affiliate garage network: This may be an important factor to consider. This makes the cash-less claim process very easy and you don’t need to run after insurers to get your expenses reimbursed.

4.Insured declared value: This may one of the most important factor to look into but for that you need to understand what it actually means.Every time when you renew your car policy your insurers evaluate the concurrent value of the car and as per definition ,IDV is the maximum amount of money which your insurer would pay you as a claim if car is stolen or it becomes completely unusable.Insured declared value is something that defines the cost of premium that you pay while doing renewal.

5.What is the amount of compulsory deductible? For raising a claim against any car policy , the policyholder is required to pay a minimum amount to initiate the process which is called the compulsory deductible. The amount of the deductible various between Rs.1000 to Rs.2000 . The amount is priced in a way so that you avoid making small and your erode the value of sum assured.

6.Portability of car insurance policy: You should always remember that you can any point of time switch between insurers in your car insurance policy.if you find that particular plan from another insurer is much better than your existing insurer, you can anything switch to this new plan during the time of renewal. One things that needs to kept in mind while portability that you can always transfer the existing benefits from existing policy to the new policy and also can extra cover and facilities over and above the existing benefits just by paying the extra cost.

7.Renewing car insurance policy online: In a world where technology is empowering a lot of things in your life, car insurance is also not left aside. While doing your car insurance renewal you can always online insurance comparison websites and gets car insurance quotes from multiple insurers in one go.This removes the mistakes which might have made while buying the first policy from your dealer and the chances of your getting a fair deals increases a lot.

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