An insurance that protects you and your vehicle (car/bike/commercial vehicle) from financial losses and damages like natural calamities, thefts, burglaries, malicious acts and accidents. There are 3 types of motor insurance in India.
Well, there’s no running away from this! As per the Motor Vehicles Act 1988, it is mandatory for all vehicles in India to have at least a Third-party Liability Policy to drive/ride legally. Additionally, if you equally (or more so) care about your vehicle, it is important to have a Comprehensive Policy in place as well.
Note: Benefits may differ based on the plan you choose. To ensure you're entitled to all benefits, it’s best to purchase the Comprehensive Plan.
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This is the first question that should come to your mind when switching your insurance company. Good you’re doing that!
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Given the number of options available today. It is important to pick an insurance that is simple, reasonable, protects and covers you in all possible situations and most importantly, guarantees to settle claims as soon as possible. After all, that’s the most important part of an insurance!
Here are a few tips that will help you pick the right motor insurance online for your vehicle:
Before buying or renewing your motor insurance online, it is wise to use the premium calculator so that you can see how choosing different plans with different addons would affect your insurance premium.
Making the right adjustments and checking the final insurance premium will help you decide on the right motor insurance plan for you.
Calculate insurance premium for your vehicle using the car insurance premium calculator or the bike insurance premium calculator.
No two vehicle insurances can be the same. Your insurance premium can differ based on many factors like the kind of policy you choose (Third-Party vs Standard/Comprehensive), the make and model of your vehicle, the market value of your vehicle, the city you live in, the properties of your engine, the purpose of your vehicle (private/commercial), and of course, whether your vehicle runs on petrol, diesel or CNG.
A lower premium price can be tempting for many, but make sure you don’t incorrectly state your IDV or take in only a Third-Party Policy just because you want to save some bucks. Here are a few other ways that can reduce your premium, without risking yourself or your vehicle:
Don't blindly go for insurances that offer a lower premium. While comparing motor insurances online, keep the following in mind:
A vital part of motor insurance, an IDV is the Insured Declared Value of your vehicle, that will be paid out to you in case of a mishap.
It is determined based on the market value (including depreciation) of your vehicle and directly affects your premium. Since a vehicle depreciates with time, directly affecting the IDV, your premium too will reduce based on the same.
NCB is the No Claimed Bonus that you receive when you haven’t made any claims for the policy term, i.e. you’ve been a safe driver and therefore, your premium at renewal will be discounted by your insurer. Know more about NCB in Bike Insurance & NCB in Car Insurance.
As mentioned before, there are a lot of things that really affect your insurance premium. One of these factors also happens to be the fuel running your car. For example; a car that runs on CNG, LPG and Diesel will have a higher premium than that of Petrol.
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