Car Insurance is a type of vehicle insurance policy that protects your car & car owner from any risks & damages that may lead to financial losses. A car insurance policy provides financial coverage to the beneficiary of the car policy against any loss or damages arising out of road accidents, third party liabilities, theft, man made calamities, fire or natural disaster.

Buy/Renew Car Insurance Online

Buying a four wheeler insurance policy is mandatory in India for all cars as per the Motor Vehicle Act 1988. Vehicle insurance companies compensate for the loss or damage caused to the insured vehicle and a third-party from the insured four-wheeler. Here are some of the reasons to buy a new car insurance policy in India:

• It pays for the car damages as a result of a collision, accident, death or natural calamities, which otherwise would need to be paid by the insured
• It pays for hospitalization expenses in case of an accident
• It reduces the financial and legal damages that can arise from a third-party liability or damage
• With rider benefits like roadside assistance, zero depreciation the expenses are further reduced

Moreover, the premium amount of your car insurance is decided based on the Insured Declared Value or IDV of the vehicle. If you increase the IDV, the premium rises and if you lower it, the premium reduces.

It is important for any policyholder to compare car insurance plans before going for 4-wheeler insurance renewal or buying a new policy. Compare various car insurance plans online on Policybazaar and buy the one that fulfils your expectations hassle-free:

• Get the best car insurance policy from top Car insurers
• Instant and easy online car insurance renewal process
• Comprehensive coverage for four-wheeler vehicle
• A wide range of Add-on covers for improved protection

Types of Car Insurance Policy in India

There are three types of car insurance policies that are available in India –

Comprehensive Car Insurance

A comprehensive insurance policy provides coverage for third party liability as well as damages caused to your own car. In comparison with third party liability insurance, a comprehensive four wheeler insurance policy offers extensive coverage, more benefits and covers the damages caused to the insured car in case of an accident, collision, theft, etc.

A comprehensive policy can be further extended by opting for add-ons like accessories cover, engine protector, zero depreciation cover, medical expenses, etc. This type of coverage is the most popular as it offers end-to-end coverage and thus less stress for the policyholder.

Third Party Car Insurance

Third party insurance safeguards you from any legal liability due to your own car’s involvement in an accident. Your insurance provider will compensate you for death, disability, injury, or property damage to any third-party. Therefore, you are protected from the financial liability towards the third-party.

Third-party liability car insurance prices are a mandate in India under the Motor Vehicles Act, 1988.

Pay as You Drive Insurance

Also known as usage-based motor insurance, this insurance policy allows the insured to pay the insurance premiums as per the kilometres driven. This newly introduced product likely to be helpful for those with multiple cars not all of which are used so frequently. As per the IRDA guidelines under the Sandbox project, a few insurers such as Bharti AXA, Bajaj Allianz have started offering Pay As You Drive insurance policy. The policy offers comprehensive coverage for own damage and third-party liability on a pilot basis for a term of one year. The policy seeker will have to declare the distance he/she expects to travel during a policy year and based on that premiums for Pay As You Drive policy will be decided. However, the insurers have come up with 3 slabs for distance covered -Rs 2,500 km, 5,000 km and 7,500 km.

Benefits of Renewing Car Insurance Policy Online

A new car insurance policy has a validity period and after its expiry, you need to renew it for keeping your car insured. You can renew your car policy either offline or online. Even though many of us still follow the traditional method of offline renewal of the policy, but opting for online car policy renewal is better. Here are a few benefits of renewing your car policy online.

• Easy and Quick Process: For renewing your online car policy, all you have to have is good internet. With the help of a good internet connection, you can renew your 4 wheeler insurance plan at the convenience of your home anytime. In this way, online renewal is easy and fast as you do not have to go to a branch of the insurance provider or call an agent for renewal. Moreover, the online car policy renewal process is paperless or requires very minimal paper-work.
• Simple Customization of Policy: You can easily customize your car policy while renewing it online. You can enhance the coverage of your policy by adding add-ons to it. However, before topping your policy with an add-on, you must keep in mind that the premium majorly depends on the cover type that you are taking.
• Secured Renewal / Purchase Process: Car insurance renewal online is an easy process because of the availability of all the required information over the web. This transparency enables you to make an informed decision. In addition to this, payment through secured gateways of payments ensures that your personal and critical information is not leaked anywhere. Therefore, it safeguards you from exposing to any fraudulent risks.
• Simple Insurance Provider Switching Process: In addition to all the above benefits, you can very easily switch your insurance provider while renewing your policy online. Since information regarding all the insurance providers is available online, thus it is very easy to make car insurance comparison online and select the best-suited plan in terms of premium and features.
• Easy No Claim Bonus Transfer Process: You should always transfer your NCB or No Claim Bonus at the time of policy renewal. While for the online renewal process, it is really easy and quick in comparison to offline renewal.
• A Transparent Method: Since in the online renewal process everything is in front of your eyes. This means nothing is hidden or no agent or someone is hiding any information from you. Whether it is a comparison of policies or switching of plans or payment processing everything is selected by you and happens in front of you. So, we can easily say that this method of policy renewal is completely transparent.

Benefits of Buying Car Insurance Policy Online

Buying an online car insurance policy is a common practice today. With the buying of 4 wheeler insurance policy online, you can insure your car against any damage due to an accident, theft, fire etc within 2 minutes. If you are wondering why most people prefer to purchase four wheeler insurance online, check out its benefits below:

No More Agents Offline purchase of insurance policies involve agents who try to sell their own product rather than suggesting you a better policy from another insurance provider. Purchase of new car insurance policy online will eliminate such agents and you can buy the best policy after comparing various plans offered by different insurance companies.

Zero Paperwork Another benefit of buying four wheeler insurance policy online is zero paperwork. Contrary to the offline mode which requires you to fill multiple forms, the online mode allows you to fill up all the forms online. You can also upload the required documents online making the application process digital and free of any paperwork.

Convenient & Saves Time As compared to the offline modes, buying 4 wheeler insurance online is very convenient. You don’t have to visit a branch of the insurance company or take out time to meet the agent. You can get your car insured from the comforts of your home, hence, saving a lot of time and efforts.

Payment Reminders Missing policy payments or renewals can cost you a great deal. Not only will you lose out on the renewal discounts but also have a break in policy. But if you purchase your car policy online, you will receive timely reminders ahead of your due date ensuring that you do not miss out on the payments.

Online Premium Payment Facility Buying 4 wheeler insurance online offers cashless facility and involves zero cash transaction. You can make payment of your insurance premium online through online modes such as debit card, credit card and internet banking.

Easy Comparison With the online purchase of four wheeler insurance, you can easily compare the plans offered by different companies. Online aggregators allow you to compare the coverage and the premium quotes provided in different plans before selecting an ideal insurance policy for your car.

More Cost-Effective Buying an insurance policy online is more economical as you save a lot of in-between costs. Your premium reduces due to elimination of agents, zero paperwork and you get discounts that further reduce the amount of premium you pay.

Easy Endorsements Endorsement refers to any changes in the information provided in the policy document. in case of online endorsements, you just have to give a self-declaration as opposed to the filling up the endorsement form manually and submitting all the documents.

Soft Copy of the Document Another benefit of applying for car insurance online is that you have a soft copy of your policy document in your email. This makes it easy for you to access it from any place without the need to carry a hard copy with you.

Types of Insurance Plans

Healh Insurance

Health insurance is an insurance coverage that gives you financial protection against the losses or medical expenses you incur when coping with an illness, a chronic ailment, or injury.

Travel Insurance

Travel insurance provides comprehensive coverage against things that are likely to spoil your trip. It covers your medical expenses and other risks so that you can enjoy your trip hassle-free.

Life Insurance

Life Insurance is a financial product, wherein the policy holder and the life insurance company comes to an agreement.

Business Insurance

Business insurance coverage protects businesses from losses due to events that may occur during the normal course of business.