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Cover your car against natural and man-made disasters with car insurance. Compare the available features and discounts under various insurers at policybazaar.
  • Car Insurance Plan from Top Insurers
  • Lowest Premium On Car Insurance
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About Product

Car Insurance Policy

Car Insurance or motor insurance as commonly referred to, helps to protect the losses you might incur while driving on a busy road. The loss could be a result of an accident or theft. The premium amount of your car insurance is decided on the basis of Insured Declared Value or IDV of the vehicle. A slight change in IDV can make a whole lot of difference to the motor insurance premium. If you raise the IDV, the premium rises and if you lower it down, the premium reduces. It is very important for any policyholder to compare various options before going for a car insurance renewal or buying a new policy.

How does Car Insurance Comparison helps?

In this age of advertisements, choosing the right car insurance can be quite a task. The ideal way to making a right choice is to compare quotes before buying a plan. An online comparison helps the insured not just to get the best premium available but also to add valuable riders and benefits to the plan. Comparing quotes can save you up to 55% on car insurance premium. No wonder, smart customers always make an online comparison before purchasing a policy.

Coverage under Car Insurance

Car insurance is of 3 types - Third Party Liability Coverage, Collision Coverage and Comprehensive Coverage.

  • Third Party Liability Coverage

    Third Party Car Insurance covers you against any legal liability to a third party resulting when you are at-fault driver. It covers damage/injury caused by you to another person/property. A Third Party Liability cover is legally mandatory in India under the Motor Vehicles Act.
  • Collision Coverage

    Collision Coverage protects the insured financially against damage to his/her own car. It pays the insured for damage caused by collision. Damage/loss due to theft or vandalism is not included in collision coverage.
  • Comprehensive Coverage

    A comprehensive package car insurance policy is more extensive and preferred by most people. The coverage includes damage or theft of vehicle, third party legal liability and personal accident cover. The policy coverage can be further extended by opting for add-ons like accessories cover, engine protector, zero depreciation cover, medical expenses, etc.

No Claim Bonus

For every claim free year, the insured is rewarded with a discount on the renewal premium. This discount is No Claim Bonus (NCB). It is cumulative and increases every year. It usually ranges from 10% to 50% and can save substantial amount of money.

Key Benefits of Car Insurance

  • Coverage against loss or damage to the insured vehicle
  • Coverage against loss or damage to your vehicle caused by accident, theft, fire, explosion, self ignition, lightning, riots, strikes or act of terrorism, natural calamities
  • Coverage against financial liability caused by injury/death of a third party or damage to the property
  • Personal accident cover

What is not covered in Car Insurance?

  • Loss or damage if a policy is not in force
  • Gradual wear and tear of car and its parts
  • Loss or damage to vehicle when driven by person without valid driving license
  • Loss or damage to vehicle as a result of intoxication due to drugs, alcohol etc.
  • Loss or damage to engine as a result of oil leakage
  • Loss or damage to vehicle as a result of abuse of car manufacturer's guidelines

Getting and comparing car insurance quotes online can't get easier than here at PolicyBazaar. Whether you are looking to buy a new policy for your car or to renew your policy, get it right here in a few clicks.

Eligibility/Documentation

Getting a car insured requires minimal documentation. For a new policy, you will need to submit the filled up proposal form and copy of the Registration Certificate (RC). For renewals, you will need copy of the RC along with the copy of the previous insurance policy.

Fill in Your Details to Save BIG Money

Whether you are looking to renew your policy or buy a new policy, it is of utmost importance to fill in your complete details. The details that you feed in the booking engine, lets it yield out customized quotes for you that fulfill your specific needs, the best way possible. Taking a little more time and filling in your form with care and discretion can eventually translate into substantial savings (up to 55%) on your car insurance premium.

The Key Entries that need to be specified in the booking engine before you start getting quotes are as follows:

  • Car Make, Model and Variant

    It is the key deciding factor for the calculation of your base premium. The more luxurious and powerful your machine is, the more premium you'll have to pay for getting it insured. For e.g. a SUV car will always have a higher premium than a Family Car.
  • Year of Manufacture

    The Manufacture Year of your car lets the insurance company assess its Insured Declared Value (IDV) that in turn helps the underwriter to decide the annual premium for your car. Remember the thumb rule, "larger the IDV, larger the premium".
  • CNG Fitted Car

    Being more vulnerable to combustion, a CNG fitted car is usually insured at a slightly higher premium than a plain petrol/diesel car.
  • Additional Covers

    Loving your mean machine entails loving every bit of it including its accessories. You need to mention whether you do or do not want to get a cover on Electrical and Non-Electrical Accessories fitted in your car. Most insurers provide a cover for your car accessories at an additional premium of 4% on its value.
  • Discounts

    A smart customer is in a constant hunt to get more, while having to pay less. Such customers can avail certain discounts that help lower the premium or enhance the coverage.
  • Voluntary Access - Voluntary deductible is the minimum amount that you declare to bear at the time of claim. The higher deductible you opt for, the lower will be your premium.
  • Anti-theft Discount - In case your car is fitted with an ARAI approved anti theft device, your insurer can offer you some additional discount (2.5% on the OD Premium). This discount is provided for the simple reason that an anti-theft device will make your car less liable to theft.
  • Members of the Automobile Association and some Professionals (Defense Personnel, Doctors and Govt. Employees) are entitled to get additional discount on their premium. So, never miss out to mention the same while searching for a quote.

No Claim Bonus

No Claim Bonus is cumulative and increases every year. It usually ranges from 20% to 50% on OD premium. Always specify the details of your NCB in your form. Policy Bazaar also gives you the option to transfer your NCB to another car or policy.

While getting quotes for your vehicle at Policy Bazaar, you might see for yourself how changing even littlest of details make a big difference to the final calculated premium.

Take the case of Dr. Gupta. He's a doctor by profession and needs car insurance for his brand new Renault Duster. His car is fitted with an ARAI approved anti-theft kit. While getting a car insurance quote, he neither mentions his profession nor the fact that his car is fitted with an anti-theft kit. Might he have done it, he would have been awarded a substantial discount on his premium.

Moral of the story - Always fill in your correct and complete details while getting comparative Quotes from Policy Bazaar.

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Frequently Ask Question

What are the types of car insurance?

Ans:

Generally there are 3 types of car insurances:

  • Third Party Liability Insurance – It covers the insured against damage caused by him/her to a person/property
  • Collision Insurance – It covers the insured against damage to his/her own vehicle caused by an accident.
  • Comprehensive Insurance – A comprehensive coverage protects the insured against damage caused by natural/man-made calamities, collision and theft as well as damage caused by the insured to a third party. It also includes a personal accident cover.

Apart from these, there are other types of coverages too. Uninsured motorist coverage protects the insured financially if he gets hit by a motorist who doesn't have a third party liability insurance. Medical coverage gives a financial protection against injuries and lost wages.

Is it mandatory to have car insurance in India?

Ans:

It is mandatory by law to get a third party liability coverage. But it is always better to buy a comprehensive coverage as it protects the insured not just against third party liability but also the damage caused to self, one's own vehicle and co-passengers.

What factors affect my car insurance premium?

Ans:

There are a number of factors that determine car insurance premium. The key factors are:

  • Car make, model and variant
  • Insured Declared Value
  • Type and degree of coverage
  • Deductibles
  • Anti-theft device
  • Profession
  • Driving history
  • Claiming history
  • Age and gender

How to save on the premium?

Ans:

Premium can be reduced if the insured voluntarily decreases the Insured Declared Value (IDV) of his own vehicle. The insurer gives discount on premium on insuring a car installed with anti-theft device. Opting for voluntary excess is another way to lower down the premium. Getting and comparing quotes online can help you save big too.

 What's New

Expert Speak

When it comes to car insurance, many consumers face an issue at the time of making a claim because of the very many miscommunications and misunderstandings involved. the biggest being the assumption that once insurance is bought all charges in case of an accident will be borne by the insurance company. the fact is, irrespective of the plan, there will always be a charge that will have to be borne by a consumer at the time of a claim.firstly, it must be noted that a motor insurance policy does no ...

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My overall feedback is: Extremely Good. Anup Bajaj -

Hi, I just bought a car insurance policy from policy bazaar, it was a good experience. Vipin Khari -

I compared and saved almost Rs. 2000/- on your website. Sadly, I had an accident and all I did was to call the Insurer toll free no. I got hassle free cashless claim settlement. My policy will be expiring in June and I will again compare again before buying. Vikas Kumar -

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