Before you purchase car insurance, you must understand the two primary types of car insurance plans, viz. third-party insurance and comprehensive car insurance.
Most people think of four wheeler insurance as an expense. On the contrary, it should be considered a wise investment as it protects you for the following benefits
This car insurance policy provides protection to you, your car and third parties against all possible risks. It covers any damage to your vehicle due to natural calamities such as floods, earthquakes, landslides and storms, and also man made disasters such as thefts, riots and strikes. Given the all-around coverage that comprehensive car insurance offers under one umbrella, this type of four-wheeler insurance policy is ideally recommended for all cars.
Both the third-party liability and comprehensive cover plans also include the compulsory personal accident cover for owner-driver with a premium of a particular amount per year, for which the owner-driver is liable to receive a sum assured amount of Rs15 lakhs in case of:
| TYPE OF INJURY | COMPENSATION LEVEL |
|---|---|
| Death | 100% |
| Loss of two limbs or sight of two eyes or one limb or sight of one eye | 100% |
| Loss of one limb or sight of one eye | 50% |
| Permanent total disablement from injuries other than named above. | 100% |
This is the minimum and compulsory four-wheeler insurance cover that you need to take as per the motor insurance law in India. This type of car insurance policy provides coverage with respect to property damages, injuries, disability or death of third parties such as pedestrians as well as drivers and occupants of other vehicles. However, this type of insurance protects the interest of only third parties, not yours.
Inclusions
Compensation for bodily injury to third parties due to an accident caused by your car.
Compensation for property damage to others due to an accident caused by your car. This property could be a car or any other property of third parties.
Compensation to nominee in case of death of third parties due to an accident caused by your car.
Compensation for your injury or property damages.
Note: IRDAI (Insurance Regulatory and Development Authority of India) decides and revises the rates for third-party coverage every year. The revised third-party premium rates on motor car insurance as of 16th June 2019 are mentioned in the table below:
|
Engine Capacity |
TP Premium for Renewal of existing vehicle (Annual)* |
TP Premium for New Vehicle(3 Years Policy) |
|
Less than 1,000cc |
Rs. 2,072 |
Rs. 5,286 |
|
Above 1,000cc but less than 1,500cc |
Rs. 3,221 |
Rs. 9,534 |
|
More than 1,500cc |
Rs. 7,890 |
Rs. 24,305 |
Note: Third-party property damage is compensated up to Rs. 7.5 lakh. In case of injuries/death, the court tribunal will make the decision on the payout.
TP rates for new vehicle policy:
As per the new law, in case of new car the premium for four-wheeler insurance covering third-party liability will need to be paid for 3 years in advance.
Car Insurance is a vehicle insurance policy to protect yourself from financial losses arising from unforeseen risks such as accidents, thefts or third party liabilities. It is also known as auto or motor insurance. There are two types of motor car insurance in India, third party insurance which protects you from the claim arising out of the accidents involving third parties, and other is comprehensive cover which provides third party cover as well as Own Damage (OD) cover. OD cover protects you from financial losses against accidental damages to your vehicle. As per the Motor Vehicles Act, 1988, motor third party insurance is mandatory in India. You can avail four wheeler insurance to obtain cover for you (insured party), your car (insured vehicle) and third parties (other vehicles and their property). You can renew or buy car insurance for both new as well as pre-owned cars. The validity of a car insurance policy for old cars is for a period of one year, whereas for a new car the owner has to mandatory buy 3 years compulsory TP with an option of 1 year OD or a 3 year OD.
Car Insurance Frequently Asked Questions
There are certain facts and terms that you should know about car insurance to buy a suitable policy
For private car- Yes, you may shift the vehicle to garage. But, if the vehicle is found in immovable condition or you find there is a leakage of coolant/ engine oil then you shouldn’t try to start your car and avail assistance of breakdown service van. For Commercial Vehicle- Scope should be given for spot survey unless there is real constrain in getting it done due to road blockage or other sensitive aspects.
Claim should be reported on immediate basis after the incident/accident. However priority must be given for self-safety & medical assistance (if required).
Claim should be intimated to our call centre (Toll Free: 1800-103-2292) OR E-Mail us at claims@bhartiaxa.com
Electrical accessories cover any electrical and/or electronic equipment that is not factory fitted with the vehicle, e.g. music system, LCD mini TV, Fog lights, etc. Value of electrical accessories will be as declared by the insured.
Non-electrical accessories cover any non-electrical/ non-electronic equipment that is not factory fitted with the vehicle, e.g. mag wheels, leather seats, CNG-kit, interior fittings, etc. Value of non-electrical accessories should be the invoice value of the non-electrical accessories up to the maximum limit of Rs. 20,000/-.
Personal Accident Insurance for Family/ Passenger covers monetary pay outs towards injuries sustained by people/ passenger travelling in the car due to accident resulting in death or disablement. Personal accident insurance covers insured/his family/passengers travelling in the car at the time of accident.
This add-on covers:
The Insured will be covered for any liability arising from any accident caused by or arising out of the use of the private car in respect of:
Death or bodily injury to third parties (unlimited liability)
Damage to the third party property (minimum of Rs.6000/- and max of Rs.7,50,000/-
No. Add on package can be sold only with car insurance policy. It cannot be sold on standalone basis. E.g. If the car is insured with some other company and you want to buy only add-on from Bharti AXA, in that case this option is not available.
Our standard car insurance attempts to provide protection for all possible situations a driver is likely to face, however despite this it is a policy that covers risks common to most vehicles. Further, there are certain circumstances that are specific to certain regions, vehicle type, level of use etc.
Add on covers provide protection against such specific risks. All you need to do is key-in your details into our quick quote section and you shall receive customized recommendations for add-ons in accordance with parameters like vehicle age, make, model, No-claims-bonus, location among various other factors. Given are certain specific situations where add-ons have benefitted vehicle owners greatly.
Consider the following:
a) Heavy rainfall and flooding
If you happen to live in an area that faces heavy rainfall and is prone to flooding, the chances are that your vehicle will be exposed to probability of water seeping into its engine. And if you even turn on the ignition key of your car while it’s parked in a water-logged area it can cause massive engine damage.
Further, you must know that such damage will be considered as consequential loss and will in all likelihood not be covered by your regular four wheeler insurance policy. A Hydrostatic lock cover addresses precisely this issue. It covers expenses pertaining to engine.
b) A single claim can bring your ‘No-claims-bonus’(NCB) to zero
If you happen to be a cautious driver who has accumulated a fair amount of NCB then imagine your plight if a single claim caused a teenage driver or close relative brings down your No claims bonus to zero. Unbelievably, car insurance offers a solution to this concern in form of ‘No Claims Bonus Protector’ Cover. This cover protects your NCB for 2 admissible claims during the course of your policy period.
c) Bumper to Bumper Driving (Better protection through Depreciation Cover)
Most persons travelling to work and back during office peak hours in a metro or mini metro would know of the jam packed bumper to bumper driving experience each commuter faces. Situations of fender benders are extremely common. Under a regular insurance policy generally only 50% of repair expenses for plastic, fibre and metal parts are reimbursed. Even for other parts the claim amount is subject to depreciation.
This means that you shall receive an amount, which is lower than the actual repair expense. In several cases the amount deducted on account of depreciation could be as high as 50%. Depreciation cover is a solution to this problem. Not only does depreciation cover make up for the depreciated amount it also provides complete repair expense reimbursement for plastic, fibre, glass and metal parts.
The shared examples are just a few but there are several risks that are specific to location, vehicle age, driver type, level of use among others. Add-on covers let you customize your existing car insurance to suit your needs in accordance with risks that are specific to your situation.
Roadside Assistance Cover provides you services in the event of breakdown of your vehicle. Just in case you get stranded in the middle of the road due to a car breakdown, you can fetch help with just one call at any time of the day or night. Roadside assistance cover includes towing service, repairs, changing flat tyres and emergency fuel refuelling etc.
It is a car insurance cover wherein the company shall pay the depreciation amount deducted on the value of the parts replaced i.e. depreciation amount will not be deducted from the claim amount. You can avail this benefit up to 2 admissible claims during the policy period.
Yes, you can also buy additional car insurance covers along with standard car insurance policy online. For car insurance following are some of the important additional covers available.
The following events or losses are not covered in this policy:
* Consequential loss is an indirect loss, which is not directly resulting out of a loss event, but arising as a consequence of loss event. For example, Mr. Singh was on his way to office for an important meeting with client. Unfortunately, his car met with a road accident resulting in damages to car and it consumed lot of his time. Due to this, he could not attend the meeting resulting in loss of approx. 15 Lakhs. Damages to car due to the accident are covered, but the loss of 15 Lakhs is consequential and hence not covered.
The private car can be used for social, domestic and pleasure purposes and also for business purposes excluding the carriage of goods other than samples by you or your employees. Bharti AXA will protect you against any loss or damage to your private car and its accessories during the following events:
Depreciation cover is a benefit under which the depreciation of the car is not factored by the insurance company. So, if there are damages to your car due to an accident, the insurance company will pay for the depreciation amount as well.
Cashless claims help you to get your vehicle repaired without paying money at the network of the garages of the insurance provider. The insurance company will pay the claim amount directly to the garage.
The details required to calculate the premium for new and old car differ a little. Let us look at each of them in turn.
Calculation of premium for new cars
You will have to provide the following information to calculate the premium for new cars:
Age of the car
Whether the car will be used for personal or commercial purposes
Fuel type
Insured declared value
Cubic capacity of the car’s engine
Area where the car was registered
Accumulated no claim bonus, if any
Owner-driver’s personal details including
Age
Gender
Occupation
Voluntary deductibles
Calculation of premium for old cars
The information needed for determining premiums for old cars additionally includes:
Current policy details
Claim history
Previous owner’s details, if any
Remember that only the Own Damage premium and any add-on premiums are decided by the insurer. Third party liability premium and personal accident premium are fixed by IRDAI.
NCB is the discount that insurance company offers if the policyholder does not make a single claim during the policy period. You can accumulate up to 50% NCB discount for every claim-free year until 5 years.
|
No. of Years |
Discount |
|
One claim-free year |
20% |
|
Two consecutive claim-free years |
25% |
|
Three consecutive claim-free years |
35% |
|
Four consecutive claim-free years |
45% |
|
Five consecutive claim-free years |
50% |
Insured Declared Value (IDV) is the maximum sum assured amount that the insurance company will compensate for the claim. It is considered during the calculation of premium and changes every year after adjusting the depreciation.
Buying a car Insurance policy should not be a random decision. You should buy only the best car insurance in India. It requires due diligence and consideration of the following factors:
Choose the best car insurance company with an established brand reputation and financial stability. Check out how long the company has been operational in the market, what experience it has and how many four wheeler insurance policies it has issued so far.
When checking the background of the insurance company, do pay close attention to its claim settlement ratio. You should check how many claims the insurer has settled against the claims received in a stipulated period. Usually, the claim settlement ratio is easily available on the company portal or other reputed websites such as IRDAI.
There are several car insurance companies offering various types of car policies. It is recommended that you make a comparison of the features, benefits, and prices of these policies. You can get a car insurance quote online easily. Remember that a policy with a cheap premium may not be necessarily the best for your car! Choose only the best car insurance in India for 360-degree coverage.
The premium you pay on the Car Insurance policy should be affordable while offering maximum benefits and value for the price. Try to understand all those factors that affect the premium amount. If you are comparing prices online, you can ask insurers to send car insurance quote online.
When your car is damaged, there are umpteen things running on your mind. Moreover, accidents can happen anywhere, just not in your city or state. Now, you don't want to add the additional stress of finding a reliable garage to get the repairs done. Hence, it is important to buy the car policy only from that car insurance company which has a strong network of garages PAN-India. Before you buy the policy, ask the insurer for the list of garages it has a tie-up with.
Usually, when you make a claim, the four wheeler insurance company asks you to present the bills and then makes the reimbursement. This involves a lot of headache and paperwork for you. However, cashless claims can ensure that the insurer settles the bill directly with the garage and you don't have pay upfront. All you have to do is send claim intimation to the insurance company. So, choose an insurer that offers the facility of cashless claims.
No car policy promises made by the company are good if it can't serve its customers well, especially after sales and service and at the time of claim settlement. Look for car insurance company which offers 24/7 customer support and can guide you properly at every step. Go through online customer testimonials and reviews on the internet to get an idea of the company's customer service.
Choose four wheeler insurance company that offers online car insurance policy. It is not only hassle-free and time saving to buy the policy, but the premium of online policies is lower too. You can even do car insurance renewal online.
Car Insurance is a gateway to your peace of mind when you are driving your car. As soon as you buy a car, insurance should be your first priority. You should also remember to renew your car policy timely to avoid any losses or putting your security at risk. Buy the best car insurance policy in India now!
If you need any guidance on how to get online car insurance, get in touch with Bharti AXA.
The insurance companies need minimum documentation from Four-Wheeler Insurance buyers. Check out the list of various documents you need to provide.
in case of Car Insurance Renewal Online as well as offline.
Do note that the four wheeler insurance can be purchased, only by a person who owns a car and is aged 18 years or above. You should make sure to provide complete and accurate information about your car and personal details in order to determine the correct IDV and premium amount. In case the details are misrepresented they can affect not only the premium but also terminate your policy.
You can request the document list either; when you buy Car Insurance online or visit any insurance company branch/advisor.
The IDV of the car is to be fixed based on the manufacturer's listed selling price of the brand and model, as the vehicle proposed for insurance at the commencement of insurance /renewal and adjusted for depreciation. The IDV of the side car(s) and/ or accessories, if any, fitted to the vehicle, but not included in the manufacturer's listed selling price of the vehicle is also likewise to be fixed. The schedule of depreciation for arriving at IDV is as below:
Schedule of Depreciation for arriving at IDV
| Age of the Vehicle | % of Depreciation for fixing IDV |
| Not exceeding 6 months |
5% |
|
Exceeding 6 months but not exceeding 1 year |
15% |
| Exceeding 1 year but not exceeding 2 years | 20% |
| Exceeding 2 years but not exceeding 3 years | 30% |
| Exceeding 3 years but not exceeding 4 years | 40% |
| Exceeding 4 years but not exceeding 5 years | 50% |
We at Bharti AXA GI provide you with customized recommendations of car insurance based on your vehicle age, vehicle type, No-claims-bonus etc. All you need to do is key-in your details into our quick quote section to retrieve add-on recommendations. In addition, quick online research is not only quite easy and simple but will also provide you with a fairly good idea of what car insurance add-ons can be beneficial to you.
The discounts that can be allowed under the Private Car insurance policies are Voluntary Deductible discount and No Claim Bonus. Furthermore, you could avail additional discounts on your online car insurance premium, if you have
The online advantage enables you to buy the four wheeler insurance policy through web instantly. It saves your time and money. You can get a free quote, calculate your car insurance premium, and buy the four wheeler policy with instantly. You can enjoy hassle free buying without any paperwork. You can buy Bharti AXA private four Wheeler Insurance policy online using credit card, debit card or net banking.
The law in the country makes it compulsory for you to insure your car. The compulsory nature of the law protects you against third party liability. Also, your four- wheeler is probably one of the most expensive things you own. Car insurance protects this asset of yours and helps you in coping with the financial loss caused by accidents, damage or theft. Another reason is that while driving, you are responsible for the safety of:
Your passengers stranded
Car insurance helps you to cover the costs of potential damages or injuries in case of an unforeseen accident or theft and third party insurance serves to protect you from the claims arising from third party.
No there is no such limit.
To apply for liability only car insurance policy, please visit motor third party liability. Kindly share the required details of the vehicle including the first registration date and policy expiry date in the message box.
Refund is possible only when the four wheeler insurance company cancels the policy. The refund essentially depends upon the company and always released on a pro rata basis. You must check the short rate calculations before cancelling your policy.
As per section 64VB of Insurance Act, 1938 no risk can be commenced unless premium is received in advance. Hence, full car insurance premium needs to be collected before the start of policy period.
Reach us at 1800-103-2292 (Toll free) and get assistance from customer service representative.
Car Insurance policies can be issued for a period of a year or multi year. You will have to renew the policy before the specified expiry date mentioned on the policy document. Policy for old cars is for a period of one year, whereas for a new car the owner has to mandatory buy 3 years compulsory TP with an option of 1 year OD or a 3 years OD.
There are certain benefits of doing so:
Most car insurance add-ons are quite affordable. The price of each add-on is dependent on several factors like vehicle age, vehicle type, location etc. You could key in you details into our “Quick Quote” section and receive a quote for a policy along with the add-ons you wish to opt for.
Car Insurance premium is the fixed amount of sum paid by the insured to the insurance company for availing benefits and covers provided by the car insurance policy during the policy period; and to complete the contract of insurance. For buying and renewing car insurance online you can pay with credit card or net banking.
Yes, it is possible to opt for a new/additional car insurance cover at the time of renewal.
Break-in-insurance is when the car insurance policy lapses due to non-renewal on time. Indian law makes it compulsory to have car insurance with third party insurance at all times. In case of break in your car insurance policy, you can get in touch with our customer support at 1800-103-2292 (Toll free) to renew policy if it has been less than 90 days so that you may be able to retain your No Claim Bonus. You have to get your car inspected before purchasing the policy.
If your policy has already expired, you have to obtain a fresh insurance. Due to the break in insurance the vehicle will be physically inspected by a company official or an authorized representative/agency. You can get the NCB transferred in case your car is insured within 90 days of your renewal due date.
It is strongly recommended that you opt for covers only at time of renewal of your car insurance policy and not during your policy period. You can’t opt for a motor add-on cover online in case you are not renewing your policy. For midway/midterm add-on procurement you could contact our customer care representative for guidance.
Yes, you can opt of car insurance covers online at time of renewal.
Yes. You can renew your expiring policy online from www.bharti-axagi.co.in providing minimum details. Also enjoy the benefit of transferring up to 50% of no claim bonus earned by you.
You should renew your car insurance before expiry of the existing car insurance policy. This keeps your vehicle insured against the risks without any break and retains the No Claim Bonus which is the discount in premium for claim free year/s.
First of all, a very "THANK YOU".
I have a great experience in the settlement of my vehicle claim which got fully burnt in Airshow 2019 fire incident. My claim is settled in a single day and got the 85% of settlement amount very next day. Bharti Axa team has helped in a very effective way to get the amount well within a week of the incident.
I wanted to highlight & write specifically about the good work which Mr. Saravana & Team exhibited by going that extra mile to help us getting the IDV value of our Car, which got burnt due to the mishap which happened during the Aero show this year.
I really appreciate his and his team's willingness to help a customer and ensuring that the complete process was taken care seamlessly, without burdening a customer during this low period.
I would like to express my sincere thanks to the AXA insurance team, who had provided support to the victims of unfortunate Airshow fire incident without much hurdles.
I appreciate the decision taken by Senior Officers who had come all the way from Mumbai and Chennai to settle the initial claim amount of 85% to the customers.
Once again Thanks to Team AXA.