Find your suitable insurance plan
1381
3 min read
Updated on Mar 03, 2023
The recent amendment made to the Motor Vehicles Act of 1988 has introduced a few changes that you should not ignore. The changes made in 2019 make way for stricter punishments for driving your car without valid car insurance.
You will now end up paying INR 2000 or spend up to 3 months in jail if you are found guilty of driving without valid insurance. And individuals who are found to repeat the offence multiple times will end up paying INR 4000 as a fine.
To avoid the hefty fine, you can compare car insurance and buy it at the earliest. Apart from avoiding the fines, you also get to experience hassle-free driving. Thus, it is imperative to buy a car insurance policy. And should you compare car insurance plans, you can save a considerable amount.
Here are a few tips you can follow when you compare car insurance plans online in India.
Visual Stories
As you compare insurance brokers, you get an option to choose a policy that is considerate to your wallet. Whether you are buying a new policy or renewing an existing one, it is recommended to compare the insurance premiums. It will ensure that you stick to your budget and buy a policy that offers the most value for money.
The IDV or the insured declared value of your car predominantly defines the policy premium. A higher IDV accounts for a higher policy premium and vice versa. Essentially, the IDV of a car is the current market value and if your car was beyond repair or stolen, the insurer would pay the IDV to you.
As a policy buyer, you have the option to tinker with the IDV when you compare car insurance plans. But one must not forget that reducing the IDV drastically in a bid to save on premiums can also have detrimental effects.
While it is not mandatory to opt for any riders or add-ons, they can augment your policy coverage by a considerable margin. Some of the most bought add-ons include Zero Depreciation cover, NCB protection cover, Emergency Roadside Assistance, Engine Protection cover, etc. Each of the add-ons brings different features and benefits to the table. Thus, based on your requirements, you can opt for the necessary add-ons. You can compare insurance brokers to get the best add-ons at the most affordable rates.
When you compare car insurance, make it a habit to check the network garages in and around your house. A network garage ensures that you can exercise cashless claims. In effect, you can have your car repaired without having to pay any money from your pockets. A strong network of garages will ensure a smoother experience for you.
If you remember the above points as you compare insurance brokers, you will most likely take an informed decision. And being aware of your policy and its details will always help you in the long run.
Also read: Break-in Period for Car Insurance | 10 Best Car Insurance Companies in India 2022-23
Browse PayBima Blogs to read interesting posts related to Health Insurance, Car Insurance, Bike Insurance, Term Life Insurance, and Investment section. You can visit PayBima to Buy Insurance Online.
Factors Used for Car Insurance Comparison
Types of Coverage. The type of coverage is a necessary factor before deciding on the car insurance policy you want to purchase. ...
Add-on Covers. ...
Additional Discounts. ...
Insured Declared Value. ...
Claim Settlement Ratio. ...
Customer Reviews.
Coverage options for multi-year policies
A car owner can choose to buy multi-year third-party (TP) car insurance plus multi-year own-damage (OD) insurance for the car. This is the best option if you forget to renew your car insurance policy in time.
PayBima Team
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
Pollution is a huge threat that has been contributing severely to the deteriorating health of people in India. A major contributor of the increased air.
Mar 17, 2023
3 min read 
Airbags are among the significant safety innovations of the recent time as they provide vital cushioning to people sitting in a vehicle during a crash..
Feb 09, 2023 3 min read 
For keeping the environment clean and pollution free, people have now started using Electric Vehicles in India widely. Let us understand in this post how.
Feb 07, 2023 3 min read 
A car insurance policy number is a basic requirement during accidents, mishaps or at regular traffic police checking. Let us understand how to get an.
Jan 23, 2023 3 min read 
Accidents and uncertainties are part of life that comes unexpectedly without any prior information. Hence, it is very important to have a first aid kit.
Jan 20, 2023 3 min read 
To drive a car on Indian roads, the car needs to be covered by an insurance policy. However, to ensure continuous coverage, the policy needs.
Dec 20, 2022 3 min read 
High motor Insurance premium rates have been a cause of worry for many. Hence IRDAI introduced vehicle insurance based on usage where premium is levied.
Dec 14, 2022 3 min read 
Table of Content Types of Car Insurance Policies Bharti AXA Policy Download - Steps to Consider Is the hard copy of the Bharti AXA car.
Nov 21, 2022 3 min read 
Table of Content About Third-Party Motor Insurance Policy How to Claim Third Party Car Insurance What Comes under Third-Party Claims? Third-Party Claim Process - Conditions.
Nov 21, 2022 3 min read 
The foremost and undoubtedly the most crucial decision before buying insurance for your car - which type of policy would best suit your needs? Read.
Nov 21, 2022 3 min read 
Corporate Office : Mahindra Insurance Brokers Ltd ( A Mahindra Group Company ) Sadhana House, Ground Floor, 570 P. B. Marg, Behind Mahindra Towers, Worli, Mumbai 400018.
Licenced by IRDAI License No. 261; License Validity : 17-05-2025; Category : Composite Broker; CIN : U65990MH1987PLCO42609 Member of Insurance Brokers Association of India (IBAI).
Insurance is the subject matter of solicitation.
For a seamless experience, use the latest version of Chrome/Firefox/Internet Explorer.
Copyright © 2023 Mahindra Insurance Brokers. All Right Reserved.
Get A Call Back