In the present day and age, organisations have understood that their workers are a fundamental part of their prosperity and quite possibly their most significant resource. Organisations ensure that their workers are all safeguarded, similar to any of their different assets. In India’s developing healthcare landscape, employer-supported health insurance arises as a protector, guaranteeing the well-being of the employees. This blog intends to unwind the hidden benefits of these group health insurance plans, digging into the subtleties that make the most essential part of employee welfare.

A group health insurance policy can be procured easily in 3 steps! Visit Elephant.in, fill up the necessary form, compare quotes, pay and instantly get the policy!

Comprehensive Coverage for Employees

Employer-supported health insurance in India goes past the essentials, offering broad coverage custom-made to meet the particular requirements of employees. From hospitalisation costs to short-term medicines, these plans act as a strong security net, guaranteeing the employees acquire quality medical care without any financial strain. Additionally, these plans frequently incorporate coverage for pre-existing conditions, making them beneficial for employees with existing medical concerns. This adds a layer of inclusivity, guaranteeing that a wide range of employees can benefit from the insurance plan.

Financial Security During Health Crises

In a period where there are plethora of potential threats to an individual’s well-being, employer-supported healthcare insurance gives financial security during health emergencies. It is a safeguard against high medical costs, offering employees the genuine serenity that their expenses during such emergencies are covered, lifting a heavy burden off their shoulders. Moreover, a few policies incorporate critical illness coverage, giving a single amount payout in case of serious clinical problems. This element helps with taking care of treatment costs as well as helps in tending to lifestyle changes that might be important after diagnosis.

Cost-Effective Health Coverage

Employer-sponsored health insurance’s cost-sharing mechanisms are one of the hidden benefits. Employers contribute to the critical portion of the premiums, making it a practical choice for employees. This ensures that a larger portion of the workforce has access to comprehensive health coverage in addition to easing the financial burden on employees. Besides, with group insurance policies, the risk is divided among a bigger pool of people, prompting favourable premium rates. This collaborative method makes health insurance more reasonable for employees, regardless of their health conditions.

Wellness Programs for a Healthier Workforce

Along with health insurance for staff, numerous employers incorporate well-being programs into their health care coverage plans. Standard well-being check-ups, preventive care events, and fitness programs add to encouraging a culture of prosperity, making employees more proactive about their well-being. Employers are progressively putting resources into employee health well-being platforms and applications, giving customised well-being tests and insights. This proactive methodology prevents diseases as well as advances a positive way of life among employees.

Tax Benefits:

Health insurance premiums paid by employers are generally tax-deductible as a business expense. Additionally, employer contributions to employees’ health insurance premiums are typically excluded from employees’ taxable income, resulting in tax savings for both employers and employees.

Access to Quality Healthcare Facilities

Various employer-supported group health insurance plans have tie-ups with good clinics and medical service providers. Employees will have easier access to high-quality healthcare facilities as a result of this, making it easier for them to get the right treatment when they need it. Health camps and screenings in the workplace can elevate this advantage for employers. These on-location medical services can improve accessibility and also cultivate a proactive way to deal with health management among employees.

Conclusion

An essential part of employee welfare is employer-sponsored group health insurance policies. Keep in mind that these group plans are not a one-size-fits-all answer. In any case, their hidden benefits ought to be considered carefully. In embracing these benefits, organisations are not merely investing in health insurance they are investing in the prosperity and vitality of the collective future.

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

*Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. You are recommended to obtain specific professional advice from before you take any/refrain from any action. Tax benefits are subject to changes in tax laws. Please contact your tax consultant for an exact calculation of your tax liabilities.| EL/BLOGS/23-24/12

Understanding the complexities of filing a health insurance claim becomes important for financial well-being in this ever-evolving healthcare landscape of India. In this guide, we aim to simplify the claims process so that you can easily and confidently navigate health insurance claims.

What is an Insurance claim?

An insurance claim is a formal request made by an insured individual or entity to an insurance company seeking compensation or coverage for a covered loss or event. When an insured event occurs, such as an accident, illness, injury, or damage to property, the insured party submits a claim to their insurance provider to receive financial assistance or reimbursement as per the terms of their insurance policy.

Assess Your Health Insurance Policy

Before diving into the process of claims, understanding the nuances of your policy is essential. The foundation for an easy claim process is laid by knowing your policy. Know about what is safeguarded under your policy and what isn’t secured. This prevents surprises during the claim process. You must identify the network hospitals that fall under your policy. Choosing a network hospital simplifies the payment process by allowing for a cashless claim process.

Navigating the Documentation Maze

The claims process includes plenty of documentation. Sorting them out efficiently guarantees a problem-free and seamless claims process. Significant reports must be assembled and submitted on time to get your claim approved. The essential documents are as follows:

• Your health e-card
• Your photo ID proof
• Proof of address
• Original discharge summary
• Doctor’s prescription recommending hospitalisation
• Doctor’s consultation slip and prescriptions for diagnostic tests
• Certificate from the attending doctor
• Prescription for medicines and original pharmacy bills
• Diagnosis reports of X-rays, blood tests, etc.
• Other original receipts from the hospital
• Breakup of the hospital bill
• Ambulance receipt, if applicable
• FIR, in case of an accident
• & Many More based on the type of hospitalisation

Choosing between Cashless and Reimbursement Claims

Understanding the distinction between cashless and reimbursement claims is necessary. Both have their benefits, and your decision relies upon the situation.

• Cashless claims: When you are utilising the services of a hospital that falls under the policy network, opt for a cashless claim. The insurer settles bills directly with the hospital, minimising your financial involvement.
• Reimbursement claims: In non-network hospitals or specific situations, reimbursement claims come into play. Pay the bills upfront and later claim the amount from your insurer.

Procedure to File a Cashless Claim

To file a cashless claim, follow the steps below:

• Choose the right network hospital for medical treatment. One can find the network of hospitals within the policy.
• Inform the insurer 3 days ahead of time and get their approval for the claim within 24 hours of hospitalisation in cases of emergencies. Now Insurance companies are trying to approve the claim within 90 minutes too.
• Acquire the pre-authorisation form and fill it out properly. Submit it along with your identity proof and health card.
• The insurance provider will verify the claim and settle the medical bills and costs directly with the hospital.

Process of Filing a Reimbursement Claim

If you decide to get treatment in a hospital that isn’t under the insurer’s network, you should file a claim for reimbursement. Follow the steps below:

Step 1: The initial step is generally to inform the insurer to begin the process of approval of a claim. The insurer ought to be notified 3 days in advance or within 24 hours of hospitalisation during an emergency.

Step 2: Get a hold of the claim settlement form from the insurance agency or the hospital.

Step 3: Settle medical expenses from your pocket and gather the fundamental bills and receipts from the emergency clinic after discharge.

Step 4: Complete the claim form, send the vital records to the insurance provider, and you can start the most common way of documenting a case.

Step 5: Before approval, the insurance provider will completely audit the documents submitted. The claim will be processed and the amount of the claim will be deposited into your account once the submitted documents are approved.

Conclusion

As we draw to a close this guide on how to understand the claims process for health insurance, remember that information is your most important tool. Consistently review and update your knowledge regarding your health insurance policy claims. Remain informed about changes in guidelines and processes to adjust seamlessly to this ever-developing landscape.

Reach out to our specialists by messaging us at support@elephant.in or call us on our help number-1800 266 9693! Visit Elephant.in to get the best health insurance quotes!

*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/23-24/11

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

1. Myth: Health Insurance is Only for the Elderly

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

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

2. Myth: Only Hospitalisation is Covered under Health Insurance

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

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

3. Myth: Pre-Existing Conditions Mean No Coverage

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

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

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

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

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

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

5. Myth: Corporate Health Cover is Sufficient

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

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

6. Myth: Cost of Treatment will be Completely Reimbursed

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

7. Myth: Purchasing Health Insurance Online is Risky

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

Conclusion

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

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

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

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

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

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

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

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

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

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