AUTO INSURANCE
Auto Insurance
Also known as motor or vehicle insurance is insurance for cars, trucks, cabs, and other four wheeler plus vehicles. Having the right auto insurance does much more than keep you safe on the road. It also protects you and your loved ones from financial loss in case of personal injury, or in the event of a liability claim when you’re at fault. According to the type of policy and coverage options you select, your auto insurance may even pay for lost wages while you recover from your injuries or for funeral expenses if the unthinkable happens.
Type of Coverage which Impacts Your Quotes
★ Third Party Car Insurance
★ This type of policy compensates the damages to a third party and their property. It’s best for those planning to insure their car just because it’s mandatory.
The quote that you get for Third Party cover is the sum of its components which include:
★ The basic third-party premium
★ Premium for Personal Accident Owner Driver Cover
★ Goods and Service tax
★ The basic premium for third-party depends on the cubic capacity. These rates are revised each year by IRDA
Additional Covers in Car Insurance
★ Zero Depreciation Cover: This add-on is for the repair or replacement expenses of plastic, rubber, glass and other materials which would otherwise not be covered in a regular policy.
★ Engine Protection: This add-on is for the times when the monsoons are at their destructive worst, and leave your car’s engine vulnerable to flooding.
★ NCB Protection: This add-on provides discounted premium on your no-claim bonus year-on-year, even after making a claim during the policy period.
★ Invoice Cover: This add-on helps you to recover as much as the car’s on-road price or Insured Declared Value, in case of total loss (such as theft or a really bad accident).
Key Features of a Car Insurance
★ No Claim Bonus: An NCB is a discount offered to the policyholder for not making any claims over the previous years. This cover rewards them by providing a discount of up to 50% on the premium payment for the following year.
★ Own Damage: Comprehensive car insurance plans provide own damage cover. Own damage covers the damage occurred to you and your vehicle during an accident.
★ Third Party Damage: This includes the damages to a third party or third party’s property.
★ Cashless: This feature provides cashless facility across a number of network cashless garages across India. With this feature, the garage directly settles the bill with the car insurer provider.
★ Customizable Add-ons: You can get additional riders for your car insurance plan such as NCB Cover, Accidental Death Cover, OD cover, Zero Dep, etc.
★ Claims Process: To intimate a claim, simply call the 24×7 customer service of Coverfox.com and a dedicated team of experts will be ready to assist with the entire process of the claims process.
★ Claim Settlement: Once the claim has been processed and the relevant documents have been submitted for verification, the insurer will begin the process of claim settlement.
Why Do You Need Car Insurance?
★ Mandatory by Law: As per the Motor Vehicles Act, 1988, it is mandatory for every vehicle to have a third-party insurance plan.
★ Peace of Mind: You have complete peace of mind as you are sure that you have personally filled all the correct and relevant information at the time of buying your insurance policy.
★ Saving Time: You can buy and renew a car insurance policy instantly this saves your time and provides you the convenience of your home comforts.
Benefits of motor/car Insurance Renewal through Innovative Insurance
★ 60% DISCOUNTS: Get up to 60% discounts on own damage premium. The discount rates vary for each Car make, model and RTO. Check out the rates of car insurance online against your car!
★ UNBIASED EXPERT ADVICE: We have a team of experts to help you pick the right car insurance policy. We recommend listening to their advice and making your own decision. Car Insurance Renewals also becomes a really easy task because of our expert’s unbiased advice.
★ POST-SALES ASSISTANCE: Our service managers are there to help you with any concern from claims processing to car insurance renewals. Confused about some clause? Need something changed? Want to file a claim? We are here to help.
There is every General InsuranceCompany provide this insurance, you may contact us for hassle-free services and a free quote.
If you want to read more about motor insurance:-
Some useful links:-
Frequently Asked Questions
Q. What Motor Insurance cover should I buy?
Ans: Third Party Liability insurance is mandatory for all vehicles plying on public roads in India. This covers Liability for injuries and damages to others that you are responsible for. In addition, it is prudent to cover loss or damages to the vehicle itself by way of Comprehensive/Package policy, which covers both “Liability” as well as “Own damage” to the insured vehicle. Liability Only cover is also known as Act Only cover.
Q. If I fit CNG or LPG kit in my vehicle, is it necessary to inform the Insurance Company?
Ans: If a CNG / LPG kit is fitted in the vehicle, the (Road Transport Authority (RTA) office where the vehicle was registered should be informed so that they make a note of the change in the registration certificate (RC) of the vehicle. The insurance company should also be informed so that the kit is covered on payment of extra premium on the value of the kit under “OD” section and also under “LO” section.
Q. Will my premium be cheapest if I stick to the same insurer every year?
Ans: No.
It is not necessary that your premium will get cheaper if you stay with the same insurer. Insurers usually don’t offer retention discounts online. They may have their own discounts to offer – Example: Occupation discount, etc.
If at all your premium decreases it could be because your IDV has reduced. Or perhaps, you had a claim-free year so you can ask for NCB discount. Or perhaps you chose to discontinue certain add-on covers. For example, you may have had a zero-depreciation add-on but that would be valid only till the 5th year. From the 6th year onwards, since the add-on is discontinued, your premium is lowered by default.
Your premium could also increase, if you may have added few more add-ons such as personal accident cover add-on or accessories cover add-on. Sometimes, due to increase in taxes, the premiums can increase.
Q. What coverage limits meet my needs?
Ans: The sum insured for the vehicle is called “Insured’s Declared Value” and should reflect the current market value of the vehicle. Under Liability insurance, Third Party Liability insurance is covered. There is unlimited coverage to Third parties injury and Third party property damage is covered up to a sum of Rs 7,50,000.
Q. What are the recommended add-on covers in car insurance?
Ans: The add-on covers are meant to support four-wheeler insurance plans adequately. Some of the add-on covers are zero-depreciation, invoice cover, engine and electronic circuit cover and No Claim Bonus Protector cover.
A zero depreciation cover ensures that the insured can have a full claim on the value of the parts without deductions for standard depreciation that are replaced after an accident.
The invoice cover ensures that you will be reimbursed the ‘on road price’ in case the car gets stolen or has a total loss due to a major accident.
The engine and electronic circuit cover offers protection during flooding.
The No Claim Bonus cover helps you retain the NCB benefit even after one claim has been made during the year.
Q. What is "No Claim Bonus"?
Ans: No Claim Bonus (NCB) is the benefit accrued to an insured for not making any claims during the previous policy period. As per current norms in India, it ranges from 20% on the Own Damage premium (and not on Liability premium) and progressively increases to a maximum of 50%.
CUSTOMER FEEDBACK
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