Car Insurance Blogs

The great financial guru  Robert Kiyosaki is well known for dishing out some of the most financially savvy advice. He always highlights the importance of saving and investing money. A key point that he always highlights is that it’s more important to save time and resources. Sometimes it is better to hire a financial planner to complete some of the generic work. By saving this time, you can focus more on other important tasks.

We can predict one thing with certainty – your car getting a scratch, dent or a minor refurbishment every few months. This is not a question of IF, but a question of WHEN! And when this happens – would you want a good insurance company that settles your claims fast or one that questions every little thing!

Buying a car insurance policy online is necessary as your car may face damages due to fire, theft, natural calamities, third-party liability, etc. It is important to keep yourself and your family safe at all times! Buying car insurance must be easy to do, fast and a seamless experience. It should be as easy as buying anything online!

Why you must always renew car insurance online?

• Saves Time: The process of renewing online car insurance is completely different when Insurance can be renewed from anywhere. It is a quick process, you need to enter your policy details and pay the premium. All you need is a mobile with an internet connection. The renewal premium amount is lesser than what you pay offline as you don’t have to pay commission to any agent.
• Timely Reminders: There can be times when you can forget to renew your car insurance policy. You need not worry about missing the due date with the online mode. Insurers send you multiple reminders before your insurance policy
• Customizable policy: Customizing an insurance policy means an increased sum assured, adding specific covers and other features. Offline renewal is a time-consuming process and in some cases, you might get rejected or pay more if an agent tries to sell you an expensive policy. You can easily avoid such cases with the online renewal process.
• No Paperwork requirement: Paperless process is another benefit of online car insurance renewal. No physical documents are needed as all important information like policy numbers,car details and personal details are stored in the insurance company’s database. You only need an identification number and your Credit Card.
• Safe Payment: Renewing your four-wheeler insurance is completely safe. The premium amount that you pay is processed via secure payment gateways, which minimizes the risk of fraudulent activity.

Reputed firms offer the facility to easily customize your car insurance. All policy details are crystal clear. Whether it’s data or payment, everything is transparent and verified. These benefits make online the best and safest option for your four-wheeler insurance renewal.

It is important to understand the online renewal process for your car insurance. Compare the best quotes on Elephant.in and always read all details before you make a decision or payment.

Due to an increase in the number of vehicles, driving can be tough during the peak and even the non-peak hours. You may follow the traffic rules and drive safely, but still end up having mishaps.

The claim insurance process for car insurance has evolved over the years. Digitizing various transactions and technology has made it easier to complete the insurance claiming process. Read the points below to learn the steps you need to follow after an accident.

Step-by-step guide for making a car insurance claim:

1. Informing your insurance company: Call your insurance company to inform them about the accident and give a detailed description of the damages to your car.
2. File an FIR: Immediately inform the police about the accident and file an FIR(First Information Report). FIR is not required in minor dents and scratches. FIR is required in case of road accidents, theft, fire, and when a third party is involved in an accident.
3. Take enough pictures: Make sure you take enough pictures of the place and the damage caused due to the accident. The insurance company will examine the extent of the damages and settle your claims accordingly. To ensure the damage is visible and images are clear.
4. Submit required documents to the Insurer: The insurance company requires documents such as a copy of your car insurance, FIR, your driving license, and a copy of your car registration certificate. Submit all the required documents and work with your insurer for a hassle-free experience.
5. Get your car repaired: You may take your car to the garage for repair. Or you may ask your insurance company to get the car fixed for you. If your claim is approved by the insurer, you will either get a
6. In case of theft: In case your car is stolen, inform your insurance company and file an FIR at a local police station. Submit documents such as your Driving License, Registration certificate, FIR copy, etc. If the police are not able to trace your car and issue a non-traceable certificate, the insurer will settle the claim and pay the current market value of your car.

Documents Needed for a Car Insurance Claim:

• Copy of your car insurance policy
• FIR from the police
• Copy of your Driver’s License
• Duly filled and signed claim application form.
• Original cash receipts, repair bills, etc.
• Medical bill in case of physical injuries
• Registration certificate copy.

Accidents may happen at any time. For making a claim in case of an accident, you must have a car insurance policy first. Compare the best insurance policy on Elephant.in and keep you and your care safe at all costs

The idea of having “full coverage” auto insurance: getting total protection for your car, no matter what may happen, sounds great. But what does “full coverage” really mean for car insurance?

To start with, there is no standard definition of “full coverage” for auto insurance. “Full coverage” although related to car insurance is confusing and misleading at times. The coverage is usually a package deal made of several collision, comprehension, and liability policies that can be customized to fit your needs. Different insurance providers offer different policies. A well-grounded insurance policy that safeguards you and your dear ones can be availed from the following coverages

• Comprehensive coverage:

Comprehensive offers coverage from damage to your vehicle. It can help with losses resulting from fire, theft, vandalism, floods, and those related to weather. Some insurance companies may exclude damage caused by a certain type of natural disaster such as flooding.

• Collision coverage:

A liability policy does not cover damage when you are at fault, that’s where collision coverage comes in handy. This type of coverage offers protection when your vehicle is hit by another person or you have crashed. It can be utilized whether you are at fault or not.

• Liability Coverage:

This type of coverage includes the following components: third party car insurance, property injury, and bodily damage. This coverage gives you protection when you are at fault in an accident and have caused any damage/injury to another property or person. This third party car insurance is compulsory – and your car can’t run on the road without it!

Generally, full coverage auto insurance is more expensive than regular insurance. Based on your needs you can make it affordable by customizing your auto insurance. Factors such as age, type of vehicle, location, driving record, and the policy you choose affect your insurance costs.

Full coverage insurance isn’t required by law, but many states make it necessary for car owners to have some coverage such as liability insurance. Full coverage is a worthwhile investment if a car is your main mode of transportation. Build a package that covers you well during unforeseen accidents. Be sure to compare insurance quotes with us and get the best rates for your full coverage auto insurance. To safeguard your car get the best quotes at Elephant.in.

According to the Indian Motor Vehicle Act, car insurance is compulsory in India. But you should be aware that only third-party insurance is mandatory. To pick adequate car insurance depending on your requirement, it is essential first to understand insurance companies’ kinds of car insurance.

Form of Car Insurance

In India, two Kinds of car insurance plans can be found:

1. Third-Party Insurance
   Third-Party Insurance-auto insurance is simple vehicle insurance. Depending on applicable terms and requirements, it ensures physiological accidents/damage (s) or losses caused by some third-party vehicle/property from the insured automobile.
2. Comprehensive Insurance
   Comprehensive Insurance-True to its title, the complete vehicle insurance policy provides an improved insurance policy. It ensures third-party liability in addition to personal damage to the insured motor vehicle.

You can buy any car insurance policy online. While using comprehensive online insurance for new cars is discretionary, a third-party automobile insurance policy is required. The policyholder may opt for extra riders and avail personalized insurance policy.

Five engine insurance terms in India

While moving through your car insurance records, you could have felt you’ve entered a world filled with words and jargon. However, don’t worry; we’re here to address your issue. Here are a few of the vital car insurance terms which Can Help You understand your policy records in a much better manner:

Insured Declared Value (ID)

The ID of a car is described as the maximum amount that the insurer pays in theft or total loss of the motor vehicle. ID is usually the present market value of a car and comes into film throughout insurance claims.

Zero Depreciation Cover

After a claim is enrolled after a collision, online insurance for a new car utilizes a formula that factors in depreciation to determine the payable sum. Cars do depreciate, which might leave you paying a hefty portion of the general cost, even in the event you’ve got extensive coverage.

No Claim Bonus (NCB)

NCB is a reduction a policyholder receives from the insurer for producing zero promises during the policy term. NCB is used on policy renewal, which lessens the insurance premium level appreciably.

It varies between 20 per cent to its 2nd year and around 50 per cent to its 6th year. Because of this, it’s a good idea to refrain from claiming minor harm rather than reap the advantages of the NCB.

Voluntary Deductible

Voluntary deductible is your limitation selected by a policyholder to fulfil part of the claim from his pocket. This amount depends on the policyholder variables in his worth and risk; however, the voluntary deductible isn’t mandatory. Bear in mind, that the greater the voluntary allowance, the lower the premium.

Third-Party Liability Cover

A Third Party Liability Cover secures the Car owner against any financial responsibility caused by death, bodily injury, or harm to another party, i.e., somebody aside from the automobile owner and the insurance company.

According to the Indian Motor Act, the third-party cover is a Compulsory Insurance necessity to drive a car legally on Indian streets. After understanding the basic terms, you can buy a car insurance policy online.

Bought your first vehicle? Congratulations! Before you hit the streets, make sure your car is protected by utilizing vehicle insurance. Purchasing new car insurance policy work wonders in safeguarding your asset. Whether you’re concerned about enduring the expenses of unintentional harm or property invoices for third-party property damage, auto insurance is the final savior.

There are loads of insurance products on the current market, all promising you a world of benefits and savings. Thus, it’s crucial to purchase a worthy insurance program. But, it’s also vital to pick out an inexpensive auto insurance program.

Here are a few ideas that can allow you to pick out the very best four-wheeler insurance without damaging your own pockets.

1. Before buying a car, compare insurance prices

Afore buying car insurance, check the cost of it. Car insurance premiums are concerned in part with the car’s price, the expense to fix it, its overall safety record, and the chances of theft. Many insurance companies offer discounts for features that reduce the possibility of accidents or theft.

2. Shop around

Costs Differ from firm to firm, so it wages to shop around; that’s why you must attempt to get at least 3 price quotes. It would be helpful for you to call companies directly or access car insurance online price. Your state insurance department may also offer judgments of charges charged by significant insurance businesses.

Get car insurance price quotes from different kinds of insurance businesses. Some sell through their representatives. These agencies have the same title as the insurance carrier. Some of them sell by independent agents who offer policies from several insurance firms. Others don’t use agents. They sell directly to customers over the telephone or through the Net.

3. Always ask for greater deductibles

Deductibles are the term used for what you pay before your insurance coverage kicks in. By requesting higher deductibles, you can reduce your costs substantially. For example, raising your deductible from $200 to $500 could decrease your collision and comprehensive coverage cost by 15 to 30 per cent. Moving into a $1,000 deductible can save you 40% or more. Before choosing a high deductible, make sure you have enough money set aside to pay it if you have got a promise.

4. Ask about group insurance

Some of the firms offer discounts to drivers who get insurance through a group plan from their employers through professional, business, alumni groups, or different institutions. You can ask your proprietor and inquire with groups or clubs you’re a member of to determine if this is possible.

5. Maintain a Fantastic credit record

Forming a decent credit history is able to cut your insurance costs. Most insurance companies use credit information to price car insurance policies. Research demonstrates that individuals who effectively handle their credit have fewer promises. To guard your credit standing, pay your bills on time, do not get extra credit than you need, and retain your credit balances as much as possible. Check your credit report regularly and have any errors corrected promptly so that your record remains accurate.

Car insurance or vehicle insurance is an agreement between the car owner and the insurance company to protect your car against financial loss or unforeseen risks such as accidents, thefts, or third-party liabilities. The insurance company covers for loss or damage caused to the car in exchange for the premium, the car owner pays. Car insurance is compulsory in India, be it for commercial or private vehicles.

To get car insurance, one has to pay a yearly premium. In the event that you are lucky enough to not have a serious accident or mishap to need to claim, you lose the premium amount you paid for insurance. Then, you get a No Claim Bonus, which is a significant amount beginning from 20% of the premium in the first year to 50% in the 6th, which is the reason it’s advised not to claim for minor damages.

The key factor that determines the amount of premium is IDV- the Insured Declared Value of the vehicle. When buying insurance for your new car, ID is calculated on the basis of the showroom’s listed price.

Next year, when you renew your car insurance policy, ID will decrease because of the rate of depreciation applied on vehicles.

IDV = (Manufacturer’s listing price – Depreciation)

(Accessories are not included in the listed price – Depreciation)

Also, one has to renew the policy within the stipulated period of time or bear the penalties. The period is generally 90 days.

One can check the car insurance online price by a car insurance calculator. It’s an online tool available for prospective buyers to check and compare the quotes of premiums to be paid from different insurance companies. This helps them to choose the perfect insurance plan as per their requirements. It allows you to compare different insurance plans and helps buyers to evaluate their insurance needs and get plans accordingly. While buying an insurance policy, new car insurance coverage should be checked. The best policy should cover your vehicle-specific, driving conditions specific, driver-specific, and third-party specific needs. Premium will increase as the insurance coverage increases.

Basically, three types of car insurance are provided by most insurance companies. They are liability, collision, and comprehensive. Each of these has its own range of coverages

Liability Coverage: It covers repair/ replacement costs, and medical bills of the third party. One should choose a liability insurance premium higher than the mandatory requirement as maximum risk coverage will be done by the policy, reducing your pocket expenses.

Collision coverage: It covers property damage or any damage to the vehicle as a result of the collision. It also offers replacement provisions.

Comprehensive coverage: This coverage includes the replacement of a vehicle if it is stolen or damaged by natural disasters.

Personal Injury coverage, and uninsured motorist protection, should also be studied while taking a car insurance policy. Nowadays, one can get car insurance easily online. Each company has unique coverage and provisions for different policies. One has to determine what coverage provisions he wants and what other features are beneficial to him.

You may be finding yourself using your car a lot less, especially during the pandemic; it is because you are working from home, socializing less, and cooking at home. When it comes to your corporate auto insurance, you may wonder if you can save any money. It is because you are behind the wheel-less, here is where corporate auto insurance comes into play. This kind of policy bases rates around the telematics of your drive. You can save your money if you are the right driver of the program.

Things to know about usage-based auto insurance:

When you purchase car insurance, then regular car insurance premiums are estimations from the insurance companies about how you are using the car and other factors. Often, resulting in people paying premiums that are way off their estimates. By basing the compensation on how often the vehicle is used – the usage-based auto insurance works using mileage as a deciding factor. Ideally, insurance is calculated based on the actual usage of your car, and this can be a more structured and logical way of doing it.

Is usage-based auto insurance ideal for you?

Usage-based car insurance is gaining a lot of popularity. It is mainly because there seem to be many benefits for people. Furthermore, when you purchase car insurance, experts say that Usage-based car insurance is a much more modern form of insurance and embraces modern technologies that allow insurers to track their policyholders. To try and figure out how much insurance you are due to pay, companies can use a device plugged into the car or even an app on the phone.

The information collected will be used to work out and determine your bill, and it measures several things, including your mileage and how fast you drive, how hard you hit the brakes, where you go, and the times of day you drive.

When you get a car insurance quote, some professionals say there are many benefits to this coverage; drivers that opt for this coverage must be aware of the potential drawbacks. By doing this, insurers collect your data and come up with a premium specifically for you. The more your compensation goes up, the more you use the car or, the more reckless you are. You may be able to qualify for lower rates if you stay within safe ranges set by the insurance company.

Hence, when you get a car insurance quote, then you must know one thing that all car insurance policyholders are looking for ways to cut the cost of their insurance without sacrificing coverage. Thankfully, you don’t have to whittle down your coverage to just the basics, as there are a plethora of ways to save money. If you are keen to reduce your premium without giving up any coverage, you can also discuss discounts and deductibles with your insurance agent. To ensure you have optimum coverage for your needs, you need to take the time to review your auto insurance.