Clarify All Doubts Related To Car Insurance
An insurance policy that protects your vehicle in case of any accidents or thefts is a car insurance policy. These four-wheeler insurance plans help you prevent any financial losses in such situations. It is an association between an insurance provider and the owner of the vehicle. It offers protection against any losses that you may incur by on-road damages of your car. Man-made calamities, theft, accident, fire, and several other events are covered by insurance companies offering car insurance online.
Why You Should Buy Car Insurance Online at Paybima?
Paybima is a website which offers you a wholesome beginning-to-end experience of buying car insurance online. Here are a few features that are exclusive to Paybima
- Find a customised list of four-wheeler insurance policies
- Easily compare car insurance policies online and choose the one which is right fit for you.
- Buy through the website which offers a variety of online payment options
- Don’t miss out on any renewals or premium dates with our constant reminders and updates about your policy.
- Let Paybima become your companion through your car insurance policy experience with our immediate assistance and swift serviceability.
Different Types of Car Insurance Policy in India
Car insurance policy come with various terms and benefits. Some of the car insurance quotes online can be customised according to your requirements. However, there are majorly three types of car insurance policy in India which you can compare and choose online:
Comprehensive Car Insurance
A comprehensive car insurance policy that you can easily buy online comes in a complete end-to-end package for your benefit. It offers the basic coverage which is against any losses incurred by accident, theft, fire, vandalism, etc. But it also comes pre-packed with third-party insurance so that you are not legally liable for any losses incurred by the damage of someone else’s vehicle. This type of insurance policy offers you the most benefits. Apart from these, you can choose to include add-on benefits such as coverage of accessories, zero depreciation cover, medical expenses, engine cover and more.
Third Party Car Insurance
If your car is involved in an accident which has caused damage to any person or their property/vehicle, you will be legally liable for their losses. A third-party insurance protects you in such situations. Your insurance provider will offer compensation for any death, injury or damage of property to any third party. The Motor Vehicle’s Act of 1988 mandates the third-party insurance for every car owner. This type of insurance protects your financial standing as this situation, if arises, can incur huge amounts of expenses.
Pay as You Drive Insurance
If you have a car which you do not drive frequently, paying a hefty insurance premium can feel like an unnecessary expense. The Pay as You Drive Insurance plan offers you the freedom of paying only the premium amount coinciding with the kilometres driven. Many insurance companies have begun offering this type of car insurance policy online to make it easier for the people. This insurance plan offers similar benefits as that of a comprehensive car insurance policy for a term of one year. There are 3 slabs for the premium amount – Rs 2500, Rs 5000, Rs 7500.
Benefits of Buying Car Insurance Policy Online
A car insurance policy offers you the freedom to drive your car without worry. Not only is this mandatory by the law of India, it also offers you ease of mind. You don’t have to worry about your financial losses in case of theft or accidents. Especially, if there is a third-party involved. A four-wheeler insurance offers you the protection against any unnecessary expenses which may arise due to a mishap on the road. When you buy car insurance online, the process becomes simpler. It is one of the smartest ways to compare and choose a policy which suits your needs. Here are some benefits of buying car insurance online:
- No More Agents
- Zero Paperwork
- Convenient & Saves Time/strong
- Payment Reminders
- Cashless Facility
- Easy Comparison
- More Cost-Effective
- Soft Copy of the Document
You don’t have to choose from the limited choices in insurance plans that an agent hands out to you. You can look for plans yourself online and customise them according to your requirements. You can easily compare policies and do your research without receiving biased information from your agent. Not to forget, you save on the commission!
You can forget about filing your papers and keeping your car insurance documents locked in a safe. Buying car insurance online requires zero paperwork. You simply have to upload a few necessary documents online and all is approved swiftly by the insurance company. All your information is safely available on the servers of the insurance company and you can access them anytime.
Gone are the days of setting up appointments with your agents. You no longer have to stand in queues to get your claims approved. Everything is now digital. You can buy a policy, pay premiums and file for clicks in a few clicks. Buying car insurance online saves you so much time and hassle.
These insurance companies and aggregators utilise technology to help you through the policy journey. They constantly send you updates on your policy. They will send you multiple and timely payment reminders. You simply cannot miss any renewal or premium with such service. You can even customise the frequency of these reminders according to your choice.
Insurance companies offering car insurance online have associations with garages all over India. This association enables these garages to offer a cashless experience to you. You can visit any of these network garages and workshops, get your car repaired, and leave without paying a penny. The payment will be settled by the insurance company by itself.
You can shortlist 3-4 insurance policies from different insurance companies. If it is difficult for you to finalise on one, you can compare them with this feature. Comparing policies helps you gain a comprehensive look on the benefits and drawbacks of each policy. You are thus enabled to make an informed decision.
Buying car insurance online saves a lot of your money. There is less paperwork, no commission involved, and no running to-and-fro which makes it extremely cost effective. You can choose your premium amount and add or subtract benefits from your policy according to your budget.
Online car insurance is one of the easiest and quick processes of buying an insurance policy. The insurance company ensures that all the documents required to make claims, process renewals and pay premiums are sent to you. A soft copy of each document will be emailed to your personal ID. You can have easy access to it anytime you want.
How to Compare Car Insurance Online at Paybima?
- First, you need to fill up a form posted on every page of our website. This form will ask for your basic details depending upon the insurance type you’re looking for. This form will lead you to a host of policy options customised according to your needs.
- This list quotes the premium and the basic details of every policy. You can click on each policy to view their detailed information. On the page with the list, you can select the policies you want to compare by checking the ‘Compare Product’ box.
- You can select up to 4 online car insurance policies at a time and click compare. This will lead you to a comprehensive table which lists all the benefits of your shortlisted policies. You can take your time and choose the best one for you and your family.
Things to Consider While Choosing Best Car Insurance
Finding a suitable car insurance requires time and effort. However, this effort is significantly reduced through the online availability of car insurance policies. This is a yearly investment you make to protect yourself and your car against any losses. So, the benefits, features and terms of the policy must be closely considered and chosen. The market is flooded with the variety of car insurance plans and the varying benefits that they offer. This can get a little confusing, even when you have the option to compare car insurance quotes.
You require to take time in defining your needs and carefully selecting the car insurance plan for your vehicle. Here’s a checklist that will help you decide on your requirement and choose the best one accordingly.
- Know what is covered
- Compare Online
- Claim Incurred Ratio
- Seek add-on covers
Always carefully read the fine print of the policy you choose. Check out the inclusions and exclusions of the policy. Read about what is covered for your car as well as for the third-party. This will ensure that you are not caught off-guard when the need arises. If you can cover your own expenses, its best to simply buy a third-party insurance.
Buying Car insurance online is easy. If the number of options confuse you, you can compare them online. You can choose 3-4 insurance policies and view a comprehensive table comparing those plans. This table will present all the benefits and drawbacks of each policy in comparison with the others so that you can make an informed-choice.
Choosing the right insurance company is as vital as choosing the right insurance policy. You must always check the claim-settlement ratio of the insurance company you choose. A claim-settlement ratio signifies satisfied customers. If the insurance company as a high claim-settlement ratio, the chances of getting your claims rejected are reduced.
Car insurance policies online are highly customisable. Apart from offering the basic insurance cover for your vehicle and third party, they offer a host of benefits. You can choose these benefits as add-on covers in return of an additional premium amount. Such add-on covers include accessories cover, zero-depreciation cover, flat-tyre assistance, and more.
What’s Covered In Car Insurance Policy?
A car insurance policy is basically a financial cover against any losses incurred by you through loss or damage of your vehicle. A comprehensive insurance policy also covers any legal liability you may have for damaging someone else’s property or causing loss of life. This is called a third-party insurance. There are various add-on covers that you can choose with your insurance policy on an addition to your premium. The basic cover that a four-wheeler insurance policy offers include:
- Loss or damage of insured vehicle
- Loss or damage to your vehicle through accident, theft, fire, natural calamity, man-made calamity, explosion, lightning, riots, strikes or acts of terrorism.
- Financial liability caused by injury or death of any third-party or their property, including their vehicle
- Personal accident insurance cover
What is Not Covered in Four Wheeler Insurance Policy?
A car insurance policy will take care of most of your worries related to your vehicle. However, to reduce their liability, insurance companies have certain exclusions too. Thus, it is important for you to read all the terms and conditions of an insurance policy to know the what is excluded from the cover. Here are a few things that are not covered under a general insurance policy:
- Your claim will not be entertained if the policy is not in force at the time of the event.
- Gradual wear and tear of the car is natural. An insurance policy will not cover this aspect including the degeneration of the car’s parts with time.
- If a person without a valid driver’s licence is caught in an accident and damages the car, the insurance policy will not cover this event.
- Any loss or damage of the vehicle due to intoxication by drugs, alcohol, etc will not be covered.
- Any loss or damage of the vehicle due to oil leakage will not be covered.
- If the car manufacturer’s guidelines are abused, the insurance policy will not cover any damages arising due to this.
How to Renew Car Insurance Online at Paybima
You can forget about calling your agent or fixing an appointment with your insurance company for renewals. Paybima not only offers an online renewal of policies but also sends out regular renewal reminders. To renew your car insurance policy, Paybima offers a very simple and hassle-free process. First, you need to fill in your details or login into our portal. Your profile page will show you your active and lapsed insurance policies. You can simply select the policies you wish to renew and click on the renew button. Make the payment through multiple payment options on the subsequent page, and your policy renewal is complete. Paybima offers you the ease of choosing and comparing car insurance policies along with post-buy services on these policies.
How to File a Car Insurance Claim?
When an event occurs on the road which results in loss or damage of your vehicle, you are required to file for a claim. Here are is a list of information you will be required to intimate with your insurance company at the time of filing a claim:
- Time and date of the event
- Name and contact details of the driver including his driving license information
- Your car insurance policy number
- Estimated loss
- A brief description of the incident
- Survey location and the insured contact details
When you have all this information, you will have to reach out to the claim help desk of your insurance company. They will guide you towards claim registration. Upon successful registration a surveyor will conduct a survey of the incident and your vehicle as per your convenience. The surveyor will ask you for certain documents to be submitted and your own damage claim. Based on the survey, the company will release or withhold your claim reimbursement.
Required Documents for Filing Four Wheeler Insurance Claim?
Your documents should be aligned perfectly for an easy claim process. Here are the documents you need to apply for a four-wheeler insurance claim:
- Copy of the police FIR
- A duly filled and signed claim form by the policyholder
- A fitness certificate (only applicable to commercial vehicles)
- Driving License of the person driving at the time of the event
- Car registration certificate (RC)
- Insurance documents with endorsement.
The insurance company will screen all these documents submitted by you. If approved, your claim will be reimbursed to you within 7-10 days.
How to Avail Car Insurance Quotes Online at Paybima?
Paybima offers you an uncomplicated experience for buying your car insurance policy online.
- First, you need to fill up a form posted on every page of our website. This form will ask for your basic details. Once done, you click on the ‘Get Quote’ button which leads you to a host of policy options customised according to your needs.
- Paybima offers you a variety of car insurance policies from top insurance companies. This list quotes the premium and the basic details of every policy. You can click on each policy to view their detailed information.
- In case of any accident involving your car, if you injure or kill any individual or damage someone’s property, you would be financially liable for the injury or damage caused. In case of accidental death, the liability is quite high. This however gets covered by a car insurance policy.
- If your car faces damages in an accident, the repair costs are quite high. The more expensive the car is, the higher would be its expenses. This might burn a hole in your pocket. If you buy a comprehensive car insurance plan such repair costs are also covered.
- A car insurance plan is a mandatory requirement. If you don’t buy a plan, you face legal consequences which include heavy fines and might also lead to imprisonment. So, buying a car insurance plan is necessary in this context too.
- Third party liability only policy – this policy has a restricted scope of coverage. It covers only two instances of third party liability which might be faced by a car owner. Firstly, if the car causes injury or death of any individual other than the car owner, it gives rise to a third-party liability. The car owner is liable to compensate the injured individual or his family (in case of accidental death). The car insurance policy covers this financial liability. Second coverage is given against liability faced if there is any damage to the property belonging to a third party. Third party liability only policies, therefore, do not cover damages suffered by the car and its owner/driver. Third Party Insurance is mandatory as per Motor Vehicle Act 1988 and without this, it is illegal to drive a vehicle. Premiums for third party liability insurance are fixed by the IRDAI and they are very low, so buying a third party insurance is not a problem
- Comprehensive package policy– It is an all-inclusive policy which is also known as a comprehensive coverage policy. The policy covers third party liability faced if you injure or kill any individual or damage any individual’s property. Along with the mandatory third party cover, the damages suffered by the car are also covered. If your car is damaged due to covered perils, then the repair costs incurred would get covered under the insurance policy. Furthermore, there is also a personal accident cover inbuilt in the plan. This cover provides compensation in case of death or disability suffered by the owner or driver of the insured car because of the accident. Premiums for this policy are higher because of a wider scope of coverage available under these policies.
- Standalone Own damage plan –It provides protection against damages to your car in case of accidents, theft, fire or natural calamities similar to OD component in comprehensive policy. However this plan can be bought only if you already have an existing third party insurance cover valid for at-least a year.
- Find the best plan - There are a lot of car insurance plans available in the Indian insurance market. Each plan promises something better than the other. To know the difference between the different plans, you need to compare. In order to find the plan which is the best for your car based on such differences, comparing becomes essential.
- Choose a higher IDV - the IDV stands for your car’s Insured Declared Value. This value reflects the market price of your car after being adjusted for depreciation. Different policies fix the IDV in a different manner. That is why you see different IDVs offered for the same car. Ideally, you should opt for the highest possible IDV to maintain the value of your car. This would help you get the maximum claim settlement from the company in case of theft or total loss of your car. The option of choosing a high IDV is possible only through comparing
- Get the best premium rates– just like the IDV is different across different car insurance plans, the premiums too vary. Needless to say you would want the lowest possible premium for your car insurance policy. You can choose the best premium rate when you get to compare between the different plans before you buy one.
- Get extensive coverages – the coverage features across different car insurance plans also vary. Some companies might have all the covers required for you while others might not offer so. If you want your plan to have an all-inclusive coverage you should compare different plans and choose a plan which has the required coverage features at the best rates of premiums.
- Avail higher discounts – car insurance policies offer attractive rates of discounts which help in reducing your premium outgo. To search for the highest rate of discounts you have to compare because different plans allow different discount rates.
- Get cashless garage service– Every car insurance company has a tie up with a number of garages across the country. However it is always recommended to go for the company that has an exhaustive network of such garages. You can hence compare which insurers have higher network garages available at your location.
- Any third party injury or death which is a result of an accident involving your car
- Third party property damage which occurs because of your car
- Damages suffered due to accidents
- Damages suffered due to natural calamities like floods, earthquakes, lightning, etc.
- Damages suffered due to man-made disasters like fire, theft, explosion, terrorism, etc.
- Damages suffered when the car is in transit by rail, road, water or air
- Personal accident cover for the owner or driver of the car which compensates for hospitalisation expense for injuries or accidental deaths up to a specified limit.
- Normal wear and tear of the car parts
- Normal wear and tear of the car parts
- Damages caused by mechanical or electrical breakdowns
- Damages due to intentional accidents, overloading, or using the car in violation of its usage limitations
- Any type of consequential loss
- Roadside assistance – provides 24x7 assistance in case of breakdowns
- Zero depreciation cover – depreciation is not applied on damage parts during compensation by the insurer
- NCB Protect – helps you protect your no claim bonus even after a claim in made
- Return to invoice – invoice value of the car will be paid without any depreciation applied on the IDV
- Consumables cover – covers the cost of consumables like engine oil, coolant, etc.
- Engine gearbox protection – covers damages caused to engine and gearbox especially due to floods
- Key replacement cover – compensates when you misplace car keys
- Tyre replacement cover – damages to tyre and tubes get covered
- Loss of personal belongings – reimburses in case of belongings lost from your car
- Personal accident cover for passengers –named passengers get a personal accident cover
- IDV – the IDV of your car is its market value after deducting the age-based depreciation. IDV reduces every policy year as your car ages. You should choose the highest IDV to enjoy maximum coverage.
- Coverage features– once you are done with the IDV of the policy, look at the coverage features promised under the plan. Try and opt for a plan which has all the coverage features inbuilt in it for maximum scope of coverage.
- Premium rate– since you would be paying the premiums out of your pockets, try and choose a plan which has the most reasonable premium rate. When comparing premiums, however, keep an eye out on the coverage features. Don’t skimp on the coverage to get a lower premium. The coverage vis-à-vis the premium should be balanced.
- Add-ons available – there are add-on covers in car insurance policies which provide great benefits. Look for the available add-ons to enhance the coverage of your policy.
- Discounts available– car insurance plans allow premium discounts for various factors. Look for the maximum discounts to minimise premiums
- List of networked garages– you can get cashless claim settlement if you get your car repaired at a networked garage. The best policy would be the one with the largest network of preferred garages.
- Choose the option of ‘Car Insurance’
- Then select the RTO where your car is registered, manufacturer name, model, variant and purchase/registration date
- If you are renewing your car insurance, then you’ll need to provide details of your previous policy e.g. policy expiry date, existing NCB and number of claims made etc.
- Based on the details shared, you will get instant quotes from all leading insurers for your car
- You can compare the plans based on their IDV, coverage, premium and add-ons available
- You can choose a policy that best suits your needs and proceed to proposal form
- On completing the proposal form, you can review all details shared till now in the summary page and choose to make payment
- After premium is paid, the policy gets generated. You would get the soft copy of the policy immediately on your email. The hard copy would be sent within 7 days
- If there is any claim made
- If there is a break in the insurance period for more than 90 days
Depreciation covers the following:
- nylon/plastic parts, rubber parts, tubes and tyres, batteries, and airbags - 50%
- fibreglass parts - 30%
- parts made of glass - nil
While every insurance company has their own policy, the general procedure for settling car insurance claims by the insurer is as follows:
- A surveyor attends the claim within 24 hours of the policyholder reporting the accident. It could vary across insurance companies.
- The surveyor takes photos, assess the situation and offers an estimate to the policyholder as well as the insurance company.
- The surveyor then carries out a re-inspection. Meanwhile, the policyholder can take the car to a garage for repairs according to the surveyor’s assessment.
- After the repairs, the insured offers proof of release. Proof of release is a document signed by the insured to release the vehicle from the garage after repairs.
- The policyholder then submits the bills which will include the cash receipts and proof of release.
- The surveyor sends the claim file along with all the documents to the insurance company for verification.
- The compensation is disbursed as per the number of days mentioned on your insurance company.
- The amount of depreciation as per the rate prescribed in case zero depreciation cover is not availed
- Reasonable value of salvage
- Compulsory and voluntary deductions under the policy, if insured have opted for it.
A deductible is the amount the policyholder paysfor claims not covered by the insurance policy. For example, if your vehicle is worth 100000 and your deductible is 15000, you will receive 85000 as compensation.
The deductible is compulsory under the Indian Motor Tariff. Reach out to our experts to understand the deductible applicable on your policy that is applicable for today.for today.
- Private Cars (Not exceeding 1500cc) 500
- Private Cars (Exceeding 1500cc) 1000
