Comprehensive Car Insurance all deateil
Comprehensive Car Insurance all deateil
Comprehensive car insurance is a comprehensive motor insurance plan that covers an insured against both own damages as well as third party liabilities. It is an all-inclusive car insurance policy that provides protection against unexpected losses like road accidents, natural calamities, fire or theft. The best part of this policy is that you can customize it with a variety of add-on covers. Yes, add-ons like medical expenses, engine protector, accessories cover, depreciation cover, breakdown assistance etc. are also covered. Thus, comprehensive car insurance is the best policy that provides all-round protection to you and your car.
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Benefits of Comprehensive Car Insurance Policy
Financial Cover: This policy covers you financially well. This reduces your financial burden to a great extent as you do not have to pay for the damages. Thus, with the help of this policy, you will be able to save money.
Comprehensive Coverage: A comprehensive car insurance policy provides 360-degree complete protection. The policy not only covers the policyholder but also covers third party expenses/damages.
For example- Satish's car has got into a road accident. Since Satish had a comprehensive policy, thus not only third party damages would be covered but his own car damage/personal injuries would also be covered under the same. Now imagine, if he does not have this policy, what will be the situation. Well, he needs to manage the personal loss out of his own pocket. Thus, it will be a huge financial burden on him.
Easy to Buy Online: Buying this policy online is absolutely easy and convenient. With many insurance companies available online, you can easily choose the best one that meets your needs so enjoy getting maximum benefits.
Sense of Ease: Once you are financially as well as legally secure, you can have peace of mind. Now you can rest easy as your insurance company will take care of all your expenses.
What is covered?
Damage due to accidents If your car suffers any damage due to an accident, there is nothing to worry as a comprehensive car insurance policy covers you
Car Theft If your car is stolen, your comprehensive car insurance policy will take care of the same
Third party damages In the unfortunate event of third party loss, your comprehensive policy will take care of the legal and financial liabilities
Damage due to natural/man-made calamity When floods, hurricanes, hailstorms, tornadoes, riots, strikes etc strike your car, your comprehensive car insurance policy comes in handy
Personal Injury/Accidental Death If you meet with an accident that results in injury or unfortunate death, your comprehensive policy will be in your favor
Fire Damage If your car catches on fire, your comprehensive car policy will cover the damages.
What is not covered?
Drunk driving No insurance company will accept your claim if you were intoxicated or intoxicated at the time of the accident
Unauthorized Driving If the driver does not have a valid driving license then your claim will be rejected
Intentional accident If the accident is intentional, the claim will be rejected
Malicious use If the car was damaged while using it for any anti-social/illegal activity
Consequential losses Consequential losses that occur after an accident are not covered under insurance
Negligence is due to your own negligence, you will not be able to claim damages
Depreciation damage that occurs due to normal wear and tear, mechanical or electrical failure due to travel
Expired policy If the policy has expired, your loss will not be covered
Excluded Add-ons You will not be able to claim benefits that are not in your plan
Add-on cover to comprehensive car insurance policy
Zero Depreciation Cover: Adding zero depreciation cover to your car insurance policy will enable you to get the full claim. Otherwise the cost of depreciation will be deducted from your insurance claim amount.
Breakdown Assistance: This add-on cover will give you 24x7 roadside assistance if your car needs it. Your company will take care of any sudden breakdown of your car on the road.
Tire Protect Cover: With Tire Protect Cover in car insurance, you can easily avoid the cost of tire replacement, removal, refitting and rebalancing.
Engine and Gearbox Protection: In case of complete engine failure or even the slightest wear and tear, this Engine and Gearbox Protection add-on cover provides complete coverage related to your car's engine and gearbox. Is.
Return on Invoice Cover: With return on invoice cover in your car insurance, if your new / less than 5 years old car gets stolen or damaged, the insured will get full compensation as per the invoice value of the car.
Consumable Covers: Consumables such as nuts, bolts, screws, coolants, lubricants, etc. require regular maintenance and replacement. Thus, the consumable cover add-on for the co-op will bear the cost.
Passenger Cover: Passenger cover add-on car insurance provides protection to co-travellers in the car. It covers injuries and damages caused to the person traveling with the insured.
No Claim BonusProtection: If you have not claimed any claim during the entire policy tenure, you will be rewarded with NCB. Under this, you will be given a discount on your next year's premium from your insurance company.
The difference between comprehensive and third party car insurance
Details Third-Party (TP) Car Insurance Comprehensive Car Insurance
Coverage covers damage to other person, property or vehicle and not to your own vehicle Cover for damage to your own vehicle (OD) + any other person, property or vehicle (TP) Covers the damage caused.
Disfellowship
Damage to your four wheeler
either
When the vehicle was being driven-
by an unlicensed driver
by a drunk driver
passive policy
Car Theft / Fire
regular wear and tear
electrical or mechanical problems
When damage occurs while driving -
by an unlicensed driver
by a drunk driver
passive policy
Add-on cover There is no such facility in third party car insurance
Various add-ons are available like-
zero depreciation cover
consumable cover
key protection cover
engine protection
Return to Invoice, etc.
Benefit provides a financial cover and legal liability cover if you injure someone / accidentally damage something then provide financial cover for your vehicle as well as legal liability cover for third party damages .
Damage to your car is not covered You need to pay higher premium than third party
mandatory optional required
How to Compare Comprehensive Car Insurance Policies Online
Before buying your comprehensive car insurance policy, it is important that you do a comparison. There are certain parameters you need to keep in mind while comparing your policies.
cover
Cover is the most important factor when looking for the best car insurance policy. The table below shows the benefits offered by both the types of four wheeler insurance.
Benefits Offered Third-Party Car Insurance Comprehensive Car Insurance
Damage available to third party person
Damage to a third-party vehicle available Available
Damage to third party property available
Cover on repair cost for your car from an accident Unavailable Available
Cover is not available on repair cost of your car from natural/man-made calamities
car theft unavailable
No-Claim Bonus (NCB) is not available
Add-on covers are not available
Customization of coverage Unavailable Available
car insurance premium
Always compare the premium for your comprehensive car policy. After all, it is your hard earned money that will be invested so that you can get the most out of your policy. Thus, it is not advisable to silently opt for a policy whose premium will be heavy on your pocket. Take your time and do some calculations by comparing your premiums with those of other insurance providers. Choose a premium that is not only affordable for you to buy but also gives you better coverage.
Insured Declared Value (IDV)
The Sum Assured Declared Value or IDV is the upper limit of compensation or the maximum sum insured that you will be entitled to receive if your four wheeler is damaged in case of natural or man-made perils, theft or your total loss. Vehicle. This amount is based on the condition of your four wheeler and is decided by the motor insurance company.
Claims Expense Ratio
Claims incurred ratio is the ratio of net motor claims made in a particular year to the total premium collected in that year. If the claim ratio is too low, it means that the premium charged by the company is more than the claims paid and if it is more than 100%, the company's profitability is affected. 80-90% ratio is a good one.
add-on cover
Look for a policy that offers the most add-ons at an affordable price. You also have the option to customize your policy to choose the required add-ons.
network of garages
With a comprehensive car insurance plan, you can enjoy cashless repair of your car from a network garage. The more garages you have in the network, the better it will be for you.
Comprehensive Car Insurance Premium Calculator
A comprehensive car insurance premium calculator is an online tool that helps you calculate your premium payable to an insurance company. When you buy a comprehensive car insurance policy, you have to pay a certain amount of premium to your company. Thus, with the help of this online tool, you can easily calculate and know whether your premium is affordable or not.
Comprehensive Car Insurance Claim Process
Step 1: Inform your insurance company
It is important to inform your insurance company to make the claim hassle-free. Always keep the contact numbers of your insurance company handy to notify them in the first place. Tell your insurance company about every detail for transparency. When, how and where to tell properly.
Step 2: Register the FIR
The next step is to register an FIR at the nearest police station. Briefly describe the incident to the public authorities to process things smoothly. Do not forget to mention the driving license number, names of witnesses and contact details, if any. And, carry only one copy of the FIR and the original record of the expenses (if any) incurred by the victim.
step 3:schedule inspection
Once you notify the insurance company, a damage inspection will be scheduled on their behalf. Once the inspection is done, a report will be prepared and submitted to the company by the inspector concerned.
Step 4: Claim Settlement
Once all the formalities are done, the company will estimate the cost of damage and repair work. And give approval to carry out repair work. Hence, your claim will be settled smoothly.
The following documents will be required when you make a request for a motor car insurance claim:
Duly filled policy claim form
company policy papers
copy of driver's license
rc copy of car
Claimant's ID
copy of MCR
Comprehensive car insurance claims can be either cashless or reimbursed
1. Cashless Claim:
For cashless claims, once the insured submits a report for the estimated cost of repairing the damage, the insurance company will settle the amount directly with the garage. The garage needs to be a part of the insurer's network garage to process a cashless motor car insurance claim.
2. Reimbursement Claim:
For a reimbursement claim, once the insured submits a report for the estimated cost of repairing the damage, you can get the repair work done and pay it out of your pocket initially. Then the original bills and receipts have to be submitted along with the claim form to the insurance company to get reimbursement of the amount paid for the repair work.
For a reimbursement claim, the garage does not have to be part of the insurer's network garage.
Best Comprehensive Car Insurance Companies in India (2020)
When it comes to finding the best insurance company to buy a comprehensive policy, it is always a confusing task. Yes, with a wide range of companies available, people are often unable to make the right choice. Take a look at the table below as it will help you choose the best car insurance company.
Percentage of Claims Made by the Company (2019-2020) Cashless Garage Network
HDFC ERGO General Insurance 76% above 6800
Tata AIG General Insurance 78% Major Garages across India
ICICI Lombard General Insurance 75% Over 7800 Garages across India
Royal Sundaram General Insurance 85% More than 4600 garages across India
Bharti AXA General Insurance 77% More than 4500 garages across India
How to renew your lapsed/expired comprehensive car insurance policy online
It is important to renew your policy from time to time to enjoy the maximum benefits of your policy. It is illegal to carry an expired policy and you will forfeit all the benefits included in your policy. Renewing your policy is a simple process, all you need to do is follow a few steps mentioned below:
Fill your car details like model, make, date of registration etc and select "Get Quote".
Select comprehensive car insurance
Enter your previous policy details
The premium amount will now appear on your screen. You can choose Add-ons and watch Final Premium if you want
Use Debit/Credit Card or Net Banking to make payment
While renewing your comprehensive car policy, you need to keep certain documents handy to enjoy a smooth process.
Required Documents:
Vehicle Registration Certificate (RC)
Driver's license
A copy of an expired car insurance policy
RTO address attached to the insured car
Car details including car model number, city and date of registration, name of insurer etc.
An authorized ID proof (Passport/PAN Card/Aadhaar Card)
Lapse Policy Renewal:
However, if your car insurance policy has already expired, your vehicle should be surveyed by an official surveyor of the insurance company before the policy can be revived. This is because not all contingencies during the lapsed tenure will be covered by the plan.
Also, if your previous policy is not renewed within 90 days from the expiry date, your no-claim bonus may lapse for the expired policy. Based on the report of the surveyor, the same can be made available.
Thus, make sure you always renew your car insurance policy on time to get maximum coverage benefits and save yourself the hassle of a survey for revival.
List of Cashless Garages
A cashless garage is a garage that has tie-up with a car insurance company. When you take your four wheeler to such a garage for repairs, the cashless cover takes care of the expenses. You may not even need to file a claim.
Checking Cashless Garage as Requirements:
Repair work done in cashless garage is convenient and hassle free
Cashless claim process can be done only in network garages
Quality repair work is assured