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Decoding Third-Party Car Insurance
published on February 26, 2024 | 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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Navigating The Concept of Own Damage Premium
published on February 26, 2024 | Car Insurance

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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A Guide to Reducing Auto Insurance Premiums.
published on February 13, 2024 | Car Insurance

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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Does The Type Of Car Affect Insurance Rates?
published on January 31, 2024 | Car Insurance

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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Is Your New Car Insurance Tailored to Your Needs?
published on January 24, 2024 | Car Insurance

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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Does Your Car Insurance Premium Increase Every Year?
published on January 24, 2024 | Car Insurance

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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How to Buy New Car Insurance Online?
published on January 17, 2024 | Car Insurance

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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How To Transfer Car Insurance To A New Owner?
published on January 16, 2024 | Car Insurance

Passing the Keys and the Policy: Understanding the Car Insurance Transfer Process in India.
Are you scouting the internet to find solutions on how to transfer car insurance to a new owner in India?

If this transfer process seems too much to get into, fear not. In this comprehensive guide, we’ll help you understand the process of car insurance transfer in India, simplify the steps, list out various related requirements and provide you with crucial insights to ensure an easy transfer process for your car insurance. By the end of this guide, you’ll have all the essential knowledge required to pass on your car insurance baton confidently.

Understanding the necessity of transferring car insurance in India

According to the Motor Vehicles Act of 1988, a car owner must have car insurance in India. Getting your car insured helps keep your car financially protected against unforeseen risks such as accidents, damage caused due to natural disasters, thefts, etc., as it helps cover the costs of the damages caused. Transferring your car insurance helps ensure that the new buyer is completely covered in case of any third-party damages and you are free from any third-party liabilities. If you are the one buying the car, make sure that the previous owner transfers the existing motor insurance policy to you after the purchase.
No-claim bonus is not transferable from the seller to the new owner unless the new owner is a blood relative and if the seller has no objections to the transfer. Transfer of car insurance, as a seller, is also essential to retain your No Claim Bonus, which helps you earn a discount that can be used during the purchase of a new car insurance policy. To do so, you must obtain an NCB certificate from the insurance company post transferring your existing car insurance.

Who bears the responsibility for the transfer of the car insurance policy?

Transfer of car insurance formalises the withdrawal of one party from an insurance policy agreement, once the other party approves. According to Section 157 of the Motor Vehicles Act, the seller is responsible for transferring the car insurance to the new owner. The parties must transfer car insurance policies within 14 days of procurement. If one fails to get the insurance transferred, the car will no longer be under insurance protection from the 15th day.

How can car insurance be transferred to a new owner?

The process of car insurance transfer is simple and goes hand-in-hand with the transfer of ownership of the car. When a car is bought by a new owner, the insurance policy of the previous car owner becomes invalid. This is because, according to the Insurance Regulatory and Development Authority (IRDAI), the name and address of the new owner on the car’s registration certificate and insurance documents have to be the same for the owner to be able to raise a claim.
When purchasing or selling a used car, two important documents are essential– The Registration Certificate and the Car Insurance Policy. Once you get a hold of these two vital documents, you can submit a request to your car insurance provider to transfer your car insurance.

What are the required documents for transferring car insurance in India?

To effectively transfer your car insurance to the new owner, you must first gather the necessary documents and submit the same to the insurance company. Along with a transfer fee, there are certain other documents that you may need to provide. They are as follows:

  • Form 29 & Form 30
  • A new copy of the Registration Certificate
  • No Objection Clause by the previous owner (obtained through Form 28 )
  • Old car insurance policy documents
  • A new application form
  • Address proof of new owner

The way forward

Once you have submitted the necessary documents, in some cases, the insurance provider may conduct a proper physical inspection to assess the condition of your car and make sure that the current insurance policy is well-aligned with the car’s current condition before approving the transfer. Post-inspection, the insurance provider will issue an inspection report, based on which the transfer of your car insurance will be approved. Once the transfer is approved, the insurance policy will be updated and the changes in ownership and the new owner’s details will be reflected in the same. Post-transfer, you may review the policy to check if all information is correct and up to date.

Conclusion

Completing the car insurance transfer process is crucial when selling your vehicle. It’s not only a legal requirement in India but also a way to protect both the seller and the buyer from potential risks. Don’t wait! Email us at support@elephant.in and get in touch with Elephant Car Insurance to get the 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.

 

 

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4 Term Life Insurance Riders You Must-Know
published on July 11, 2023 | Term Life Insurance

Think of Term Life insurance as a simple cheese pizza, offering essential coverage.  But what if you want to add some extra toppings to enhance the taste and make it more personalized? That’s where term life insurance riders come into play. Riders act as additional features or benefits that you can choose to add on top of your term insurance policy. These riders allow you to tailor your policy to meet your specific needs and provide comprehensive protection for you and your loved ones.

Let’s take a closer look at four must-have term life insurance riders.

4 Must-Have Term Life Insurance Riders

1. Critical Illness Rider

No one wants to think about the possibility of being diagnosed with a critical illness, but it’s important to be prepared. A critical illness rider provides coverage in the event that you are diagnosed with any specified critical illness such as cancer, heart attack, stroke, or organ failure (broadly categorized). This rider ensures that you receive a lump sum payout if you are diagnosed with a covered illness, which can help cover medical expenses, and treatment costs, or even provide financial support during your recovery period.

2. Accidental Death Rider

Accidents can happen at any time, and the financial impact on your family can be devastating. An accidental death rider provides an additional death benefit in addition to the base life cover if you die as a result of an accident. This rider can provide extra financial security to your loved ones in the event of an unexpected and tragic accident, ensuring that they have the resources they need to move forward.

Consider Mr. Sharma, who has a term life insurance policy with a death benefit of ₹1 crore. Unfortunately, he passes away in a tragic accident. Without any riders, his nominee would receive the base coverage of ₹1 crore. However, Mr. Sharma had the foresight to add an accidental death rider to his policy, which provides an additional ₹1 crore coverage in case of death due to an accident. As a result, his nominee will receive a total of ₹2 crore as the death benefit, significantly enhancing the financial security of the family.

3. Waiver of Premium Rider

Life is full of uncertainties, and one of the biggest concerns for policyholders is the possibility of losing the ability to pay premiums due to a disability or illness. A waiver of premium rider comes to your rescue in such situations. If you become disabled or seriously ill and are unable to work, this rider waives your premium payments while keeping your policy active. It ensures that your coverage remains intact, providing peace of mind during difficult times.

4. Accidental Total Permanent Disability Rider

Accidents can not only result in death but also leave a person permanently disabled and unable to earn a living. An accidental total permanent disability rider offers financial protection if you become permanently disabled due to an accident. In such a scenario, this rider provides a lump sum payout that can help cover medical expenses, rehabilitation costs, and ongoing living expenses.

Also Read:  How Does Term Life Insurance Work?

In conclusion, term life insurance riders act as the perfect add-ons to enhance the coverage and protection of your base policy, just like toppings on a pizza. They offer a wide range of benefits and cater to your specific needs, ensuring comprehensive coverage for you and your loved ones. It’s essential to carefully evaluate and choose riders that suit your circumstances, and for this, Elephant.in is your trusted personal insurance consultant.

Elephant.in offers you expert assistance to navigate through the rider options and select the ones that best fit your requirements. We offer the right term life insurance policies at the best prices, ensuring that you receive optimal coverage without overpaying.

With Elephant.in as your trusted insurance partner, you can have peace of mind, knowing that you have taken the necessary steps to protect your family’s financial future.

Why wait? Feel free to explore Elephant.in!

EL/02/23-24/88

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Save Big on Your Travels: 5 Insider Money-Saving Tips
published on July 11, 2023 | Travel Insurance

Travelling is an exciting adventure that allows us to explore new destinations, experience different cultures, and create lifelong memories. However, planning a trip requires careful consideration, especially when it comes to managing your finances and ensuring your safety.

In this article, we will discuss four must-know money-saving travelling tips and highlight the importance of travel insurance as a must-have. So, let’s dive in!

Budget Travelling: 5 Important Money-Saving Tips

#1. Plan and Book in Advance

One of the best ways to save money on your travels is to plan and book in advance. Airlines, hotels, and even tourist attractions often offer discounted rates for early bookings. By taking advantage of these deals, you can significantly reduce your travel expenses. Additionally, planning ahead gives you the flexibility to compare prices and choose the most affordable options.

#2. Travel During Off-Peak Seasons

Another effective money-saving tip is to travel during off-peak seasons. Popular tourist destinations tend to be more expensive during peak times, such as school holidays or major events. By opting for less crowded periods, you can often find better deals on accommodation, flights, and even local attractions. Not only will this save you money, but you’ll also get to enjoy a more relaxed and authentic experience.

#3. Use Price Comparison Websites

When booking flights, hotels, or rental cars, it’s crucial to compare prices across different platforms. Price comparison websites can help you find the best deals and discounts available. These websites aggregate information from various travel providers, allowing you to make an informed decision based on price, quality, and customer reviews. Always remember to read the terms and conditions carefully before making any reservations.

#4. Embrace Local Cuisine and Transportation

Food and transportation can be significant expenses while travelling. To save money, consider trying local cuisine instead of eating at touristy restaurants. Street food stalls and local markets often offer delicious and authentic meals at a fraction of the cost. Similarly, opt for public transportation or explore the city on foot instead of relying on taxis or expensive tours. Not only will you save money, but you’ll also get a chance to immerse yourself in the local culture.

#5. Don’t Forget Travel Insurance

Now that we’ve covered money-saving tips, it’s essential to discuss the importance of travel insurance. Travel insurance provides financial protection and peace of mind in case of unexpected events during your trip. Here are some key benefits:

  • Hospitalization resulting from accidental injury or sickness: If you require medical treatment while travelling, travel insurance can cover the expenses, including hospital stays, medications, and emergency medical evacuation if necessary.
  • Flight Cancellation: In the event of a flight cancellation or delay, travel insurance can reimburse you for the costs incurred, such as alternative transportation and accommodation arrangements.
  • Loss or theft of Baggage: Losing your baggage can be a nightmare, but travel insurance can provide compensation for lost or stolen belongings, helping you recover the financial loss.
  • Loss or theft of Passport: If your passport gets lost or stolen,  can cover the expenses involved in obtaining a new one, including emergency travel documents and passport replacement fees.
  • Trip Cancellation: Sometimes unforeseen circumstances may force you to cancel your trip. With travel insurance, you can receive a refund for pre-paid expenses, such as flights and accommodation, ensuring that you don’t lose your hard-earned money.
  • Home Burglary Insurance: It is a type of insurance that keeps your home protected while you’re away from home. It helps you in case someone breaks into your house and takes or damages your things. If you have this add-on insurance, the company will give you money for the items that were stolen or damaged during the burglary, but it only applies if the incident occurred in your home in India.
  • Compassionate Visit: During your travel, if you get injured or sick and need to stay in the hospital, this insurance covers the cost of bringing a close family member to be with you. The doctor must confirm in writing that your family member’s presence is necessary, and the insurance company needs to approve it. They will reimburse the actual cost of a basic flight ticket for your family member to travel directly to you. However, the reimbursement amount cannot exceed the maximum coverage limit of the insurance policy. In this case, “family member” refers to your spouse, parents, siblings, and in-laws. This benefit is only applicable if your hospitalization is covered under the Medical Expenses and Medical Evacuation section of the policy.

In conclusion, as you embark on your next travel adventure, remember to prioritize both your financial well-being and your safety. Implement the money-saving tips shared in this blog, plan ahead, and make informed decisions. And above all, don’t forget to invest in travel insurance from a trusted insurance consultant like Elephant.in. By doing so, you’ll not only save money but also have the peace of mind to fully immerse yourself in the wonders of the world.

Bon voyage!

EL/02/23-24/89

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Alliance Insurance Brokers Pvt. Ltd.
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Email
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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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