Questions To Ask Before You Commit To An Attractive Car Insurance Deal

To buy the right car insurance policy, you have to act prudently. The habit of blindly following what others have bought could land you in a trouble. Here are the four questions that you should ask before you buy car insurance.

Read more


Compare & Save upto 85%* on Car Insurance
Processing
Get Car Insurance starting
@ only 2094/year#
  • Renew Policy In2 Minutes

  • 20+ Insurers To Choose From

  • 51 Lakh+ vehicles insured

#TP price for less than 1000 CC cars. All savings are provided by insurers as per IRDAI approved insurance plan. Standard T&C apply.

FAQs

  • Q: What is the IDV of the car?

    Ans: Usually, mis-selling happens when you buy the insurance via agents. If you negotiate well with the agent, he may lower the premium but at the cost of your car’s insured declared value (IDV). Let’s say, the premium of your car, valued at Rs 8 lakh, is Rs 25,000. If you negotiate with the agent, they may reduce your premium to Rs 23,000, but, simultaneously, may also lower the IDV of the car. Unfortunately, this fact will be noticed only at the time of a claim. Due to low IDV, the insured will get a low claim amount. To avoid such a situation, check your car’s IDV with the insurer.
  • Q: What is the voluntary deductible Limit?

    Ans: Deductible is the out-of-pocket expenses that an insured pays before the insurance company foots in the claim amount. It can be further classified into voluntary and compulsory.

    Let’s say, the IDV value of your Honda City (1.3 DX variant) is Rs 5,61,735. In case of ‘no deductible’, your premium would be Rs 12,448. However, if you are willing to contribute Rs 15,000 as the voluntary deductible, the premium rates will reduce to Rs 9,598.

    Often the agent agrees to lower the premium quotes by increasing the voluntary deducible limit. When a loss happens, you have to cough up a huge amount— voluntary and compulsory deductible— from your pocket.  

  • Q: Should I disclose my previous claim history?

    Ans: If you move to another insurer and do not disclose the details of previous claims, you may get a low premium from your new insurance company. However, the real problem arises when you make a claim. Your present insurer will contact the previous insurer to verify your claim history. Any discrepancy in the information could lead to claim rejection. While agents are quick to suggest ways to lower premium rates, it is the policyholder who suffers when the claim gets rejected.  
  • Q: Should I buy add-on covers?

    Ans: At first, an agent will give a premium quote after factoring in the cost of add-on covers, such as personal accident cover for passengers, quick roadside assistance and loss of personal belongings. If you negotiate, the agent will remove add-on covers to lower the premium quotes. However, add-on covers such as roadside assistance, personal accident cover and loss of personal belongings are important; therefore, think twice before scrapping them out from your basic insurance policy.

    The way the insurance sector is evolving, you will soon be able to get better discounts on the basis of various factors such as your driving track record, age, and so on; however, for now don’t commit into the deals and discounts blindly. Make sure you do a thorough comparison to avoid falling into a pit.

Written By: PolicyBazaar - Updated: 15 July 2021
You May Also Like
  • Transferring Car Insurance from One Person to Another

    Transferring Car Insurance from One Person to Another An integral part of selling a car, for both the buyer and the seller, is ensuring a successful car insurance transfer to the new owner. But sadly, most people have...

    read more
  • 9 Secrets That Your Motor Insurance Provider Won’t Tell You

    9 Secrets That Your Motor Insurance Provider Won’t Tell You Due to the dangerous driving conditions, it is compulsory to have third party insurance for every vehicle plying on Indian roads. It ensures the overall saf...

    read more
  • Money Saving Advice for All Car Owners

    Money Saving Advice for All Car Owners After a dream home, a dream car is your second-largest purchase that you make in your lifetime. But the expense does not cease when you drive off the car dealer's lot. Read mor...

    read more
  • Difference Between Comprehensive Insurance and Third Party Insurance

    Difference Between Comprehensive Insurance and Third Party Insurance Comprehensive insurance is insurance coverage that pays for the repair or replacement of vehicle damages resulting from an incident. Comprehensive ca...

    read more
  • Types of Motor Insurance

    Types of Motor Insurance The word Motor broadly covers a lot of classes of vehicles plying on the roads. These may be two-wheelers like scooters and motorbikes, three-wheelers or four wheelers like private cars, jeeps, ...

    read more

Find similar car insurance quotes by body type

Hatchback Sedan SUV MUV
insurance-ka-superhero
Search
Car insurance save up to 85
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Calculate your car IDV
IDV of your vehicle
Calculate IDV
Calculate Again

Note: This is your car’s recommended IDV as per IRDAI’s depreciation guidelines.asdfsad However, insurance companies allow you to modify this IDV within a certain range (this range varies from insurer to insurer). Higher the IDV, higher the premium you pay.

Policybazaar lets you compare premium prices from 20+ Insurers!
Compare Prices

Why buy from Policybazaar?

  • 24x7 Claims Assistance
    NEW
  • Cashless Assurance
  • 3-Day Repair Assurance
  • Free Pickup & Drop
  • Self Video Claims
  • Windshield Claims At Home
View Plans

Car insurance articles

Recent Articles
Popular Articles
Know All About Pay As You Drive and How You Drive Insurance

21 Sep 2022

Are you also worried about high motor insurance premium rates?...
Read more
Renew Your Car Insurance Policy with the AI-Based Technology

12 Sep 2022

As per the Motor Vehicle Act, 1988, every car owner must possess...
Read more
Why Should You Choose a New India Car Insurance Policy?

24 Aug 2022

Buying a car insurance policy is one of the best ways to protect...
Read more
How to Save Tax on Electric Vehicles (EVs)?

23 Aug 2022

Electric cars are known as the future of the automotive industry....
Read more
How Can Modifications Affect Your New India Car Insurance?

05 Aug 2022

In India, car enthusiasts love to modify their cars with...
Read more
Multiple Ways To Check Your Car Insurance Status Online
All insurance companies in India now have a digital presence. It not only makes it easier to buy insurance online...
Read more
Getting Your Duplicate Car Insurance Policy is Easy-Here’s How!
Losing important documents, such as your car insurance documents, can be daunting. In such a state of affairs, the...
Read more
Car Depreciation Calculator
If you are looking to purchase a new car or planning to sell your existing one, it is important to know how...
Read more
Check Car Insurance Status Online on Parivahan Sewa/ RTO?
In India, buying car insurance is a compulsion for every car owner. It doesn’t matter if you are an excellent...
Read more
Transferring Car Insurance from One Person to Another
An integral part of selling a car, for both the buyer and the seller, is ensuring a successful car insurance...
Read more