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.
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.
Car insurance is of 3 types - Third Party Liability Coverage, Collision Coverage and Comprehensive Coverage.
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.
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.
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.
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:
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.
What are the types of car insurance?
Generally there are 3 types of car insurances:
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?
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?
There are a number of factors that determine car insurance premium. The key factors are:
How to save on the premium?
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.
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