Types of Car Insurance Policies for Women
There is no difference between the car insurance policies offered for men and women in India. Any car owner, whether male or female, can buy any of these three types of car insurance policies:
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Third-Party Car Insurance
A third-party car insurance policy is mandatory coverage for every car owner who drives legally in India. Whether you are a male or female driver, make sure you at least have third-party insurance for your vehicle. This policy compensates for any third-party damages caused due to the insured four-wheeler. Third-party liabilities include third-party death, disability and property damage.
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Own Damage Car Insurance
An own damage car insurance is another policy that women can buy to enhance the coverage to car's damages. This policy can be purchased if you already have a third-party cover. This four-wheeler insurance policy protects cars against damages arising out of unforeseen emergencies.
These emergencies include road accidents, manmade acts, natural disasters, theft, and fire. This policy, however, does not cover third-party liabilities, so it is sold as a standalone policy.
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Comprehensive Car Insurance
A comprehensive car insurance policy offers wider coverage than both policies mentioned above. This motor insurance policy offers financial cover against damage from road accidents, theft, fire, collision, natural calamities, etc. Moreover, this car policy also covers third-party liabilities caused by the insured car.
It is a package policy best suited for new cars and young women drivers.
Things to Consider While Purchasing Car Insurance for Women
Purchasing car insurance for women is not rocket science. It is simple and requires a few steps when done online. However, there are some factors that you must consider while purchasing car insurance for women drivers. Take a look:
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Know Requirements:
If you are a woman driver, you must be well aware of your requirements for buying a car insurance policy. For instance, if you have a new car, you will need broader coverage, so investing in a comprehensive car insurance policy would be a better option. However, you can opt for a third-party plan only if you have an old or second-hand car. Moreover, if you are an occasional driver and head out only often, then going for a pay as you drive insurance can be a great option.
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Research and Compare:
Buying car insurance offline limits the scope of research. However, if you go for a car insurance online method, you can easily research multiple car insurance plans online. Moreover, from an aggregator website like Policybazaar.com, you can also compare plans of different insurers before making a final purchase.
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Understand IDV and NCB:
Knowing Insured Declared Value and No Claim Bonus is necessary before purchasing a car insurance policy. An IDV refers to the pre-decided amount you receive when your car has suffered total loss due to theft or fire. When the car becomes irreparable, the insurance company compensates an amount equal to the IDV of the car. A No Claim Bonus refers to the discount a policyholder receives for not raising a claim during a policy year. So, if you are a safe driver and have not raised a claim, you can take advantage of this reward during car insurance renewal.
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Claim Settlement Ratio:
Understanding the claim settlement ratio of an insurance company is crucial before deciding with a car policy. The CSR is a ratio of number of claims settled over number of claims received in a year. The higher the CSR of an insurer, more will be its credibility to settle your claim. So, ensure that you are well aware of the CSR of an insurer before buying their car policy.
How Can Ladies Get Cheaper Car Insurance?
Here are some tips for women to get car insurance at low premiums. These tips are:
- Opt for Voluntary Deductibles:
A voluntary deductible means paying a portion of your claim amount upfront at the time of purchase. This reduces the insurer's liability, so he offers a discount on car insurance premiums. So, if you want to save up on your premium and can afford to pay some amount, you can opt for voluntary deductibles.
- Install Security Device:
Whether you are a male or female driver, the fear of losing your precious car to theft is the same for all. By installing security devices like anti-theft devices in your four-wheeler, you can protect your car from theft-related incidents and save up on your premium. Insurers offer a discount of 2.5% on the premium on cars that have installed ARAI approved anti-theft devices.
- Build Up NCB:
NCB or No Claim Bonus can also help you achieve a discount on your motor insurance premium. Women drive safer than men, so the chances of raising a claim are also less. This can help in building up the No Claim Bonus reward. You can save up on your NCB and use it to get a discount on your car insurance renewal premium.
- Pay as You Drive Insurance:
Most women are occasional drivers and mostly drive for a specified distance. Those who drive less frequently can invest in a pay-as-you-drive car insurance policy. A PAYD policy lets you select your desired kilometre and gives you a discount if you drive within the selected limit. It is beneficial for new lady drivers as well.
- Choose Only Required Add-ons:
To get car insurance at lower rates, only invest in add-ons that you need for your four-wheelers. Buying all the additional covers simply means higher premium. So, only invest in the ones that you find necessary.
Add-ons for Women Drivers
Women drivers can also opt for add-ons based on their needs and requirements. Some add-ons that you, as a female driver, must purchase along with your car policy are:
- Roadside Assistance Cover
- NCB Protect Cover
- Engine Protect Cover
- Zero Depreciation Cover
- Personal Belongings Cover
How to Buy Car Insurance for Women?
Follow the steps mentioned below to buy car insurance for women online:
Step 1: Visit the official website of Policybazaar Insurance Brokers Private Limited (Policybazaar.com)
Step 2: Select the "Car Insurance" tab from the homepage
Step 3: If you have a brand new car without a number, select the "Brand New Car" option on the given form or
Step 4: Enter the car number in the form
Step 5: Select the make, model, RTO, variant, registration year of your car
Step 6: Now fill in the registration form with your details and proceed
Step 7: From the given list of car insurance plans, choose the one that suits your budget
Step 8: Select add-ons from the "Add-ons and Accessories" section
Step 9: Once you have decided on your plan and add-on, pay the premium amount online
Step 10: Your motor insurance policy will be mailed to you instantly once the premium has been paid.
