About Car Insurance

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Car insurance is compulsory in India, thus you are required to have it. A car insurance policy protects you and your car from expenses related with damages, accidents, fire, explosion, theft etc. As per Motor Vehicles Act, A motor vehicle in a public place is potentially a dangerous and lethal instrument. Unlike other properties which may be insured or not at the option of the owner, a motor vehicle is required by law to be insured in respect of the user's liability for death, bodily injury or damage to property of third party.This is valid for all kind of vehicles: two wheeler, four wheeler or commercial vehicles

Benefits of Car Insurance

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No claim bonus

The insured is rewarded with discount on the renewal premium for every claim free year. It usually ranges from 10% to 50%. It will assist you in saving huge money in the premium also. In case if you have collected a nice no claim percentage then it will assist you in a future claim which you will make.

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Roadside Assistance

This add on cover helps you, when you got stuck in unwanted situations. These can be emergency transport, daily allowances, assistance in case of a dead battery, taxi benefits, towing facilities, assistance if the fuel in the car runs out, freebies and many more.

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Invoice cover

This add on helps in case of a complete loss of your car because of any damage caused by an accident.

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Replacement cover

This add on covers the expenses, if you lose the keys of your car and coverage for the procurement of new locks. Normally the insured will be able to take advantage of this plan once in the whole policy.

Important factor that determines Car Insurance

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Vehicle registered

Cars in metropolitan cities have to pay higher premiums as the incidence of vehicle thefts and accidents is higher.

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Vehicle potential risk

For instance, some makes and models fare better in collisions than others so injuries to occupants and damage to the car would be less severe.

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Year of Manufacture

This lets the insurance company assess its Insured Declared Value (IDV) that facilitates the underwriter to decide the annual premium for your car.

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CNG/LPG Fitted Car

Additional cushions you may consider such as cover for CNG/LPG kits, key replacement costs, road-side assistance etc. will increase your premium amount.

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Zero Depreciation

The insurance premium amount will always be less if you haven't made any claims before.

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Existing policy

If you are buying a new car and want to transfer your existing policy - there may be variation in premium rates and change in underwriting criteria for new vehicle.

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Gender and profession

Gender and profession of the driver are also considered while determining the premium price.

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Additional Covers

Additional benefits come with additional cost.

Documents Required To Buy Car Insurance

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Age Proof --> Birth Certificate, 10th or 12th mark sheet, Driving License, Passport, Voter ID, etc.(Any one)

Identity Proof --> Driving License, Passport, Voter ID, PAN Card, Aadhar Card, which proves ones citizenship

Address Proof --> Electricity Bill, Telephone Bill, Ration Card, Driving License, Passport, should clearly mention the permanent address

Income Proof --> income proof specifying the income of the person buying the insurance

Proposal Form --> duly filled in proposal form is required

Medical Tests --> Some companies may require medical check-up in order to make sure that the insured does not suffer from any chronic illness.

What is not covered in Car Insurance?

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Driving without a valid driving license.

Accident caused as a result drink and drive or drugs etc.

Loss or damage if a policy is not in force.

Gradual wear and tear of car and its parts.

Damage to engine as a result of oil leakage.

Concepts & FAQ's Car Insurance

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What is the period for which Car Insurance policy is issued?
All Car Insurance policies are annual policies issued for a period of twelve months. You will have to renew the policy before the specified expiry date mentioned on the policy document.
Can I get my money/unused premium refunded?
Refund is possible only when the policy is cancelled. The refund essentially depends upon the company and would be on short rate period. You must check the short rate calculations before cancelling your policy. You need to provide alternate copy of policy covering TP risks to cancel the policy.
Can I pay Car Insurance premium in instalments?
As per section VB64 of Insurance Act, 1938 no risk can be resumed unless premium is received in advance. Hence, full car insurance premium needs to be collected before the start of policy.
How can I apply for liability only insurance online?
To apply for liability only 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.
Why do I need Car Insurance?
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 car is probably one of the most expensive things you own. Insurance protects this asset 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:
Is there any limit to the number of add-ons I can opt for with my policy?
No there is no such limit.

All Insurance Company List

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  • 1. Edelweiss Tokio Life Insurance Company Limited
  • 2. HDFC Life Insurance Co. Ltd
  • 3. Max Life Insurance Co. Ltd.
  • 4. ICICI Prudential Life Insurance Co. Ltd
  • 5. Kotak Mahindra Life Insurance Co. Ltd
  • 6. TATA AIA Life Insurance Co. Ltd.
  • 7. Aditya Birla SunLife Insurance Co. Ltd.
  • 8. SBI Life Insurance Co. Ltd.
  • 9. Exide Life Insurance Co. Ltd.
  • 10. Bajaj Allianz Life Insurance Co. Ltd.
  • 11. PNB MetLife India Insurance Co. Ltd,
  • 12. Reliance Nippon Life Insurance Company Limited,
  • 13. Aviva Life Insurance Company India Ltd.
  • 14. Sahara India Life Insurance Co. Ltd.
  • 15. Bharti AXA Life Insurance Company Ltd
  • 16. Future Generali India Life Insurance Company Ltd.
  • 17. IDBI Federal Life Insurance Company Limited
  • 18. Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited,
  • 19. Aegon Life Insurance Company Limited,
  • 20. DHFL Pramerica Life Insurance Co. Ltd.
  • 21. Star Union Dai-Ichi Life Insurance Co. Ltd.
  • 22. IndiaFirst Life Insurance Company Ltd.

Disclaimer !

This is to inform that Policykarlo.com do not charge any fees/security deposit/advances towards outsourcing any of its activities. All stake holders are cautioned against any such fraud.

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