India’s first Insurtech Consulting Platform
for Employees and Businesses
India’s first Insurtech Consulting Platform for Employees and Businesses

Powered by Alliance Insurance Brokers Pvt Ltd

Why Elephant Insurance?

We are India's first Insurtech consulting and advisory platform providing a one-stop solution for all insurance requirements of Corporate Employees.
We were born to empower corporate employees and give them the Muscle of Corporate - Corporate Superpower! And we are not alone in this.
We are backed by India's leading insurance brokering house - Alliance Insurance Brokers Pvt. Ltd., and the legacy continues!
Corporate Superpower
Being a corporate employee you have superpowers. With Elephant Insurance, you can use them to get killer prices and best-in-class service.
AI-based Recommendation
Say hi to Laxmi - the Artificial Intelligence, who is a friendly advisor and will hand-hold you through the entire process and recommend a solution that is a perfect fit for you.
Handpicked Insurers
Insurance companies have been handpicked basis their service, prices and claims paying capability to create a smooth experience.
Right Insurance at Best Price
Being a corporate employee can be advantageous. We ensure you don't get the cheapest insurance but a right insurance meeting all your needs at the best negotiated price.
Instant Policy
No more waiting for the physical policies, which used to be lengthy and time consuming. Employees can now print or download the policy immediately after a successful payment!
Assistance from Experts
Getting into the world of insurance can be complicated, but with the presence of Elephant Insurance, no more! We have leading insurance experts that can help guide you through the entire process, making it a cakewalk!
Digital Relationship Manager
You may need help any time after you buy a policy and for the same reason, you get assigned with a dedicated digital relationship manager for any support. Someone's always there to rescue!
Best-In-Class Claim Service
Things do go wrong! But our experienced and dedicated claims experts will help you manage your claims effortlessly.
Lifetime Personalized Account
Who doesn't like to have everything under one roof? You will be provided with a lifetime personalized account for seamless policy management.
Renewal Management
You will get regular automatic renewal notification and reminders before policy expiry, ensuring the policy is renewed on-time, easily and quickly!
Our exclusive offers. Just for you.
A cost-free employee-benefit initiative for the corporate employees.
30+
Insurers
On-boarded with the likes of ICICI Lombard, Bajaj Allianz, HDFC Ergo, Star Health, Tata AIG, Future Generali, Care (Religare), Go Digit, Max Bupa, HDFC Life, ICICI Prudential, Max Life, Bajaj Allianz Life, Kotak Mahindra, Tata AIA, PNB Met Life and many more.
500+
Corporates
On-boarded with the likes of Vantage Circle, BenefitHub, Trrain Circle, Hexaware, AGS Transact, Wildcraft, Udaan, Informatica, Jubilant Generics, Wissen, Katerra, IDBI Bank, Privi Organics, Prolifics, Netcore Solutions, Sentiss Pharma, Edureka and many more.
10+ Lakh
Employees
Enjoying their Corporate Superpower with Elephant Insurance.

Your one stop insurtech platform now at your fingertips!

Get the Right Insurance at the Best Price, every time with the Elephant.in App. Avail Exclusive Discounts and Corporate Offers on your insurance needs, using your work email id

Download our app from
elephant app elephant app
elephant app
Download our app from
elephant app elephant app
family
We make insurance simpler and easier for the corporate employees, by filling the gap in the current insurance market.
The Direct Benefit to the Employers:
It is very common for the employees to feel stressed about the finances, and in such a scenario it directly affects the businesses and its growth. Financial wellness of the employees is directly related to the overall wellbeing of the business as if they are financially sound, they will show better productivity towards their work.
It all boils down to choosing the right insurance for your employees, and you can act as the guiding star for them.
Here are a few direct benefits employers can get:
Money
Increase Financial Quotient
It helps employees get more educated and aware about their finances
Structured Planning
It will help employees plan their finances better and be at ease.
Secured
Secured Employer Platform
Making insurance management easy for employees, so that they can be more focused and productive at work.
Our latest Insurance articles & videos
  • sliderImg
    Published on: 02nd Mar 2024
    Decoding Health Insurance Common Myths

    Exploring the complexities of health insurance can be overwhelming, frequently intensified by winning cases that cloud our comprehension. In this extensive guide, we plan to expose normal misinterpretations encompassing health insurance. This guide will clear the myths surrounding health insurance so that you can have a clearer viewpoint on what health care coverage genuinely incorporates and can make informed choices.

    1. Myth: Health Insurance is Only for the Elderly

    There is an incredibly popular myth that health insurance is just significant for the elderly. Going against the norm, getting medical coverage is imperative for all ages. Mishaps and disorders can happen to anybody. Having health insurance from the beginning ensures financial security in the event of unexpected circumstances.

    As opposed to mainstream thinking, buying medical coverage in one’s twenties or thirties is a shrewd choice. Getting health insurance early frequently accompanies lower premium charges, and you can collect the advantages of a No Claim Bonus throughout the years. Consider exploring policies specifically designed for young individuals.

    2. Myth: Only Hospitalisation is Covered under Health Insurance

    Another myth that revolves around health insurance is limited coverage. Medical coverage goes past covering costs for hospitalisation. Current health care coverage strategies offer a wide scope of insurance, including prescriptions, preventive vaccinations, maternity benefits, and even insurance for alternative treatments. Understanding these subtleties guarantees you take full advantage of your healthcare coverage policy.

    Exploring health insurance policies that include extra wellness benefits is advisable. The benefits usually include frequent scheduled health check-ups, immunity vaccinations and wellness events that promote overall well-being.

    3. Myth: Pre-Existing Conditions Mean No Coverage

    There’s a popular belief that health insurance will not cover already existing medical conditions. While the facts confirm that insurers investigate pre-existing conditions, it doesn’t mean a total refusal of insurance. In India, policies frequently have waiting periods for people with pre-existing conditions trying to acquire health insurance. They become qualified for insurance after the termination of the waiting period. When applying for health insurance, you must disclose any pre-existing conditions to the insurer to avoid problems in the future.

    Therefore, it is advised to explore policies with small waiting periods or opt for policies that offer insurance coverage for certain conditions after a specific waiting period.

    4. Myth: It is Expensive to Gain Access to Health Insurance

    Cost is always a concern when it comes to purchasing health insurance. It is believed that health insurance is being restrictively costly for the average individual. In any case, the realm of health insurance in India has been developed to take care of diverse financial groups.

    Plans are tailored by a variety of insurance companies with low-cost options with adequate health insurance coverage. Use online tools to analyse plans, and you may be astonished at the scope of open health care coverage policies accessible.

    Choose family floater plans, which pool all family members within a single health insurance policy, to save money. Settling on such an arrangement may reduce the sum you need to pay for medical coverage in comparison to individual health insurance.

    5. Myth: Corporate Health Cover is Sufficient

    Having corporate health insurance does not mean you should not opt for getting individual health insurance. It is not recommended to completely rely on the corporate coverage; always get personal health insurance separately.

    Corporate policies might have restrictions, and coverage might cease upon retirement or a change of employment. Having an individual health insurance policy ensures continuous coverage, offering a safety net beyond corporate benefits. When relying on corporate health cover, understand the limitations, and consider supplementing it with individual policies. This ensures seamless coverage transitions during career changes or retirement.

    6. Myth: Cost of Treatment will be Completely Reimbursed

    The percentage of reimbursement is policy specific. Most policies have a limit for room charges depending upon the total sum insured and the excess amount needs to be borne by the insured. A policy has sub-limits for other expenses like medicine, which may fall under partial reimbursement. It would be sensible to choose the perfect plan for your needs from the array of policies available.

    7. Myth: Purchasing Health Insurance Online is Risky

    In this digital era, buying anything is convenient and just a click away – health cover included. All the details are uploaded on the websites with secure payment gateways and complete privacy. Queries are addressed and information is verified online quickly. Compare and buy health insurance policies in three easy steps! Visit Elephant.in to find the perfect health insurance, tailored to your needs!

    Conclusion

    Deciphering common myths about health insurance is essential in making informed decisions. Health insurance is a dynamic and comprehensive tool that goes beyond hospitalisation coverage. It dispels the myth that it is only for the elderly and is relevant to people of all ages. By deconstructing these myths, you enable yourself to go with decisions that focus on your wellbeing and financial prosperity. In the complicated landscape of health insurance, information is your strongest ally.

    To get the best health insurance quotes perfectly fit for your needs, visit Elephant.in! Email us at support@elephant.in or call us on our toll-free support number- 1800 266 9693 to get in touch with our experts!

    *Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. You are recommended to obtain specific professional advice from before you take any/refrain from any action. Tax benefits are subject to changes in tax laws. Please contact your tax consultant for an exact calculation of your tax liabilities.| EL/BLOGS/23-24/10

    READ MORE
  • sliderImg
    Published on: 23rd Feb 2024
    Useful Tips to Consider When Buying Insurance for Your New Car

    Buying a new car is an exciting experience, isn’t it? But it also comes with the additional responsibility of ensuring your car is well-protected and insured. Advancements in technology have now made the process of acquiring car insurance more advanced, accessible and simplified over the years. At Elephant.in, customers can compare and purchase car insurance plans online in just 3 easy steps.

    Nonetheless, you need to keep certain factors in mind while insuring your car. In this blog, we will cover some of these points.

    What Are the Different Types of Car Insurance in India?

    Selecting the best car insurance when buying a new car may seem complicated. With numerous coverages available, it is important to make a choice that is informed and reflective of all your requirements.

    • Third-Party Liability Insurance: It helps in covering the costs when one injures someone or damages someone’s property in the event of an accident. In India, the Motor Vehicles Act of 1988 has made it compulsory for all motorised vehicles to have third-party liability insurance.
    • Own Damage (OD) Insurance: This type of insurance is useful in case of damages caused to your car by natural calamities like storms, earthquakes, floods etc. or man-made disasters like riots, vandalism or theft. They cover damages that a third-party liability won’t cover. Bear in mind that while OD insurance may not be mandatory under Indian motor laws, it can only be purchased along with third-party liability car insurance.
    • Comprehensive Car Insurance: It is an all-around car insurance policy that covers you from third-party damages along with protection against damages caused to one’s vehicle due to accidents, natural disasters, theft or vandalism. Along with that it also covers the costs of hospitalisation for the driver and/or passenger, towing charges, and personal accidents.

    Often, low-cost car insurance policies offer coverage only for third-party liabilities. That means in the event of an accident, the insurer will only cover property damages or physical injury or death to the third party. Damages to your vehicle and yourself will have to be borne by you.

    That’s why it is always recommended to buy a Comprehensive Car Insurance Policy, which offers coverage for own damages, in addition to third-party liabilities. It may seem to be a little more costly, but it will prove to be helpful in the event of an accident.

    Various Factors Affecting Insurance Costs

    The cost of insurance for new car purchase can vary significantly depending on numerous factors:

    • Vehicle Type: The make, model, and age of your car influence premiums. High-end and newer vehicles often cost more to insure.
    • Driving History: Your driving record, including accidents and traffic violations, affects rates. Safe car owners typically pay less.
    • Coverage Limits: The amount of coverage you choose impacts costs. Higher coverage limits result in higher premiums.
    • Deductible Amount: A higher deductible means lower premiums, but you pay more out of pocket in case of a claim.
    • Location of RTO: The location of the Regional Transport Office (RTO) where the vehicle is registered also affects the insurance costs. Insurance providers consider your car’s registration location as one of the key factors when determining your premium.

    Understanding the Legal Requirements

    The legal requirements for car insurance in India are governed by the Motor Vehicles Act of 1988. According to the act, Third-Party Liability Insurance is a mandatory requisite for all vehicle owners. This coverage protects one against legal liabilities that arise from causing damage or injuries to third-party individuals/property in case of an accident. Personal accident cover, which is included along with the mandatory third-party liability insurance, provides coverage to cover the costs of bodily injuries or death of the vehicle owner or driver.

    Consider Additional Coverage

    Third-party liability insurance doesn’t cover own damages. While the Comprehensive Plan safeguards your car, it may overlook certain liabilities like depreciation, engine damage, consumables repair costs, and roadside breakdowns. It is better to have additional coverage plans under you to make everything even more safe under additional protection policies. They are referred to as “add-ons” and some of these are:

    • Roadside Assistance Cover
    • Zero Depreciation Cover
    • Engine Protection Cover
    • Return to Invoice (RTI) Cover
    • No Claim Bonus (NCB) Protection
    • Personal Accident Cover for Passengers

    Assess Your Voluntary Deductible

    A deductible is a part of the claim and is the amount the policyholder pays before the insurance company takes responsibility for the claim. There are two types of deductibles in car insurance namely– Compulsory and Voluntary Deductible. The compulsory deductible is an amount that is fixed by the insurer and has to be paid mandatorily by the policyholder whenever a claim arises. Voluntary deductible is the amount that is chosen by the policyholder to meet a part of the claim from his own pocket before raising it to the insurer which is not mandatory. In the case of voluntary deductible, the higher the deductible, the lower the premiums one pays.

    One must plan out their finances and decide how much one can comfortably afford in the event of a claim.

    Check for Discounts

    Did you know installing a government-approved anti-theft device in your car can reduce your car insurance premium by a considerable amount? Additionally, being a valid and recognized member of the Automobile Associations can also earn you a 5% discount on the own damage section of the premium. To find out which reductions you might qualify for, check with your insurance provider.

    Can You Buy Insurance for a New Car from Outside?

    When purchasing a brand-new vehicle from a  car dealership, you might be offered the option to get the insurance for the new car purchase right then and there. However, you can explore and select car insurance providers of your choice as long as they offer their insurance services in India. You may purchase your car insurance from Elephant.in regardless of where you purchased your vehicle from.

    Conclusion

    Purchasing auto insurance at the time of a new automobile purchase is crucial for safeguarding your financial investment and guaranteeing your safety while driving. By considering extra coverage, comparing costs, and being aware of your legal requirements, you may select the insurance policy that best suits your needs and budget. Getting into the world of insurance can get complicated, but with the presence of Elephant Insurance, no more! We have leading insurance experts who can help guide you through the entire process, email us at support@elephant.in  and get in touch with Elephant Car Insurance!

    *Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. You are recommended to obtain specific professional advice from before you take any/refrain from any action. Tax benefits are subject to changes in tax laws. Please contact your tax consultant for an exact calculation of your tax liabilities.| EL/BLOGS/23-24/09

    READ MORE
  • sliderImg
    Published on: 22nd Feb 2024
    Factors Affecting Car Insurance Premiums

    To prevent loss or repair the damage to your car due to accidents or unexpected events, getting car insurance is vital. People tend to stay away from the process of buying car insurance as the process of acquiring one can be complex and tedious. However, getting your car insured is mandatory by law in India under the Motor Vehicles Act of 1988. Getting car insurance is very simple nowadays, as the process of buying, selling, and availing of after-sales services can be done completely online. To get your car insurance online, visit Elephant.in and get your car insured in 3 quick and easy steps!

    Before purchasing car insurance, one must understand the several factors affecting insurance premiums. The type of car you own is one of the factors affecting car insurance premiums. This blog explores how the kind of car you drive affects your insurance premium.

    Understanding the Relationship Between Car Type and Insurance Premium

    It is crucial to comprehend the connection between the type of vehicle you own and its influence on your car insurance premiums. If your car has a higher market value, the corresponding insurance premium will likely be higher as well. Conversely, if the car is priced more affordably, the insurance premium will be proportionately lower. Hatchbacks, sedans and Sports Utility Vehicles (SUVs) are the 3 types of cars majorly available in the Indian car market. The other types of cars are usually a mixture of the 3 categories mentioned. For instance, a car can have features from a hatchback as well as an SUV. When compared to SUVs and sedans, a hatchback may cost less because of its limited capabilities. Therefore, you may have to lower insurance premiums if your car is a hatchback.

    Numerous factors support the idea that car insurance premiums are linked to the type of car, including:

    Brand and Model of the Car

    The car insurance premium is influenced by the make and model of your vehicle. Even within the same model offered by a single brand, each variant can have a distinct impact on the insurance premium. This disparity arises due to unique features in each variant, leading to varying costs for parts. Cars with advanced technology often incur higher insurance premiums due to the higher expenses associated with repairing or replacing their sophisticated components. This is because, in case of an accident, the insurer covers the costs incurred for repairing or replacing these parts.

    Type of Fuel Used

    Car insurance premiums are also impacted by the type of fuel a car uses. Cars that are powered by petrol usually cost less when compared to cars that are powered by diesel making the insurance premiums for a diesel car higher when compared to a petrol car. A car with an installed CNG or LPG kit increases the cost of the car which in turn increases the car insurance premiums.

    Capacity of the Engine

    The engine Cubic Capacity (CC) is another important factor that impacts car insurance premiums. Cubic capacity is different for various types of cars. A car with a larger engine capacity is subjected to higher premiums. Sedans and SUVs have higher engine cubic capacity compared to a hatchback, which makes insurance premiums higher for higher-CC cars.

    Installing Electrical and Non-Electrical Accessories

    Electrical and non-electrical accessories are the two major classifications when it comes to car accessories. Electric accessories include the music system, air conditioners and the various light installments that are done in the car. On the other hand, non-electric accessories are seat covers, different interior fittings and alloy wheels. Installing both types of accessories in the car increases car premiums. This is because of the accessories add-on cover that you might opt for to protect these electrical and non-electrical accessories.

    Conclusion

    Insurance premiums are greatly impacted by the kind of vehicle you drive. It is advised to keep shopping around for different coverage options as no two insurers are the same. Finding the coverage option that best suits your needs and finances is essential.

     

    We hope this blog has helped in answering your question – Does the type of car affect insurance rates? Reach out to our experts by emailing us at support@elephant.in to solve any further queries!

    Obtain your ideal car insurance from Elephant.in and get exclusive discounts with just a few clicks!

    *Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. You are recommended to obtain specific professional advice from before you take any/refrain from any action. Tax benefits are subject to changes in tax laws. Please contact your tax consultant for an exact calculation of your tax liabilities.| EL/BLOGS/23-24/08

    READ MORE
  • sliderImg
    Published on: 26th Feb 2024
    Decoding Third-Party Car Insurance

    Third-party (TP) Premium is a complex term in the diverse landscape of car insurance. In this blog post, we will explore and analyse the complexities of third-party premiums and answer the vital question: What is TP Premium in car insurance? It is extremely important for car owners to know about TP Premiums as they directly impact the total cost of your insurance coverage.

    The Basics of TP Premium

    Let’s begin by breaking down TP Premiums. TP, short for ‘Third Party’, is that section of your motor insurance policy that steps in when there’s damage or injury to others. However, comprehensive car insurance goes the extra mile, bundling third-party liability insurance and own damage cover, which protects your car from a variety of scenarios – theft, vandalism, natural disasters, and even man-made mishaps like riots. By paying an extra premium, it also covers bodily damages caused to the car owner or driver. A comprehensive car insurance policy can be further enhanced by bundling add-on covers, but keep in mind that the insurance premium will increase. It is essential to understand how TP insurance works to make safe and sound decisions to protect your car.

    What Does Third-Party Liability Insurance Do?

    Your insurer will have to be informed about an event of claim and a thorough investigation will take place. According to your case, the outcome will be decided. Post-investigation, if you are eligible, the insurer will cover your monetary and legal liabilities.

    Important Advantage of Third-Party Liability Insurance

    Damages caused to the insured vehicle or its owner in the event of an accident are not covered under Third-party Liability insurance. Comprehensive car insurance will be much better in getting overall insurance protection.

    Third-party liability insurance, on the other hand, pays for third parties’ property losses or personal injuries in the event of an accident. It also covers potential legal liability expenses following an accident.

    Factors Influencing TP Premium

    Insurance plays a vital role in deciding the car prices in India. The overall price of the car includes the insurance costs. The cost of insurance coverage will have to be taken into consideration when the car is bought by the car owner. The risk associated with the car model is calculated and considered by insurers in determining insurance premiums. The higher the risk of being in an accident or stolen, the more the insurance premium will be, increasing the overall value of the car.

    In India, it is a legal mandate for all cars to get third-party liability car insurance. The third-party liability car insurance rates are set by the Insurance Regulatory and Development Authority of India (IRDAI). As it is mandatory to get third-party insurance, the premium is factored into the total cost of the car.

    Insurers consider various factors when calculating the third-party premium. The factors are:

    • Make, model and age of the car
    • Engine Cubic Capacity (CC)

    Understanding these influencing factors empowers you to make informed decisions when selecting your coverage, ensuring that your TP Premium aligns with your budget and provides adequate protection.

    Balancing TP Premium and Overall Coverage

    When navigating the world of car insurance, the balance between TP Premiums and overall coverage is crucial. While it may be tempting to opt for the mandatory minimum third-party liability coverage to reduce your premiums, it is important to consider the potential financial consequences in the event of a serious accident.

    Investing in a slightly higher TP Premium to add additional liability can provide significant protection to protect you from uncovered costs that may arise if your coverage is lacking. It’s a delicate balance that requires careful consideration of your financial situation, driving habits and potential risks.

    Furthermore, consider additional coverage options beyond the TP insurance coverage. Comprehensive coverage, which includes protection for your vehicle, can provide an extra layer of security. Evaluate your needs and assess whether additional coverage elements are warranted to ensure comprehensive protection.

    Conclusion

    All in all, an important part of being a responsible vehicle owner is understanding what the TP Premiums are in car insurance. It’s not just a financial commitment, it’s also a responsibility to make sure you can hit the road with confidence, knowing you have the protection you need.

    Do you require help in selecting the best policy for your car? You may get in touch with Elephant.in today! Email us at support@elephant.in or call us on our toll-free support number- 1800 266 9693, to talk to our experts!

    *Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. You are recommended to obtain specific professional advice from before you take any/refrain from any action. Tax benefits are subject to changes in tax laws. Please contact your tax consultant for an exact calculation of your tax liabilities.| EL/BLOGS/23-24/07

     

     

    READ MORE
  • sliderImg
    Published on: 26th Feb 2024
    Navigating The Concept of Own Damage Premium

    In the intricate world of car insurance, understanding the nuances of premiums and coverage is essential for every vehicle owner. One question that often arises is– What is the basic Own Damage cover in car insurance? In this in-depth guide, we’ll dissect this crucial element, shedding light on its intricacies and emphasising why it stands as a cornerstone in the foundation of your car insurance policy.

    The Importance of Own Damage Cover

    At its essence, the Own Damage cover serves as a financial safeguard for your vehicle. It provides coverage for impairments to your vehicle against a pool of potential risks. Be it a minor fender bender, the aftermath of a severe hailstorm, or theft, this premium acts as a safety net, assuring your financial burden is dealt with appropriately in case of incidental damages.

    Recognising that the basic Own Damage cover is not a one-size-fits-all concept is imperative. It ensures that financial assistance is provided for repairs or replacements, leaving no room for expenses. OD insurance can be tailored as it is flexible and one can add additional coverage options like zero depreciation, engine protection, and roadside assistance.

    Components of Own Damage Cover Premiums

    Diving deeper into the concept of basic Own Damage premium, it’s crucial to grasp the distinct components that collectively determine the amount you pay for coverage. The components are as follows:

    • Car’s Age
    • Driving Habits
    • Car’s Make and Model
    • Location of Registration
    • Insured Declared Value (IDV)

    The Benefits of Own Damage Cover

    When looking for car insurance, you can choose between liability or comprehensive insurance. However, the big disadvantage of buying third-party insurance is that it does not cover the vehicle itself. Third-party liability insurance only covers the legal liability of the owner of the vehicle in the event of an accident, including liability for injury, death or damage to third parties.

    On the other hand, comprehensive insurance includes both liability insurance and the Own Damage Cover, which protects the car against damage, theft, vandalism, natural disasters and man-made accidents such as riots and the car owner/driver. In addition, you can further enhance a comprehensive plan with additional add-on options that you can purchase from the insurance company.

    Strategies for Reducing Own Damage Cover Premium

    Now that we’ve analysed the multifaceted nature of the Own Damage Cover, let’s examine actionable strategies for handling and optimising this crucial aspect of your car insurance.

    • Increase Voluntary Deductibles: One way to tailor your OD car insurance is by selecting the correct voluntary deductibles. In the event of a claim, you agree to pay a portion of the repair or replacement cost, and an additional payment is made by the insurer called the deductible. Choosing to pay a higher deductible may lower premium costs, but you will have to give out more in the event of a claim.
    • Insured Declared Value (IDV): Choose an IDV that is equivalent to the actual value of the car as a higher IDV leads to a higher premium whereas a lower IDV may not provide sufficient cover.
    • Transfer of No-Claim Bonus (NCB): If you previously had OD or Comprehensive Car insurance, be sure to transfer your NCB to your current policy to receive the accrued discount on the new policy.
    • Choosing plans based on usage: Pay-as-you-drive plans are a kind of vehicle insurance that tailors your premium to the frequency of your driving. You pay a base rate and extra charges based on the distance you drive.

    By enforcing these strategies, you actively manage your Own Damage Cover premium while receiving comprehensive coverage and maximising cost-effectiveness.

    Conclusion

    As we conclude this extensive exploration into the realm of Own Damage premium, it’s evident that this is more than just a technical aspect of car insurance—it’s a fundamental element that directly influences the longevity and financial security of your vehicle. Visit Elephant.in to learn more about our insurance options, get free quotes, and secure the peace of mind you deserve!

    Email us at support@elephant.in or call us on our toll-free support number- 1800 266 9693 to get in touch with our experts to solve any further queries!
    *Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. You are recommended to obtain specific professional advice from before you take any/refrain from any action. Tax benefits are subject to changes in tax laws. Please contact your tax consultant for an exact calculation of your tax liabilities.| EL/BLOGS/23-24/06

     

     

    READ MORE
  • sliderImg
    Published on: 13th Feb 2024
    A Guide to Reducing Auto Insurance Premiums.

    To save a substantial sum of money while acquiring car insurance requires lowering auto insurance premiums. Owning a car back in the day was a luxury but advancements in technology along with the increased purchasing power of individuals have made it easier for the diverse population to acquire a car. As the number of cars is increasing on the road, the number of accidents is on the rise. In India, it is mandatory by law to get your car insured. The Motor Vehicles Act of 1988 has made it compulsory for all cars to have third-party liability insurance coverage.

    We offer numerous tips in this blog that will enable you to reduce your auto insurance costs without compromising coverage. We shall provide essential tips and efficient strategies to help you navigate the road to savings.

    Understanding Your Policy

    Before getting into how to lower car insurance premiums, let’s get the fundamentals clear! Take a peek at your policy and understand what it covers and what are your deductibles. Why? Because when you know the lay of the insurance land, you can make smart choices about tweaking your coverage and potentially trimming those premiums down. You need to understand the various factors affecting your car insurance premium as it will allow you to make proper decisions.

    Discounts for a Clean Driving Record

    How to reduce car insurance premiums? Maintain a clean driving record! Car owners who have minimal to no claims in their driving records are rewarded by the insurers. Having a clean driving record is advantageous as it assists you in negotiating a reduction in premium. Driving safely is advised since it motivates insurance companies to reduce your premium.

    Bundle and Save

    Bundling different insurance policies can help in reducing auto insurance premiums. Compiling insurance policies together encourages insurers to provide discounts. Get in touch with your insurance provider to explore bundling options to avail discounts to lower car insurance premiums. Along with that, it also simplifies insurance management as all of your policies are streamlined.

    Adjusting Voluntary Deductibles

    A voluntary deductible is the particular share/percentage of the claim that the car owner decides to pay at the event of the claim. Therefore, choosing to pay a higher voluntary deductible results in lower insurance premiums, but in the event of a claim, the expense out of your pocket will be higher. Hence, it is key to find a balance. Carefully consider your risk tolerance, which will help you determine your comfort level with unexpected costs.

    Installation of Safety Features

    A car with installed safety features lessens the chance of theft and accidents. Installing Indian Automotive Research Association (ARAI) certified measures in your car will result in lower car insurance premiums as insurers appreciate cars with certified safety gadgets installed. Policyholders can get a discount of 2.5% or Rs. 500 whichever is lower, based on the ARAI certification.

    Opt for Pay-as-You Drive Plans

    These plans operate on a very straightforward rule, the less you drive the less premiums you pay. There is a low risk of accidents as you are not taking your car out for a drive that often. Rather than paying an annual fixed fee based on elements like your vehicle’s worth and driving history, you pay a base rate and extra charges based on the distance you drive.

    Keep Your Car in Great Condition

    The chances of accidents are lower for a well-maintained car with minimal issues. Insurers reduce premiums for cars with safety features installed as they are less risky. It is advisable to keep your maintenance records intact to prove your car’s condition in support of your claim for reduced premiums.

    Conclusion

    Reducing auto insurance premiums is possible and can be a proactive and straightforward process. By understanding your policy, exploring bundling options, maintaining a safe driving record, adjusting deductibles, and conducting periodic policy reviews, you can pave the way to significant savings. Need to know how to reduce premiums on car insurance? Visit Elephant.in to learn about our insurance options, get free quotes, and secure the peace of mind you deserve!

     

    Email us at support@elephant.in or call us on our toll-free support number- 1800 266 9693 to get in touch with our experts!

    *Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. You are recommended to obtain specific professional advice from before you take any/refrain from any action. Tax benefits are subject to changes in tax laws. Please contact your tax consultant for an exact calculation of your tax liabilities.| EL/BLOGS/23-24/05

     

     

    READ MORE
  • sliderImg
    Published on: 31st Jan 2024
    Does The Type Of Car Affect Insurance Rates?

    Car insurance is a financial safeguard that every vehicle owner needs. The Motor Vehicles Act of 1988 makes it legally compulsory for every car owner to get their car insured. Protection of your car is another vital aspect that is taken care of, once your car is insured. Getting to know the factors affecting car insurance premiums can take time and effort. We will help you understand the factors affecting car insurance premiums in this blog so that you make a well-informed decision when you are out in the market looking for car insurance.

    Impact of Car Choice on Car Insurance Premiums

    A significant factor that affects premiums is the type of vehicle you drive. Here is how the type of vehicle affects the premiums of car insurance in India:

    • Hatchbacks: Affordable and fuel-efficient, hatchbacks generally have lower premiums.
    • Sedans: Common and perceived as safer, sedans have moderate premiums.
    • SUVs: Known for sturdiness but considered a higher risk due to size and power.
    • Luxury Cars: With high price tags and expensive components, luxury cars command the highest premiums.

    Effect of Geographical Location on Premium Costs

    The location of the insured car plays a vital role in determining car insurance premiums. Higher car insurance premiums are common in metropolitan cities like Mumbai and Delhi but in rural cities, this is not the case. As these cities are heavily populated, the chances of accidents are higher along with that such cities also have high rates of thefts and vandalism, which increases car insurance premiums. Rural areas tend to be less populated which causes little to no traffic, which reduces the chances of accidents and makes the car insurance premiums in such areas comparatively low.

    Effect of Age and Gender on Car Insurance Premiums

    Statistically, drivers below the age of 25 are more prone to accidents. Therefore the car insurance premium for them is high. Car owners with a clean driving record are rewarded with lower car insurance premiums as they have a low-risk profile.

    The gender of the car owner is an essential consideration that affects car insurance premiums. Lower car insurance premiums are enjoyed by female car owners while the car insurance premiums for male car owners are high. This is because statistics reveal that the rate of accidents for male car owners is higher when compared to female car owners.

    How Does Your Car’s Insured Declared Value Affect Car Insurance Premiums?

    Insured Declared Value (IDV) is the value for which your car is insured in situations of theft or complete loss of a car in a particular year. As the years go by and your car gets old, the insured car value also decreases. At the start of the insurance policy every year, the IDV is a value mutually agreed upon by you and your insurer. The premium for your comprehensive car insurance is calculated based on IDV. A low IDV implies a lower premium whereas a high IDV equates to a higher premium.

    Impact of No-Claim Bonus and Add-On Covers on Insurance Premiums

    No-Claim Bonus (NCB) is a reward for not making claims during the policy term. The bonus keeps accumulating over time and results in a reduced premium during policy renewal. Extra overhead coverage options like zero depreciation cover, roadside assistance, and engine protection, often referred to as add-ons, increase your car insurance premium as they provide expanded protection.

    Impact of Voluntary Deductibles on Car Insurance Premiums

    The amount you agree to pay out of your pocket in the event of a claim is called a deductible. Opting for a higher voluntary deductible can lead to a lower premium as you are assuming a greater share of financial risk in the event of a claim.

    Tips to Reduce Car Insurance Premiums

    Financially, paying a higher car insurance premium is not favourable. Here are some tips to help you understand and reduce your car insurance premiums:

    • Choose a safe vehicle
    • Install anti-theft devices
    • Maintain a clean driving record
    • Increase voluntary deductibles
    • Build a No-Claim Bonus (NCB)
    • Consider choosing need-based insurance

    Conclusion

    Understanding car insurance premiums can be complicated but with the right knowledge you can understand the concept and make safe and sound decisions. We hope this blog post has helped you understand the factors affecting car insurance premiums. Get in touch with our experts to solve any further queries. Email us at support@elephant.in.

    You may also get your perfect quote with Elephant.in instantly and unlock exclusive discounts on car insurance with just a few clicks. Safe driving!

    *Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. You are recommended to obtain specific professional advice from before you take any/refrain from any action. Tax benefits are subject to changes in tax laws. Please contact your tax consultant for an exact calculation of your tax liabilities.| EL/BLOGS/23-24/04

     

     

    READ MORE
  • sliderImg
    Published on: 24th Jan 2024
    Is Your New Car Insurance Tailored to Your Needs?

    Your Comprehensive Guide to Buying New Car Insurance Online in India. Once you become the owner of a brand-new car, the most essential step post-purchase is getting your vehicle insured by choosing the right car insurance. In India, getting your vehicle insured is a legal necessity. Choosing the right car insurance is essential, but it can get challenging as the Indian insurance market is diverse.

    In this blog, we will dive into the intricacies of car insurance for new cars to guide you in making informed decisions to protect your car.

    Why Do You Need Car Insurance?

    Getting car insurance in India is essential for car owners, serving multiple critical purposes:

    • Legal Requirement: Car insurance is a legal requirement in India. Commuting without valid insurance can result in fines and legal implications.
    • Financial Safety Net: In case of accidents, or damage, car insurance can help in covering the costs of repairs. It also provides compensation in case of accidental death or partial or permanent disability, and potential legal liabilities, easing the financial burden associated with such incidents.
    • Roadside Assistance: If your vehicle breaks down in unfamiliar places or encounters mechanical difficulties, then this type of assistance might be of great help.
    • Accommodation Assistance: Certain insurance providers offer accommodation services to policyholders if their car breaks down in unfamiliar places by covering the cost of staying at a hotel while the car is being repaired.

    Types of Car Insurance in India

    Getting new car insurance requires proper research. The types of coverages offered in India include:

    • Third-Party Liability Insurance: The minimum coverage required and mandated by the law is liability insurance. In case of any type of accident, this type of insurance covers the costs of damage or injury that is caused to others.
    • Own Damage (OD) Insurance: This type of insurance is useful in case of damages caused to your car by natural calamities like storms, earthquakes, floods etc., or man-made disasters like riots, vandalism or theft. They cover damages that only third-party insurance may not cover.
    • Comprehensive Car Insurance: This insurance covers various car damages, including third-party liabilities for three years and Own Damage (OD) for one year. It also includes coverage for bodily injuries or death of the policyholder and passengers in the insured vehicle.

    The option to avail of add-on covers, if required, is also available. They provide extra protection options for your car. So, you must check the scope of coverage offered in the insurance policy while choosing one.

    • Third-Party Liability Insurance: The minimum coverage required and mandated by the law is liability insurance. In case of any type of accident, this type of insurance covers the costs of damage or injury that is caused to others.
    • Own Damage (OD) Insurance: This type of insurance is useful in case of damages caused to your car by natural calamities like storms, earthquakes, floods etc., or man-made disasters like riots, vandalism or theft. They cover damages that only third-party insurance may not cover.
    • Comprehensive Car Insurance: This insurance covers various car damages, including third-party liabilities for three years and Own Damage (OD) for one year. It also includes coverage for bodily injuries or death of the policyholder and passengers in the insured vehicle.

    The option to avail of add-on covers, if required, is also available. They provide extra protection options for your car. So, you must check the scope of coverage offered in the insurance policy while choosing one.

    Tips to Find the Right Car Insurance Provider in India

    Insurance policies may differ substantially among providers. Conduct in-depth research to gauge the standing, financial reliability, customer service, and efficiency in claims processing of insurance firms. At Elephant.in, customers can compare and purchase car insurance plans online in just 3 easy steps.

    Consider these factors before searching for car insurance for a new car:

    • Assess Your Needs: The coverage needs to be aligned to your needs like your vehicle type, driving habits and finances. Select a provider that helps you tailor and customise your plans according to your needs.
    • Compare Different Policies from Online Providers: Compare different insurance policies in order to select the most appropriate one for you. Compare and find your suitable car insurance policy in 3 easy steps by visiting Elephant.in!
    • Compare Claim Settlement Ratio (CSR): The Insurance Regulatory and Development Authority of India (IRDAI) regularly posts insurance companies’ Claim Settlement Ratios on its website. This ratio indicates the insurer’s efficiency in settling claims. However, it’s essential to consider customer reviews and testimonials as the ratio can be hindered by fraudulent claims.
    • Consider Customer Service: Analysing the insurance provider’s customer service is vital. You need to make sure they are responsive, and process claims faster. An ideal claim settlement ratio (CSR) for car insurance in India is considered to be above 95%

    Premiums and Beyond; Guidelines for Choosing Effective Car Insurance Plans

    In India, people usually opt for value-for-money commodities. A commodity costing less does not necessarily mean it is low quality; however, in the case of insurance, one can lose out on crucial coverage. Here are some guidelines you can follow to choose an effective car insurance policy:

    • No-claim bonus (NCB): No-Claim Bonus is awarded to policyholders who don’t make claims during the policy year. During policy renewals, it can drastically reduce your premium. Be sure to check if your selected insurance plan offers a No-Claim Bonus.
    • Add-ons and special features: Insurance providers often offer add-ons that you can purchase over your insurance policy to enhance your coverage. Add-ons like Roadside Assistance, Zero Depreciation Cover, and Engine Protection Cover can enhance your car insurance coverage. Assess your needs and determine if these add-ons are essential to you.
    • Insured Declared Value (IDV) and Premium Relation: Simply put, IDV is the market value of a car. Insurers provide a range for the IDV of the car to be insured. Negotiating a lower IDV will lower your car insurance premium.
    • Voluntary Deductibles: The amount that the policyholder must pay out-of-pocket before the insurance company will cover any costs is known as the deductible in an insurance policy. Opting for higher deductibles means you agree to contribute a percentage of the claim, reducing the insurer’s risk liability and, consequently, lowering your premium.

    Conclusion

    Having car insurance is a must for responsible car ownership. It is meant to safeguard your financial investment and provide you peace of mind. You may choose wisely when it comes to insuring your new vehicle by being aware of the many coverage options, the variables affecting your rates, and how to determine the best insurance company.

    Need help with the best car insurance plans? Don’t wait! Email us at support@elephant.in and get in touch with our experts to get your perfect quote today!

    *Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. You are recommended to obtain specific professional advice from before you take any/refrain from any action. Tax benefits are subject to changes in tax laws. Please contact your tax consultant for an exact calculation of your tax liabilities.| EL/BLOGS/23-24/03

     

     

    READ MORE
  • sliderImg
    Published on: 24th Jan 2024
    Does Your Car Insurance Premium Increase Every Year?

    Crunching the Numbers: Understanding Yearly Car Insurance Premium Increases. Have you ever wondered why do car insurance premiums increase every year? One major problem that all policyholders face is the annual increase in car insurance premium rates. Even if they haven’t filed for a claim, many policyholders still wonder why these rates go up year after year. To clarify these doubts, we are here to explore the various factors behind such consistent surges in car insurance premiums in this blog.

    Why Does Car Insurance Premium Increase?

    The Insurance Regulatory and Development Authority of India (IRDAI) regulates insurance policies in India. According to IRDAI, it is legally mandatory for all car owners to get third-party liability insurance in India under the Motor Vehicles Act of 1988 to protect and make sure that a victim of a car accident receives adequate financial aid. The IRDAI is also responsible for revising insurance premiums every year. The premiums are altered based on various factors like the number of claims made in a particular year and the loss ratios for insurers.

    Why do Insurers Increase the Price of Car Insurance Premiums: Understanding the Factors

    It’s essential to understand why car insurance premiums increase year after year. If your car insurance premium has increased in 2023, there are numerous factors responsible for the rise of premiums:

    Opting for a Wider Coverage

    Third-party liability insurance is the most basic type of insurance that a car owner can buy and is also mandated by the law. Switching to a wider coverage plan, like a comprehensive policy, increases the premiums. A comprehensive policy offers extra protection; therefore, the insurer charges an extra premium for protecting you and your car. Your premiums can also increase if you opt for extra add-on covers like roadside assistance cover, an engine protection cover, or a zero depreciation cover. Simply put, the more protection you opt for, the higher the premium you pay. Therefore, you must opt for coverage plans that are perfectly aligned with your needs

    Car Inspection during Policy Renewal

    Your car undergoes inspection once you renew your insurance policy after it has expired. Getting your policy renewed before it expires is recommended as renewal after expiration will put your car under inspection, post which the insurance premiums for your car might increase.

    The process of renewal is tedious. Have you considered getting your policy renewed online? It not only saves time but is also convenient. You can renew your car insurance policy at Elephant.in with ease!

    Cost of Car Repairs

    The cost of repairs has drastically increased in today’s day and age. With advancements in technology in new cars, the parts for them have become expensive over time which in turn increases the cost of repairs and replacement. As the cost of repairs has increased, the insurers have also increased the insurance premiums to subside the financial risk on their end.

    Having a High-Risk Driving Profile

    Having a high-risk driving profile leads to an increase in car insurance premiums. Raising false claims and using your car for illegal activities is also considered a high-risk profile. Causing accidents and then filing for claims makes you a less ideal driver for the insurer. Therefore, if you are considered a high-risk car owner, your insurance premium will increase.

    Your Vehicle’s Age

    Your vehicle’s age plays a key role in determining car insurance premiums. An older car is more prone to damage than a new car. This makes car insurance providers charge higher premiums. Therefore, an older car is susceptible to higher premiums compared to a newer car.

    Location of Car Owner

    Premiums for car insurance are determined based on probable threats and risks. If the location you reside in is more prone to accidents, thefts, and natural calamities, then your risk of a car accident is higher than that of a car owner who resides in a relatively safer location. Accordingly, the insurance provider will charge your higher car insurance premiums to cover this risk.

    Impact of Insured Declared Value on Premiums

    The maximum claim amount that the insurer will pay you in the event of a total loss is called the Insured Declared Value (IDV) of the car. A high IDV means that the insurer will have to pay a high amount in the event of a claim, putting the major liability on the car insurance provider. Therefore, car insurance premiums are higher for cars with a higher IDV.

    Conclusion

    We hope that this blog has helped in eliminating questions like, ‘Why did my car insurance go up?’. Understanding these factors can be beneficial because it can help you in navigating these increases in premiums. Email us at support@elephant.in or call us on our toll-free support number- 1800 266 9693, to get in touch with our experts to solve any further queries! You may also get your perfect car insurance quote with Elephant.in instantly and unlock exclusive discounts on car insurance with just a few clicks.

    *Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. You are recommended to obtain specific professional advice from before you take any/refrain from any action. Tax benefits are subject to changes in tax laws. Please contact your tax consultant for an exact calculation of your tax liabilities/ EL/BLOGS/23-24/02

     

    READ MORE
Our Insurance Partners
  • partner logos
  • partner logos
What our Customers Say
  • For HR
    Alliance Insurance has been our insurance brokers and risk advisors for the last many years. Their insurtech platform Elephant.in which advises employees on their purchase of personal insurance policies voluntarily, has been integrated into our system seamlessly, giving employees the muscle of the corporate for their personal insurance requirements. Moreover, being completely cost-free to us as a corporate with no commitment partnerships, in terms of business or participation from the employees, Elephant.in is truly a great addition to our Employee Value Proposition and the overall bouquet of employee benefit initiatives at INOX Group
    Siddharth Jain
    INOX Air Products Pvt Ltd - Director
  • For HR