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Critical Illness insurance

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Cover against multiple Critical Illnesses and Surgeries
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What is Critical illness insurance?
  • Critical illness Insurance Plans are health insurance plans which specifically cover terminal & critical illnesses like cancer, stroke, heart diseases etc. Critical illness plans can be bought as a standalone plan or can be added as an add-on rider upon paying an extra amount over your regular health insurance policy.
  • A critical illness plan bought along with Health Insurance will pay a lump sum amount over and above your hospitalization cost.
  • Diseases of heart, lung, kidney etc. require regular medical interventions, hospitalizations, etc. which can drive up the cost of healthcare. Thus, getting a critical illness insurance plan can help take care of expensive treatments.
What are Benefits of buying critical illness insurance?
  • Getting quality healthcare services can be an expensive affair. Moreover, treatment costs of terminal or serious illnesses like cancer, lung disease and treatments can seriously deplete financial resources.
  • Although it is difficult to imagine getting struck by a terminal or serious illness, the practical solution is to buy a critical illness insurance plan. The benefits of the best critical illness plan include:
    Coverage of more than 30 critical illnesses like cancer, tumour, lung & heart disease, neural disease etc.
    A lump sum pay-out upon confirmed diagnosis to cover treatment costs.
    Lump Sum amount will help insured to cover any loss of income caused due to critical illness
    Quick & worry-free claim processing to help the affected individual.
    Tax Benefits. You claim tax under section 80D in India
What’s the Difference between critical illness & health insurance policy?
  • A critical illness insurance plan is different from a health insurance policy in terms of the type of coverage provided.
  • Health insurance is a medical plan which covers medical costs in case of emergencies, accidents, and other general illnesses such as diabetes, hypertension etc
  • Critical illness plans are tailor made to take care of medical expenses incurred in the treatment of a terminal or life-altering disease such as paralyses, tumours, neural disorders, renal failures etc. Your Health Insurance will pay for such ailments, but will only cover hospitalization expenses, whereas a critical illness plan will pay you a lump sum amount upon diagnosis of such ailments which will be over and above what your Health Insurance plan will pay.
  • Critical illness plans are tailor made to take care of medical expenses incurred in the treatment of a terminal or life-altering disease such as paralyses, tumours, neural disorders, renal failures etc. Your Health Insurance will pay for such ailments, but will only cover hospitalization expenses, whereas a critical illness plan will pay you a lump sum amount upon diagnosis of such ailments which will be over and above what your Health Insurance plan will pay.
Here are the key differences between Critical Insurance Plan & Health Insurance Policy:
Critical Illness Insurance Health Insurance
Only diseases which are mentioned in ‘critical illness’ list are covered under critical illness insurance policy. A general health plan covers emergency medical needs such as ambulance costs, hospitalization & treatments for emergencies, accidents etc.
It is particular to select disease and only covers medical costs required in treatment of that illness. For example- cancer care. It covers medical costs pre & post hospitalization, medical check-ups, laboratory costs etc. in case of hospitalization caused due to accidents, illnesses, or emergencies.
There are no add-ons for general hospitalization costs for medical issues other than critical illness. A health insurance plan may offer critical health insurance as an add-on benefit.
Lump sum payment upon confirmed diagnosis, even without hospitalization Medical costs are reimbursed upon submission of bills and then the claim is settled.
Variable waiting period depending on the nature & severity of illness. For example- cancer in early stages may not be covered. Fixed waiting period before plan is applicable. For example- 30 days after purchase of a health plan, it is active.
What are Critical Illness Insurance Plan ?
  • Illness & disease can be devastating for an individual and their loved ones. The high costs of treatments can cause further agony. Lifestyles which lead to stress, substance abuse and low immunity make it even more important for everyone to opt for a critical illness insurance cover.
  • The sooner an individual buys the cover, the better, as the waiting period on critical illness covers can be up to a few years.
What are Critical Illness insurance coverages?
  • Every insurance provider has a different list of diseases covered under various critical illness plans. You must go through the list of diseases covered under critical illness and understand inclusions as well as exclusions of the plan.
  • For example- many insurance providers do not provide health insurance for people with HIV/AIDS and smokers who contract a critical illness.
How Elephant.in works?
It is as easy as ABC to buy a critical illness insurance plan with Elephant Insurance!
  • Visit www.elephant.in and click on “Critical Illness” product
  • Fill in your details with requirements and put in a request for a quote.
  • Our team will get in touch with you with a customised critical illness plan.
  • Pay your premium online and get covered.
Help Section/FAQ:

A critical illness insurance plan is a plan specifically covering 'critical' or terminal diseases like cancer, stroke, heart & lung disease etc. It can be an add-on benefit on your health insurance plan or a standalone insurance policy.

The policyholder is eligible for a lump sum pay out upon confirmed diagnosis to help cover cost of treatments. There can also be a pay out to compensate for loss of income caused due to a terminal illness. Other benefits include No Claim Bonus and Tax Benefits under 80D of Income Tax Act in India.

Any person over the age of 18 is eligible for a critical illness insurance plan. If the person is healthy, with no precondition, there is no requirement of a medical check-up, and they can buy a critical insurance policy online.

There are more than 30 different critical illnesses/ conditions covered under critical illness plans. Every insurance provider has different 'critical illnesses' that they cover and you must compare different plans before purchasing one.

Almost all critical insurance plans cover cancer. However, many plans do not provide coverage after diagnosis of cancer. Some rare cancers may not be covered by a critical illness plan. Please read the list of critical illnesses covered by insurance providers before buying a critical illness plan.

The sum assured varies among insurance providers. You can choose a cover with maximum sum assured, depending on your needs, age, family history and medical requirements.
Our latest Insurance articles & videos
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    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

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    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

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    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

     

     

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    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

     

     

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    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

     

     

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    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

     

     

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    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

     

     

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    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

     

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    Published on: 17th Jan 2024
    How to Buy New Car Insurance Online?

    New Car, New Policy: Your Guide To Buying New Car Insurance Online

    It is always an exhilarating experience when a person buys a new car. From the fresh smell of the interiors to the smooth sound of the refined engine, there is no feeling quite similar. Before you start driving your brand-new car, one important aspect you must consider is car insurance. Getting the right car insurance to protect your investment is crucial. If you are wondering, ‘How to buy new car insurance online?’, then it’s your lucky day. In this blog post, we will help you understand the process of securing insurance for your brand-new car.

    The Importance Of New Car Insurance

    In India, it is mandatory to get your car insured under the Motor Vehicles Act of 1988. It provides financial protection for you and your new car. Insurance acts as an armour that secures your car from unexpected expenses in case of accidents, theft, or damage. Obtaining an insurance quote for new car insurance is the initial step to ensure that your car, yourself, and others on the road are covered.

    What Are The Types Of New Car Insurance In India?

    There are several coverage options in the market, among which, you can choose the one that fits your needs. The most commonly found coverage plans in India are:

    • Third-Party Liability Insurance: Third-party liability insurance is the minimum coverage required and mandated by the law in India. It covers the costs of damages, injuries and property damage caused to a third party in case of an accident.
    • Comprehensive Car Insurance: Comprehensive 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.

    You need to gather some additional information to obtain a personalised quote. Accurate information about your car, make and model should be kept in handy as it is very important. Determining the exact type of car insurance you need– third-party liability insurance or comprehensive car insurance, or any additional coverage options, is advisable.

    Steps To Get The Best Quotes For New Car Insurance Online

    You can compare car insurance policies online in India and select the one that meets your financial expectations. At Elephant Car Insurance, we provide unbiased comparisons of quotes. We have simplified the process of purchasing new car insurance online. Visit Elephant.in and follow these 3 easy steps and get your insurance policy instantly!

    • Fill out the important details like registration location, car brand, car model, fuel type and variant.
    • After submitting the required details, several insurance policies will be presented to you. You can compare and choose the best insurance policy that suits your requirements.
    • Once you make a decision and make the payment, the insurance policy will be issued instantly.

    Advantages Of Buying New Car Insurance Online In India

    When it comes to car insurance, choosing the online route stands out for several reasons. Online surpasses offline in pricing, convenience, and services. Compare multiple policies effortlessly based on coverage, add-ons, and premiums. The online process is entirely paperless, ensuring a quick and easy purchase. Streamline your insurance purchase with the simplicity and efficiency of the online approach.

    Avoiding Common Mistakes

    While searching for a new car insurance quotations, be mindful of these common mistakes:

    • Underestimating Coverage Needs: Don’t skimp on coverage. Ensure your policy matches your specific needs.
    • Price-Centric Decisions: Don’t prioritise choosing the lowest price, be sure to consider coverage and deductibles.
    • Missing Discounts: Inquire about available discounts to save on your premium.
    • Overseeing the Voluntary Deductible: Choose a deductible that aligns with your budget and financial capabilities.
    • Neglecting Policy Review: Thoroughly understand your policy terms and claims process.

    Conclusion

    Finding the right quote for new car insurance is crucial. Insurance is not a one-size-fits-all concept. According to your circumstances and specific requirements, your policy is tailored. Now that you know how to get new car insurance online, we hope you find the perfect car insurance quote for your new car. Don’t wait, get your perfect quote with Elephant.in today. 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/23-24/01

     

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  • For Employees
    Elephant got my renewal at a price 5000 bucks lower than the renewal notice premium. These guys mean what they say when they say Killer Prices.
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    Great support and service from Team Elephant. Always available and absolutely love how smoothly the whole process went by. Thanks for all support and help!
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  • For Employees
    I went through the website and I must say it was really a smooth and delightful experience. Laxmi is very interactive and your focus on minutest of details made it fun buying an insurance policy.
    Nikhil Shukla
    Nikhil Shukla
    Relationship Manager
    Reliance
  • For Employers
    The elephant has given a wide range of options at the best price to our employees under a single umbrella. A very unique business model and a bridge between retail insurance and corporate package.
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    Endureka
Alliance Insurance Brokers Pvt. Ltd.
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CIN: U67200MH2003PTC141621
IRDAI Registration No.: 217
Valid from : 13/10/2021 to 12/10/2024
Category : Composite Broker
Principal Officer Name: Mr. S. V. Thakkar
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