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Car Insurance

Car insurance is a type of motor policy that protect you from financial loss occurred due to damages such as theft, third-party damage, man-made and natural calamities. With valid car insurance you can get financial and legal protection against the damage caused by your car. Comprehensive insurance policy for car provides protection against damage caused to your own car. As per the Motor Vehicles Act of 1988, if you own a car, it is compulsory to have at least third-party car insurance to cover damage(s) caused to others.

What Is Car Insurance?

Car Insurance, is a legal agreement between a car owner and an insurance company. The insurance company promises to cover the costs if any damage occurs to your car that could lead to financial loss.

There are three different types of car insurance policies that have different levels of coverage: Third-Party Car Insurance, Standalone Own-Damage (OD) Car Insurance, and Comprehensive Car Insurance.

It’s important to renew your car insurance policy on time so you can keep enjoying the benefits of your chosen coverage.

Key Features of Car Insurance Policy

The following are the salient features of a car insurance policy.

Highlights Benefits
Third-Party Cover Coverage for third-party injury and property damage.
Own Damage Cover Covers the damage and loss incurred by the insured car.
Customizable Add-on Covers Various add-ons are available based on the policy such as zero depreciation cover, return to invoice cover, roadside assistance, etc.
Compulsory Personal Accident (PA) cover Cover of ₹15 lakh for permanent disability/death while driving.
Cashless Claim Available at the network garages of the insurer.
No Claim Bonus Up to 50%

Why do you need Car Insurance?

Car insurance provides several benefits to policyholders. Let’s look at some of the top benefits of buying car insurance online.

Keeps you in-accordance with the law

Car insurance helps you comply with the law as it is mandatory for car owners in India to have at least third-party car insurance. Failure to comply can result in a fine of ₹2,000 and/or imprisonment for up to 3 months.

Financial protection against Losses

A car insurance policy can help you save money by covering huge expenses incurred due to damages and losses caused during accidents, natural calamities, fire, theft and other unforeseen circumstances. This can also help you avoid hefty traffic fines.

Protection against third-party liabilities

In case you accidentally hit someone, a car, or someone’s property, your car insurance will cover the damages and losses incurred to the third-party. The compensation for third-party property damage is limited but there is no compensation cap in case of third-party bodily injuries, disability or death.

Own-damage protection

Car insurance also covers the own-damage expenses of your car incurred in road accidents, natural calamities, man-made disasters, fire, explosion, vandalism, etc.

Coverage against theft

Car insurance also covers you in case your car gets stolen. Your insurance company provides you with your car’s Insured Declared Value (IDV).

Personal accident cover

Car insurance also offers personal accident cover of up to ₹15 Lakh in case of death, bodily injuries, or disability of the policyholder in a car accident. You can avail this add-on coverage by paying extra premium.

Additional coverage with add-ons

With a comprehensive car insurance policy, you can add extra coverage and benefits using add-ons like zero-depreciation cover, return to invoice cover, consumables cover, and breakdown assistance, amongst others.

Types of Car Insurance Policies

Let’s take a closer look at the three main types of car insurance policies.

1

Third-party Car Insurance

Third-party car insurance is mandatory for driving a car in India. This is the most basic type of car insurance hence is also referred to as Liability Only Car Insurance Policy. It covers the costs of bodily injury, disability, or death of a third party in an accident involving your car. It also covers property damage of up to ₹7.50 lakh caused by the accident.

2

Comprehensive Car Insurance

This is the most extensive type of car insurance that covers not only the costs of third-party liabilities but also damage(s) caused to your own car. Additionally, it also covers damages caused to your car by natural and man-made disasters, theft, fire, explosion, lightening and other similar incidents.

3

Own Damage Car Insurance

The Standalone Own-Damage car insurance policy was introduced by the Insurance Regulatory and Development Authority of India (IRDAI), in September 2019. This policy offers coverage to the damages sustained by your own car You can purchase this policy only if you have an active Third-party car policy. This policy offers flexibility of choosing insurance provider.

It’s important to choose the right car insurance policy based on your needs and budget. Also, renew your policy on time to stay protected on the road.

Benefits of Elephant.in’s Car Insurance

When it comes to safeguarding your vehicle, a best car insurance policy is a solution. Elephant.in’s Car Insurance stands out as a leading choice in the market, offering an array of advantages that go beyond conventional coverage. Here’s what we have got for you.

Flat 80% discount on premiums

Saving on your insurance premium is now easier than ever with Elephant.in. Enjoy a remarkable flat 80% discount on premiums, ensuring that you get the coverage you need without burning a hole in your pocket.

Cashless claims at 7500+ network garages

In the event of an accident or damage to your vehicle, quick and hassle-free solutions are paramount. With Elephant.in, you gain access to a vast network of over 7500+ cashless claim garages, making the claims process smoother and more convenient.

No paperwork required

Bid farewell to cumbersome paperwork. Elephant.in streamlines the insurance experience by eliminating paperwork, enabling you to complete the process efficiently and promptly.

Right insurance at best price

Elephant.in believes in providing you with not just the cheapest insurance, but the right insurance that perfectly aligns with your needs, all at the best-negotiated price.

Best-in-class claim assistance

Accidents happen, but dealing with the aftermath doesn’t have to be a headache. Elephant.in boasts a team of experienced and dedicated claims experts. They’re committed to ensuring that your claims are managed effortlessly, reducing the stress that often accompanies such situations.

Dedicated relationship manager

Life is unpredictable, and having a reliable support system is crucial. Elephant.in understands this need, which is why each policyholder is assigned a dedicated digital relationship manager. Whether you need assistance with a query or require support, your relationship manager is there to lend a helping hand.

Handpicked insurers

Top-tier insurance companies have been meticulously selected based on their service quality, pricing, and claims settlement capabilities. This curation guarantees a seamless and reliable insurance experience.

AI-based recommendation

Meet Laxmi, your AI-powered advisor. With her friendly guidance, you’ll navigate the insurance process effortlessly. Laxmi’s AI-driven recommendations ensure you find a solution tailored precisely to your requirements.

Assistance from experts

Navigating the complexities of insurance becomes a breeze with Elephant.in’s team of leading insurance experts. Their expert guidance transforms the intricate process into a simple journey.

Lifetime personalized account

Manage all your insurance-related matters under one roof with a lifetime personalized account. This centralized platform offers unmatched convenience and organization.

Renewal management

Worried about forgetting to renew your policy? Elephant.in’s automatic renewal notifications and timely reminders ensure your policy stays up to date without any hassle.

With Elephant.in’s Car Insurance, you don’t just get coverage; you experience a holistic insurance solution that prioritizes your convenience, security, and peace of mind. Embrace a new era of insurance that’s focused on you.

What is Covered Under Car Insurance Policy?

Based on the type of car insurance policy you have purchased it offers financial protection against a variety of circumstances. Let us understand what is covered under a car insurance policy based on the type of the policy.

  • Third-party property damage: If your car accidentally damages someone else’s property, your third-party car insurance policy will cover financial liabilities arising from this.
  • Cost of treating injuries: If your car causes injuries to someone else, your third-party car insurance policy will compensate for personal injuries.
  • Death compensation: If the case of unfortunate demise of an individual due to an accident involving your car, your third-party car insurance policy will provide compensation to their family.
  • Legal liabilities: Your third-party car insurance policy will cover any legal liabilities that arise from an accident involving your car.

A comprehensive car insurance policy includes all the coverage that a third-party car insurance policy offers. But, in addition it offers the following coverage:

  • Damage to your own car: If your car is damaged, the cost of repairing it will be covered under the comprehensive car insurance policy.
  • Personal accident cover: If you or the driver of the car is injured, financial compensation will be provided by insurance company.
  • Theft: If your car is stolen, you will be compensated with the IDV (Insured Declared Value) of the car.
  • Fire: If your car is damaged due to a fire, you will be compensated depending upon the damage caused to the car.
  • Natural calamities: If your car is damaged due to a natural calamity like flood, earthquake, landslide, rockslide, cyclone, hurricane, etc., you will be compensated for damage caused.
  • Man-made calamities: If your car is damaged due to man-made calamities like terrorism, vandalism, riots, etc., you will be compensated for damage caused.
  • Damage caused due to transit: If you need to transport your car by water, rail, road, air, or other means, your car may get damaged during the journey. If you have comprehensive car insurance, any damage caused to your car during transit will be covered.
  • Add-ons: You can extend the coverage of your comprehensive car insurance policy by purchasing add-ons. These are additional coverage options that can be tailored to your specific needs. Examples include Zero Depreciation, Roadside Assistance, Return to Invoice, NCB protection, Engine Protection Cover, and Loss of Personal Belongings.

You can go for Standalone Own Damage car insurance policy if you have a recently purchased a Third-party liability plan. This policy protects your own vehicle from any damages or loss. Below are the coverages this policy offers.

  • Damage to your own car: The policy will cover the expenses for repairing your vehicle in case of damage.
  • Natural calamities: The policy will compensate for the damages occurred due to any natural calamity such as flood, earthquake, landslide, rockslide, cyclone, hurricane, etc.,
  • Man-made calamities: Any damages to your car due to man-made calamities like terrorism, vandalism, riots, etc., is compensated in under this policy.
  • Fire: Damages incurred to the insured vehicle due to ignition, lightning or fire is covered.
  • Theft: Compensation is provided to the in case insured vehicle is lost or stolen.

What is Not Covered in a Car Insurance Policy?

Here are the common things that are not covered in a car insurance policy.

  • Damages incurred if you don’t have a proper driving license.
  • Damages incurred if the car is driven outside of India.
  • Damages caused by driving under the influence of drugs or alcohol.
  • Regular wear and tear that comes with everyday use and depreciation.
  • General maintenance costs of the car.
  • Damages caused by the driver’s negligence.
  • Using a private car for commercial purposes.
  • Damages caused by reckless activities like speed racing and crash testing.
  • Damages caused by war, war-like situations, and nuclear perils.
  • Damages that are covered under specific add-ons that you did not purchase.
  • Only 50% of the cost for replacing consumables due to wear and tear is reimbursed.

Difference Between Third Party, Own Damages, and Comprehensive Car Insurance

To help you choose the right car insurance policy, here’s a comparative study to help you make an informed decision.

Third party Car Insurance Cover Comprehensive Car Insurance Cover Own Damage Car Insurance Cover
Damages/Losses to own car due to an accident
Damages/Losses to own car in case of fire
Damages/Losses to own car in case of a natural calamity
Damages to Third-Party Vehicle
Damages to Third-Party Property
Add-on Personal Accident Cover
Injuries/Death of a Third-Party Person
Theft of your car
Customize your IDV
Extra protection with customized add-ons

What are the add-on covers in Car Insurance policy?

Add-on covers are extra benefits that you can add to your car or four-wheeler insurance policy to increase your protection. You can buy it with a comprehensive car insurance and Standalone OD Car insurance policy Here are some of the options you can choose from.

  1. No claim bonus protection

    This allows you to file a certain number of car insurance claims while keeping your No Claim Bonus discount. It is only available with comprehensive car insurance.
  2. Roadside assistance

    This provides 24/7 breakdown assistance for your car if it breaks down in a remote location. Assistance including towing, fueling, and mechanic services is provided.
  3. Repair of glass fiber and plastic parts

    This add-on allows you to repair damaged glass, fiber, and plastic parts without affecting your No Claim Bonus discount. This add-on allows you to repair damaged glass, fiber, and plastic parts at network garage without affecting your No Claim Bonus discount at the time of renewal.
  4. Daily allowance

    Daily Allowance Add-on provides a daily allowance to the policyholders in case the car is in the workshop for more than two days. In India, the amount of cash allowances generally provided under this add-on is of ₹500 for up to 14 days. The amount of compensation and the number of days can vary across insurance companies.
  5. Emergency transport and hotel expenses

    This covers your overnight accommodation expenses in a hotel and travel expenses if you are unable to reach your home/ destination due to an accident.
  6. Key replacement

    This covers the cost of repairing or replacing your car keys and locks if they are damaged or lost.
  7. Engine protection cover

    One of the beneficial riders is the Engine Secure cover, which safeguards one of your car’s most valuable parts. It covers the cost of repairing or replacing your engine in case of damage, especially in flood-prone areas.
  8. Tyre secure

    Covers the cost of repairing or replacing damaged tires or tubes in case of an accident.
  9. Consumables expenses

    Covers the cost of replacing consumables in your car that are lost or damaged due to an accident. Consumables include items like oil for the gearbox, air conditioner gas and nut and bolts. However, this add-on will not pay for fuel.
  10. Loss of personal belongings

    In case of an accident, the add-on covers the loss or damage of personal belongings such as clothes, video and/or audio tapes, and so on. The add-on does not provide coverage for the loss or damage of items like gold, cash, watches, debit and credit cards, or other valuables.
  11. Return to invoice

    If you have purchased the Return to Invoice add-on, and your car is completely damaged or stolen, the insurance company will help cover the difference between the purchase price and the amount of compensation you receive (due to the depreciation). Some insurers may also cover the registration charges and road tax you have spent on the car.
  12. Zero depreciation cover (Depreciation Reimbursement)

    The zero depreciation or nil depreciation (Depreciation Reimbursement) add-on allows you to recover the deducted cost of depreciation on your car’s parts when you make a claim for damages. This means that you can receive up to the full sum insured without any reduction due to depreciation. It’s worth noting, however, the number of claims admissible under this add-on varies depending upon the insurance company and is applicable only to your own-damage car insurance policy or comprehensive car insurance policy.
  13. Personal accident cover for passengers

    This covers the passengers in your car in case of accidents leading to permanent disability or death.

Factors Affecting Car Insurance Premium

Car insurance premiums are determined by a range of factors that assess the risk associated with the policy holder. Understanding these factors can help you manage your insurance costs. Some key factors that influence car insurance premiums.

  1. Vehicle type and model

    The make, model, and year of your car directly impacts your premium. Luxury cars, sports cars, and vehicles with higher market values usually have higher premiums due to higher repair costs.
  2. IDV (Insured Declared Value)

    The IDV is the current market value of your car and serves as the maximum sum insured by the insurance company. Higher IDV leads to higher premiums and vice versa.
  3. Age of the vehicle

    Older cars tend to have lower premiums as their value depreciates over time, resulting in lower replacement costs for the insurer.
  4. Engine capacity

    Cars with larger engines often have higher premiums due to the perception of greater risk associated with increased horsepower.
  5. Geographical location

    The city or area where you live impacts your premium. Urban areas with higher traffic density and accident rates usually have higher premiums.
  6. Usage patterns

    The purpose of your car usage, such as personal, business, or commercial, affects the premium. Commercial usage generally leads to higher premiums.
  7. Policy type and coverage

    The type of insurance you choose—third-party liability or comprehensive—directly affects the premium. Comprehensive coverage, which includes your own car damage and theft, usually has a higher premium.
  8. Add-ons and riders

    Additional coverage options like zero depreciation, roadside assistance, and engine protection can increase the premium but provide added benefits.
  9. Driving history

    A clean driving record with no accidents or violations can lead to a “no-claim bonus,” which lowers your premium during policy renewals.
  10. Occupation

    Certain professions are associated with safer driving habits and thus might result in lower premiums.
  11. Anti-theft and safety features

    Vehicles equipped with anti-theft devices, airbags, ABS, and other safety features can lead to premium discounts.
  12. Voluntary deductibles

    Opting for a higher voluntary deductible (the amount you agree to pay in case of a claim) can lower your premium.
  13. Renewal timeliness

    Renewing your policy on time maintains your no-claim bonus and might result in lower premiums.
  14. Claim history

    A history of frequent claims can increase your premium, while a clean claims record can lead to discounts.
  15. Discounts on specially designed vehicles for the differently abled

    Certain insurers offer discounts for vehicles specially designed for blind, handicapped, and mentally challenged individuals. These vehicles are equipped with modifications that aid these individuals, making them safer to operate.
  16. Automobile association membership discounts

    Many insurance companies offer discounts to members of recognized automobile associations. These associations promote safe driving and responsible vehicle ownership, making their members eligible for lower premiums.

How Is Car Insurance Premium Calculated?

The premium of third-party car insurance plans is regulated by IRDAI, while the premium for standalone own-damage and comprehensive plans varies across insurance companies. Below are some of the factors that one must consider.

Insured Declared Value (IDV)

The IDV is the maximum sum insured of the four-wheeler, that is the amount the insurance company pays the policyholder in case of total loss. Higher IDV attracts a higher premium.

Engine cubic capacity

The premium for a car insurance plan depends on the car’s engine cubic capacity. A higher cubic capacity means a higher premium.

Age of the vehicle

As the car ages, its value decreases due to normal wear and tear, which reduces its market value and, in turn, its insurance premium. Thus, the premium will be generally lower due to reduced IDV, and no claim made in previous policy.

Make, Model, and Variant

The car’s make, model, and variant affect its IDV, which, in turn, influences the car insurance premium. Also, premiums vary due to discounts by insurance companies depending on make, model and variant.

RTO location

One of the most important factors in determining the premium. It gives insurance companies an idea about the traffic density and the probability of road accidents and other mishaps of particular area. Note that the motor tariff rates also depend upon the “zone” under which the RTO falls.

How to Reduce Car Insurance Premium?

While car insurance provides financial protection against unforeseen accidents and damages, the premiums can sometimes feel burdensome. However, with the below mentioned strategies you can reduce your car insurance premium without compromising on coverage.

Compare policies

Before selecting an insurance policy, it’s essential to compare offerings from different insurance providers. Look for policies that provide comprehensive coverage at competitive rates. Online comparison tools and websites can be incredibly helpful in this regard.

Opt for voluntary deductibles

Voluntary deductibles involve agreeing to pay a certain portion of the repair costs in case of an accident. By choosing a higher voluntary deductible, you can lower your premium amount. However, make sure you can afford the deductible amount in case of a claim.

Install security features

Equipping your car with security features such as anti-theft alarms, immobilizers, and GPS tracking devices can make your vehicle less prone to theft. Insurance companies often offer discounts for such safety measures.

Maintain a good driving record

Insurance companies reward safe driving habits. Avoiding accidents and traffic violations over time can lead to a “no-claim bonus” (NCB) that significantly reduces your premium when you renew your policy.

Drive less

Some insurance providers offer “pay-as-you-drive” policies, where premiums are based on the distance you drive. If you don’t use your car extensively, this could be a cost-effective option.

Renew timely

Timely renewal of your policy is crucial to maintaining the accrued benefits like NCB. Failing to renew on time can result in the loss of these benefits.

Choose the right coverage

Assess your needs and select coverage that suits your requirements. While comprehensive coverage offers extensive protection, opting for third-party coverage might be more economical if your car is older.

Avoid small claims

For minor damages that can be managed without insurance claims, consider paying out of pocket. Frequent small claims can lead to higher premiums in the long run and affects your No claim bonus.

Renew online

Nowadays, online insurance consultants such as Elephant.in offers FLAT 80% discount on buying/renewing car insurance policy online.

Factors to Consider While Selecting Car Insurance Policy

Generally, buying car insurance requires a lot of time to do research. Hence, to make an informed decision, consider the following points before buying car insurance policy.

1

When getting car insurance, you have two choices

Basic third-party liability cover or Comprehensive insurance cover. Basic cover is mandatory by law and only protects you against damages to others. Comprehensive cover is more extensive and covers accidental damage, theft, natural disasters, personal accidents and more. At Elephant.in, you can choose from different types of car insurance policies to find the one that’s best for you and your car.

2

Check policy coverage

When choosing car insurance, your policy coverage will depend on your budget and needs, as well as factors such as your car’s make and model and where you live. To help make an informed decision, you can use Elephant.in’s compare and buy feature to find a suitable insurance policy.

3

Check the availability of add-ons

When you purchase or renew car insurance online, you can choose to increase your policy coverage with add-ons. Elephant.in provides a variety of unique add-ons, like Key Replacement, Return to Invoice, Engine Secure, and others, that offer protection for different situations not covered by your basic car insurance policy. By selecting the right add-ons, you can ensure comprehensive protection for your vehicle.

4

Check insured declared value

The Insured Declared Value (IDV) of your car is its current market value, which is important when getting car insurance as it determines the amount you will be insured for. In case of a total loss due to damage or theft, the insurance company will pay you the IDV when settling your claim. It’s crucial to choose the IDV carefully because a lower IDV may mean inadequate compensation in case of a total loss, even though it may result in lower premiums. On the other hand, a higher IDV may mean more expensive premiums.

5

Check network of cashless garages

If your car has minor or major damage, you can take it to one of your insurance provider’s approved garages for repairs. This way, you can take advantage of cashless claims, where the insurer will pay the repair costs directly to the garage, saving you from having to spend a lot of money on repairs. Hence, it is important to check that there is a strong network of cashless garages near you.

6

Check claim settlement ratio, review, and the quality of services offered

When you’re buying car insurance, it’s important to consider the claim settlement ratio of the insurance company. A high ratio means that you’re more likely to have your claims settled promptly. Additionally, the level of service provided by the company can impact how loyal you feel as a customer, so it’s worth checking before you choose a four-wheeler insurance policy.

How to File a Car Insurance Claim?

It’s important to know the right steps to take when making a car insurance claim, as your insurer may reject your claim for various reasons. Follow the steps below to make a valid four-wheeler insurance claim.

Step 1

Report the claim

Inform your insurer immediately after the accident and provide proper documentation and photographic evidence to support your claim.

Step 2

Inspection

Once the claim is registered, an insurer’s surveyor will inspect the claimed damage, and you’ll need to provide the necessary documents for claim verification.

Step 3

Repair

After inspection, you can send your car to a network garage for repairs.

Step 4

Settlement

If you have a cashless claim, the insurer will directly settle the repair bills with the network garage. However, if you have a reimbursement claim, you’ll need to pay the bills first and then make a reimbursement claim.

Documents Required to File a Car Insurance Claim

Here are some documents you might need to file a car insurance claim. Keep in mind that the list of required documents could differ based on your insurance company and the type of claim.

  1. Driver’s license
  2. Car insurance policy
  3. Registration certificate of the car policy
  4. First Information Report (FIR), if necessary
  5. Original car keys
  6. Non-traceable Certificate (if necessary)
  7. Policyholder’s identification proof
  8. Fire brigade report (if applicable)
  9. Original purchase invoice of the car (if Return to Invoice add-on cover is chosen)
  10. Original repair bills
  11. Original payment receipts

Benefits of Buying Car Insurance Online

Here are some advantages of buying your car insurance policy online.

You can easily compare different policies

When you buy car insurance traditionally, you need to contact insurance companies or agents and compare policies manually. But, when you buy online, you can use free comparison tools to easily compare policies and find the best one for you.

You can get the best deal

When you compare car insurance online, you can compare the cost of each policy and choose the one that suits your needs and budget the most. Just make sure you are comparing policies with similar features.

You don’t need to do a lot of paperwork

Buying car insurance online is easy because you only need to answer some simple questions about you and your car. You may need to submit some documents in certain cases if required, but the process is still less cumbersome than buying insurance offline.

It’s convenient

You can buy car insurance online from anywhere and at any time. You don’t have to travel to the insurance company or agent’s office, wait in long queues, and so on. Buying online saves a lot of time and hassle.

You can get instant policies

When you buy car insurance online, you can get instant access to your policy, without having to wait for the hard copy to be sent to you.

Benefits of Car Insurance Renewal Online

If you’re not sure whether to renew your four-wheeler insurance policy online or offline, here are some benefits of renewing it online.

Easy and fast comparison

You can easily compare different insurance plans online from different companies and choose the one that suits you best. It’s difficult to do this offline by visiting each company separately.

Low-cost plans and exclusive discounts

Renewing your car insurance policy online can be cheaper than renewing it offline because online insurers save on operational costs by using technology. Additionally, companies like Elephant.in provide a FLAT 80% Discount if you use your Work Email ID, which can lower the cost of your motor insurance policy even more.

Assured safety

Purchasing online insurance with a reputed insurance broker helps you with seamless claim settlement. A broker will help you in understanding the technicalities of insurance plan. Online car insurance renewal procedure is transparent and minimizes the chances of fraud. Plus, online premium payment is made through a secure payment gateway. Therefore, renewing your car insurance policy from an official website of an IRDAI-regulated insurance broker can provide you complete authenticity and safety.

No paperwork required

Carrying a lot of documents to renew your motor insurance policy offline can be difficult in today’s paperless world. However, if you choose to renew your four-wheeler insurance policy online through Elephant.in, you can do it without any paperwork. Just provide a few details about your car and previous policy, select a renewal plan, and pay the premium securely online.

Hassle-free renewals

Renewing your car insurance policy online can prevent it from getting expired. Online insurers usually remind their customers to renew their policy before the expiry date, making it easier for them to renew on time. On the other hand, in the offline approach, you need to keep track of the policy expiry date yourself, and there is a chance that you might forget to renew it on time.

How to Renew Car Insurance Online?

If you want to renew your car insurance policy online, it’s a simple process that can be done in a few steps. Here’s how you can renew your four-wheeler insurance policy from Elephant.in.

  1. Go to the car insurance section.
  2. Fill in your car registration and click on ‘proceed.’
  3. Select the required details like Car model, year, fuel type, etc.
  4. Choose the 4-wheeler insurance plan that you want to purchase.
  5. Select any additional riders or add-on covers that you want to add or remove.
  6. Elephant.in’s AI recommendation will recommend a list of best car insurance quotes for you. Unlock it by using your work Email ID.
  7. Choose the plan you wish to buy.
  8. Pay the insurance premium online using a credit card, debit card, or net banking.
  9. Once you’ve made the payment, your car insurance policy will be renewed.
  10. You will receive the policy document for your renewed car insurance on your registered email ID. You can also download a copy of the policy document and print it whenever you need to.

How To Renew Expired Car Insurance Online?

Renewing expired car insurance online in India has become a convenient and swift process, ensuring that you stay legally compliant and financially protected on the road. Here’s a step-by-step guide on how to seamlessly renew your expired car insurance online.

1

Assess the policy lapse period

Act promptly once you realize your car insurance has expired. There’s usually a grace period of 90 days during which you can renew without losing your accumulated No-Claim Bonus (NCB).

2

Visit Elephant.in and choose an insurance provider

At Elephant.in you can find a variety of Car Insurance plans by the top car insurance companies in India. Research and select a policy that fits best with your needs.

3

Gather necessary documents

Keep your vehicle registration certificate (RC) and previous insurance policy details handy. They’re essential for a smooth renewal process.

4

Visit the “Renewal” section at Elephant.in-

Scroll up to this page and you will find a section called “Renewals” click on it and login with your registered mobile number.

5

Check your vehicle details

Check your vehicle’s registration number and other details. The system will retrieve your vehicle’s information. If you are not able to find your vehicle details, feel free to contact us on our toll-free number 1800 266 9693 or write at support@elephant.in.

6

Select coverage

Choose the type of coverage you need – Third-Party or you can opt for Comprehensive coverage for enhanced protection.

7

Review and modify details

Check the details of your policy for accuracy. Make any necessary modifications, such as adding add-ons for extra coverage.

8

Generate premium quote

The system will calculate the premium based on your details and coverage choices. Review the premium quote.

9

Undergo the KYC process

With digital transformation IRDAI has made it easy for everyone to compete the KYC process swiftly. Things like Digital KYC, Video KYC, Aadhaar-based KYC, and Central KYC (CKYC) are all accepted methods to verify the customer’s identity.

10

Make online payment

Pay the premium using the available online payment options like debit/credit cards, net banking, or digital wallets.

11

Receive policy

Once the payment is processed, you’ll receive the renewed policy document via email. Print a copy for your records and future reference.

Note: You may be asked for vehicle inspection in certain scenario.

Remember, renewing car insurance on time is crucial to avoid losing out on NCB benefits and driving illegally. Online renewal offers speed and convenience, allowing you to secure your vehicle promptly.

Car Insurance Terms You Need to Know About

Understanding the nuances of car insurance is vital for any vehicle owner to ensure they have the right coverage and make informed decisions. Here’s a more detailed explanation of some essential car insurance terms.

  1. Premium

    The premium is the financial consideration you pay to the insurance company to maintain your coverage. It’s usually paid annually or as per the agreed policy terms.
  2. Deductible

    A deductible is the predetermined amount you agree to pay out of your own pocket before your insurance coverage kicks in. Opting for a higher deductible can lower your premium, while a lower deductible increases your upfront costs.
  3. Policyholder

    The policyholder is the individual who owns the insurance policy. This person is responsible for paying premiums and adhering to policy terms.
  4. Insured Declared Value (IDV)

    The IDV is the estimated current market value of your vehicle. It’s the maximum amount the insurance company will pay if your car is stolen or deemed a total loss due to an accident.
  5. Third-Party Liability

    This is a mandatory coverage in India that protects you from financial liabilities arising from damages to third parties, including individuals and property, caused by your vehicle.
  6. Comprehensive Coverage

    Comprehensive coverage provides extensive protection. It covers not only third-party liability but also damages to your own vehicle due to accidents, theft, natural disasters, and other events.
  7. No-Claim Bonus (NCB)

    NCB is a reward for responsible driving. If you don’t make any claims during a policy term, you receive a discount on your premium when you renew.
  8. Claim

    A claim is a formal request you submit to your insurance company for financial compensation to cover losses or damages covered under your policy.
  9. Exclusion

    Exclusions are specific situations or circumstances that are not covered by your insurance policy. It’s crucial to be aware of these to understand your coverage limits.
  10. Endorsement

    An endorsement is a change or modification to your insurance policy, often to include or exclude particular coverage options based on your needs.
  11. Rider/Addon

    Riders or add-ons are supplementary coverage options that you can include with your standard policy to enhance protection. Examples include zero depreciation, roadside assistance, and engine protection.
  12. Renewal

    Renewal refers to extending your existing insurance policy by paying the premium for another term. It ensures continuous coverage without any lapse.
  13. Underwriting

    Underwriting is the process through which an insurance company assesses the risks associated with insuring a specific vehicle or driver before issuing a policy.
  14. Claim Settlement Ratio

    This ratio represents the percentage of claims settled by an insurance company out of the total claims received. A higher ratio indicates a more customer-friendly insurer.
  15. Premium Loading

    Premium loading is an additional charge applied to the standard premium. It’s usually due to higher-risk factors related to the insured individual or vehicle.
  16. Depreciation

    Depreciation refers to the reduction in your vehicle’s value over time due to factors like age, wear, and tear.
  17. Zero Depreciation Cover

    This add-on covers the full cost of repair or replacement without considering depreciation, offering comprehensive coverage.
  18. Cashless Claim

    A cashless claim allows you to get your vehicle repaired at a network garage without paying upfront. The insurer settles the bills directly with the garage.
  19. Policy Period

    The policy period is the duration for which your insurance policy remains valid. It’s typically one year, but you can renew it at the end of the term.

Car Insurance FAQs

Third-party insurance is a type of liability insurance that a car owner buys to safeguard themselves against claims made by a third party. In case of an accident, the third-party insurance policyholder is responsible for compensating any losses or damages incurred by the third party.

As per the Indian Vehicle Act 2019, it is mandatory for every car owner in the country to have at least a third-party car insurance cover. Failing to have a valid third-party car insurance plan is a punishable offence that can attract a fine of ₹2,000 and/or imprisonment of up to 3 months for the first offence.

Claim Settlement Ratio (CSR) is a crucial factor that determines the superiority of a car insurance company over its competitors. It is the percentage of claims settled by an insurance company out of the total number of claims received by it in a financial year.

In car insurance, depreciation refers to the reduction in the value of your insured car over time due to wear and tear. The depreciation rate is a critical factor that determines the value of compensation provided by your insurance company for your car based on its age.

Zero Depreciation is an add-on cover in car insurance that allows the policyholder to receive the full amount of the claim without any deduction for depreciation on the car parts. This add-on requires the payment of an additional premium.

The Insured Declared Value (IDV) of a car insurance policy is the maximum sum that the insurer agrees to pay to the policyholder in case of theft or total loss of the insured car. The IDV is determined applying depreciation on ex-showroom price of vehicle and it serves as the compensation amount for the policyholder in case of total loss.

Voluntary deductible is the portion of an insurance claim that the policyholder agrees to bear from their own pocket. Opting for a voluntary deductible can lower the premium of the policy.

“Pay as you drive” is a new comprehensive car insurance plan that charges a premium based on the number of kilometers driven under the own damage section. The premium for the Third-Party section remains constant under the “Pay as you drive” section of car insurance.

If your car is involved in an accident or stolen, it is important to report it to the police and file an FIR (First Information Report). Your insurance provider will require a copy of the FIR to initiate the settlement process.

You are free to choose the garage where you want to get your car repaired. If it falls within the network of your insurance provider, you can avail of cashless insurance. Otherwise, you may have to go for reimbursement claims.

Yes, the four-wheeler insurance policy can be transferred from the previous owner to the new owner in case of the sale of a second-hand car. The policy transfer should be completed within 14 days of the car’s purchase date, as per the Indian Motor Tariff. Note that vehicle inspection may be required in case of ownership transfer. It may also impact the claim if the insurance policy is not transferred in name of new owner.

Driving a car without at least a third-party car insurance policy is against the law and can result in punishment. As per the Motor Vehicle Act, driving without basic car insurance policy can lead to a penalty of ₹2,000 and/or imprisonment for up to 3 months.

All car insurance policies have a validity period, and it must be renewed to continue to enjoy its benefits. If the policyholder misses renewing the policy by the expiry date, they can still renew it within the next 90 days. After the expiry of this 90-day period, the policy cannot be renewed, and a new car insurance policy must be purchased. Note that vehicle inspection may be required to issue policy in case your policy has already expired.

The car insurance policy number is an exclusive 8-to-10-digit number assigned by the car insurance company for identifying the insurance account of the policyholder. This number is generally mentioned on insurance card(s), or statements issued by the insurance company, and it remains the same as long as the policy is active with the same insurance provider.

It is not possible for a car owner to have two insurance policies for the same four-wheeler. However, a customer can have separate own damage policy of different insurance company if his/her Third-party policy is still active and this is its 1st or 2nd insurance renewal.

The Indian Motor Tariff specifies a 14-day window from the date of the car’s sale to transfer the car insurance policy from the previous owner’s name to the new owner’s name. Failure to transfer the policy within this timeframe will result in the car having no valid insurance coverage.

To transfer a car insurance policy to a new owner, the buyer must obtain the following documents after paying a transfer fee of Rs. 50:

  • A new copy of the registration certificate/form 29
  • The old policy document
  • A No Objection Clause (NOC) from the previous policyholder
  • A new application form
  • An inspection report from the insurer
  • The difference amount of No Claims Bonus

After submitting these documents, the insurer will verify and approve the policy transfer. It’s important to initiate the transfer process within 14 days of purchasing the car.

Comprehensive car insurance, also known as full-coverage car insurance, includes liability coverage, as well as comprehensive and collision coverage. This type of policy ensures that the insurance company will cover damages caused to your car and other cars and individuals.

By purchasing the add-on passenger cover, you can provide coverage to the passengers travelling in your car under your car insurance policy.

If you have a valid driving license, your car insurance policy not only covers you and your car but also extends coverage to anyone else who drives your car with your consent. This means that if you lend your car to a friend, cousin, sister, or anyone else, the insurance company will pay for damages caused in the event of an accident.

Your car insurance premium is the amount of money you pay to an insurance company for providing insurance protection to you and your vehicle.

Insurance for new car premiums increase every year due to the increase in third party insurance premium rates by IRDAI. Since third party coverage is mandatory for all car owners, it affects the premium amount of car insurance. Based on the loss ratios of car insurance companies and the total number of claims raised by policyholders, IRDAI sets third party premium rates for the next financial year.

In general, there are no restrictions on the number of claims you can make in a policy year under your car insurance policy. However, it is important to keep in mind that making a claim can affect your No Claim Bonus (NCB) and repeated claims in a policy year can result in the termination of NCB, which can increase your premium during policy renewal.

In the event of an unfortunate incident, the concept of a cashless car insurance claim is to enable the policyholder to not pay any repair costs from their pocket. However, this type of claim can only be availed if the insured vehicle is taken for repairs to a garage that is part of the insurance provider’s network.

Disclaimer: Discount applicable only to the Own Damage section and for car less than 15 years old. Discount may not be applicable to cars which are in the declined category of the insurance company. Employees can enjoy the discount by entering their work email ID subject to their company being a preferred partner organisation at Elephant.in. The advertisement contains only an indication of the cover offered. For more details on risk factors, terms, conditions and exclusions please read the sales brochure / policy wordings carefully before concluding a sale. All discounts provided by insurers as per IRDAI approved insurance plans. Standard T&C apply. Product information is authentic and solely based on the information received from the Insurer.