As the traffic on Indian roads is overloaded, the risk of running a car has increased drastically in the recent years. It is utmost important to prefer an accomplished car insurance in India to negate such high risks. Buying car insurance can be overwhelming. There are countless insurance companies offering lucrative facilities and features making it hard to choose. Their complex terms & conditions can shrink your advantages.
So, it is important to read between the lines as well. Due to lack of time, it is nearly impossible to comprehend all these. In that case, you can go through some simple points to analyze the genuineness and reliability of insurance. Here are given some of these facts which are crucial and beneficial while buying car insurance.
The Performance of Insurance Provider:
Performance implies the ability of the company to resolve the issues related to claim settlement. True colors of the insurance company are revealed when you make a claim in the case of any event. You can check the claim settlement ratio of the company till date before purchasing its policy. This is tracked on the basis of previous claims settled by that company. The average claim settlement ratio should always be on the higher side.
Check The Customer Reviews:
Car insurance companies in India provide inspection facility or damage inspection facility at your doorstep. So, choose the policy from an insurer who provides complete customer service, right from selling to claim settlement as per your convenience. Ensure that the company executives are available on service numbers at the time of emergencies. To gain information regarding such issues, you can check the customer reviews of insurance companies from any neutral site.
It Should Offer Complete Coverage:
While selecting an insurance plan, it is equally important to look for terms and conditions, particularly the section which reveals the insurance coverage in the case of an accident. A Comprehensive cover includes own damage cover and third party liability cover. Own damage coverage prevents a monetary loss in the case of own damage and third party liability provides insurance cover to the person with whom you met with an accident. Remember, third party cover is compulsory as per the Motor Vehicles Act.
Apart from these, there are several other factors like cost and discount that you can consider while buying car insurance in India. It can offer you additional perks like discounts in the form of NCB and other promotional offers through online purchase of insurance.
Picking out the correct insurance for the vehicle is mandatory to both save cost and cover any eventualities successfully. There are many ways in which you can ensure that you have the best policy in hand.
Get quotations from various providers
There are several car insurance providers in the market today, who have gained a name for themselves for their credibility and lower interest rates plus the fastest return on claims. Search the net for such insurers to get their quotations. Insurance rates and forms are available over the counter, or online. Compare the various quotations on the similar terms, to obtain a complete picture before selecting the best among them.
It is also necessary to find a provider who has a good record in processing the claims, have a wider network to reach out anywhere in the country and can give excellent customer service. With the World Wide Web, it is now much easier to find all details regarding an insurance company and the customer reviews too, making it all the easier for us to pick a brand.
Research thoroughly to understand the terms
When it comes to filling up the requirement forms or reading quotations obtained from the insurers, it is best to read the terms before going ahead with the policy. Buying insurance cannot be determined according to the cost or the company name alone. Research thoroughly, to comprehend the terms such as comprehensive or third party cover, claims, and other technical terms. Also, it is best to research the internet for the pointers which will decide on the integrity of a policy provider and credibility of the plan.
Call in an expert
There are many insurance consultants, who are experts in picking up the topmost insurance plan which can satisfy your requirements. You can avail their services the first time, to absorb the necessary methods that decide upon the righteousness of particular car insurance.
Alternatively, there are also many online consultants or sites, which can, upon stating your requirement, provide the best matching quotation. The websites employ consultants or car experts, who can search the various insurance available under your domain or which can satisfy your needs regarding cost and coverage or deductibility. This way, you get the right quote without doing the initial research, thereby saving money and time.
With the rising costs of vehicles and the litigious nature of the society, car insurance can be an expensive affair in the country. However, every car owner must have insurance even though the prices seem to be rising. The good news is that there are some simple and effective ways you can reduce the load of insurance premiums on your pocket.
We bring you 5 crucial tips you can employ to save on your insurance costs.
1. Select Your Car Carefully
It may seem adventurous to buy the latest huge SUV in the market. However, you must think about the huge premiums you will be paying for the car’s insurance as well. Insuring a small but safe city car can be much more affordable if you’re looking for lower premiums. Sometimes, older cars can also be cheaper to insure compared to their modern counterparts. Before you buy a car, it is important to think about the cost of insurance and make the right buying decision.
2. Think about Raising your Deductibles
When you buy a car insurance online, you can choose a deductible, the amount you would have to pay before the insurance company picks the tab in the case of an accident or theft. Usually, if the deductible is lower, your annual premium is higher and vice versa. It is advised to check with the company how much your premium will get affected if you raise your deductible.
3. Consider Installing Anti-Theft Devices
Car owners can also reduce the premium costs by installing smart anti-theft devices like car alarms and tracking devices. However, remember to check that the savings are considerable enough to recover the investment of the device.
4. Insure Multiple Cars
If you’re insuring your vehicles for a business, getting insurance on multiple cars can save you a lot of money. On a personal front, you can get insurance for all family members and their cars together at a bulk rate as well.
5. Shop Around Every 2 Years
It is best to check for insurance quotes from other companies every 2 years so that you know if you’re paying the right price and can buy a cheaper insurance if it is available out there.
It is best to check for your car insurance online and compare prices and coverage thoroughly before you make your buying decision.
The previous year was marked by many positive reforms inundating the insurance sector. There was an unambiguous impetus upon the restructuring of motor insurance that led to stability in this sector. The sales may not have sky-rocketed but major players could easily avoid cash crunch in the wake of these reforms. Now, fresh policies and structural changes are expected to sail this ship further in 2016 with the latest trends like:
No more wrong selling:
This year, you can expect to get rid of this practice. The problem imperatively existed in this sector for many years. But with the passing of Insurance Laws (Amendment) Bill, 2015, companies will be held liable for such misrepresentation of facts. A penalty up to Rs. 25 crores will be levied on the companies breaching this law.
Customized plans for motor insurance:
This has been a problem with Indian insurance space for years. In the year 2016, you will get better benefits with customization of the insurance plans according to specific needs of each buyer. Insurance Regulatory and Development Authority (IRDA) has laid down certain guidelines and limitations to this rule.
Increase in online selling of insurance policies:
It has been realized lately that the growth of this sector largely depends upon the robust online selling verticals. As such, many leading insurance companies have already made a foray into this domain with online listing of their plans. Technology can also play a significant role in other spheres like car and 2- wheeler insurance renewal as well. Insurance companies are using advanced technology solutions to verify and settle the claims for speeding up this process. It is definitely a reform to look out for.
Increased FDI will promote the motor insurance sector:
With increased FDI cap of 49%, foreign insurance giants are lured to enter Indian markets. They will invest more money into this sector which will ultimately bring better prospects and recommendations for the end buyers.
Shift in customer behavior:
Apart from the regular privately owned bikes and cars, this insurance sector will witness a paradigm shift towards the taxi services and self-drive rental cars. The organized taxi segment is developing at a fast pace and customers prefer the services of private players like Uber, Ola, etc. for commuting. This will bring the focus of insurance companies on these segments escalating their purchases.
These are some of the trends that may redefine the future of motor insurance companies in India. Whether you are looking for a new plan or considering your 2- wheeler insurance renewal, visiting this website will benefit you in many ways.
The evolution of the Indian motorcycle market has been tremendous in the past few years and this is expected to continue well into 2016. With technology advancing by the day, a steady increase in the overall performance and price can be expected in the two wheeler industry. Irrespective of the growth of the higher segments as well as the availability of the cheapest 2 wheeler insurance in the market, it is recommended to practice the highest levels of safety while driving on Indian roads.
Read on to find out the top motorcycle trends to look out for in 2016.
More unique products to hit the market
Motor vehicles that are conceived, designed and modeled from scratch with very few global counterparts are expected to hit the market this year. One such bike is the Honda Navi targeted at the younger lot of buyers. This product is equipped with a 110 CC engine, comes in bright colors and can be customized to match the varying preferences of the buyers.
Anti-lock brake systems to become more prevalent
Anti-lock brake systems which are widely considered as a strong safety feature will be made mandatory for all vehicles above 125 CC engine power. This in turn will raise the demand for disc brakes and consequently bring down their price. More and more manufacturers will opt for disc brakes in 2016 and this could mark the end of drum brake technology even in smaller vehicles.
The adventure motorcycle market turns to the masses
Adventure motorcycles have relatively not been a big craze in India thus far. However, this trend is expected to change as the world’s oldest motor vehicle manufacturer, Royal Enfield has committed for a solid release in this segment. The product is called Himalayan and will be launched during the first quarter of the year. The motor bike was first introduced in the New Delhi Auto Expo 2016 and the first impressions have been highly positive.
New concepts will evolve
New concept models that signify the technical abilities of Indian manufacturers will evolve in the upcoming year.
Concepts related to sustainability, electric vehicles, eco-friendliness and other new customer segments will be on the rise in the next couple of years. As a result, customers can enjoy new models on both ends of the price spectrum.
It is great news to realize the steady improvement and growth of the motor vehicle industry in terms of efficiency, price and performance. However, it is the cheapest two-wheeler insurance that makes driving through the Indian roads an easy feat. Know more about the cheapest 2 wheeler insurance by visiting this website.
In a major development, car makers have to now literally race against time to meet the 2020 deadline
for the highest emission norm of Bharat Stage VI (BS-VI). The manufacturers are required to reduce
nitrogen oxide (NOx) and control particulate matter emission as they head from current BS-IV to
The government has decided to advance implementation of BS-VI to April 2020, which was initially
set for 2021. Last year in November, it had advanced BS-VI norms by three years to 2021 and BS-V
norms by an equal number of years to 2019. However, not the government has decided to skip the
BS-V norms altogether.
“We will need to do the same work in four years against the earlier time frame of six-seven years.
We will have to tweak our product plans. For the new launches that will happen 2020 onward, it will
be possible to meet BS-VI norms provided fuel is available across the country. For the existing
models, a transitory provision has to be allowed,” said CV Raman, Executive Director at Maruti
Suzuki. Though, it is learnt that the industry is seeking an additional two year period to upgrade the
Currently, there are more challenges for the diesel vehicles to meet the sixth level of emission
norms. Along with calibrating the diesel particulate filter to control particulate matter, the
manufacturers will have to ensure its reliability according to Indian conditions. The calibration of the
NOx control system would be followed by it.
In these consecutive steps, the manufacturers will also have to keep an open eye on price
fluctuations. After all, the higher prices are going to affect the purchasing power parity of customers.
Once BS-VI is implemented, the price of BS-VI petrol cars may go up by Rs 15,000-20,000 while
diesel passenger vehicles will be expensive by Rs 80,000-100,000.
It needs a change in the road map of product planning. The new products which were being
considered before will have to follow the norms of BS-VI. The price value equation also needs to be
adhered to. “The changes in regulation have brought in challenges towards ensuring these
requirements as it involves advancing the changes in products, necessitating additional investment
by the supply chain and product operations,” said Rakesh Srivastava, senior vice-president at
At present, we have BS-IV norms in select cities and BSIII norms in rest of the country due to non-
availability of fuel. . The key problem is the high sulphur content in BS-IV fuel. However, if BS-VI
fuel gets used in a BS-III or IV vehicle, there is no negative impact.
Ever wondered how your car insurance provider quotes the premium? Whether you decide to involve agents or buy car insurance online in India, it is a sagacious decision to understand how car premiums are calculated by the insurer.
Read on to find out about the various factors that influence the cost of premiums while purchasing the car insurance cover.
The Sum Insured or Insured Declaration Value
The insured declared value or sum insured is the actual value of the car as derived by the insurer. It is this value for which an insurance holder pays the premium. IDV applies only for comprehensive covers and must be checked without fail while purchasing the insurance. Expensive gadgets and CNG kits further add to the value of the vehicle.
Location Of Vehicle Registration
India has been divided into two zones, A and B, for the purpose of vehicle registration. Zone A includes the metropolitan cities along with a few other tier 1 cities like Pune, Bangalore, Hyderabad and Ahmadabad. The rest of the country falls under Zone B. Insurance premium of vehicles registered with Zone A cities is more expensive as the chances of claim is higher in these places.
Age Of The Vehicle
The older the vehicle, higher is the insurance premium as the risk of break down is also much higher. The general age brackets for vehicles in India include, less than 5 years, between 5 and 7 years and above 7 years.
The Cubic Capacity Of The Car
The size or volume of a car’s engine is referred to as its cubic capacity (CC). The greater the cubic capacity, the better is the acceleration and speed. Insurers charge these high-end vehicles a much higher premium than the smaller ones. Cars as low as 1500 cubic capacity demand the lowest premiums and the more sophisticated brands that surpass the 2000 CC mark are insured for a lump sum.
NCB or No Claims Bonus refers to the additional discount points earned on the own damage premium if no claims were made during the previous year. NCB of maximum 50% can be accumulated over a period of 5 years.
With an increasing population and dwindling car prices, safety becomes a top priority. Car insurance is no more a luxury or need but an absolute necessity for the Indian roads. Ensure that you know the knacks of obtaining the suitable plan within your budget. Visit this website if you want to buy car insurance online in India.
Due to the number of variables that have a high impact on the car insurance premium, it becomes
one of the most complicated insurance policies to buy. Over the years, car insurance companies
have started to introduce easy-to-navigate platforms for online car insurance for users so that they
can compare the motor insurances and then make the choice. So, let’s have a look at what really
makes care insurance premium.
The three main components of car insurance premium are as follows:
1. Third Party Claim
2. Own Damage Claim
3. Accidental Cover
Now let us delve deeper into the factors of car insurance premium.
1. Location: India has been divided into 8 metros and the rest of the cities according to the
Motor Insurance Act. The premium asked for the 8 metros is comparatively higher when
compared to the rest of the country. In cities like New Delhi, Mumbai, Bengaluru, Kolkata,
Hyderabad, Chennai, Pune and Ahmedabad, the risk factor is more. So normally, the
premium is calculated on the basis of these locations. Though, there are few car insurance
companies that charge more premium is your vehicle is registered in say Punjab or Delhi
where the chances of accident or theft are more.
2. Engine CC: The third party component of the car insurance is more for vehicles which
have higher engine displacement (CC). The classification thus is as follows:
i) Rs 670 for >1000cc
ii) Rs 800 for 1000 to 1500 cc
iii) Rs 2500 for more than 1500 cc
3. Car’s Age: Depreciation in accordance to the age of the vehicle also plays an important part
in framing the car insurance premium. The depreciation value reduces with the increase in
the age of the car and along with it, the own damage component of the car insurance also
4. No Claim Bonus: Policy holders who have no claims or lesser claims are rewarded by the
car insurance companies. In fact, up to 50% of rebate is offered by the car insurance
companies if there has been no claim in the past. The rebate is endowed on the own damage
component of the car insurance.
5. Car’s manufacturer: The car insurance companies keep a flawless track over the kind of
claims which might be higher for one car’s manufacturer or model in comparison to the
other car manufacturer/model. So premium also depends on this fluctuating ratio. For
example, the premium which you have to pay, say for Mahindra Scorpio would be higher
than that charged for Honda City or Maruti.
6. Profession: Sometimes, 5% discount is offered for car owners who are in Central
Government jobs. At the same time, the age of the driver/owner also plays an important
part in deciding the premium for the car insurance policy.
Keeping all these facts in mind, always compare the care premiums offered by the different car
insurance companies with strict scrutiny. The comparative analysis of car insurance companies is
indeed a must in order to avoid later hassles.
Owning a car is a dream nurtured since childhood for many and is certainly a very significant milestone in one’s life. Like a twin to the new car comes the need to purchase the most suitable car insurance policy for enhanced safety and greater peace of mind. Car insurance quotes in India can be obtained online as well as through offline media from multiple insurance providers and subjected to detailed review before making the final choice.
Read on to find out about cashless car insurance policy plans along with their key benefits and limitations.
How does a cashless car insurance policy work?
Cashless insurance first started with the healthcare sector where the insurance holder could avail instant medical assistance from selected hospitals and the expenses of the treatment were paid up directly by the insurance provider. Cashless car insurance also works in a similar manner where car owners go to selected car care centers or garages to repair the damages caused to the vehicle.
How to secure a cashless car insurance policy efficiently?
There are two options when it comes to picking the cashless car insurance. If an individual buys the cashless car insurance from the authorized agent of the car manufacturer, he or she is eligible for repair services in any car care center that belongs to the network of the manufacturer. However, the premium tends to be higher as the car owner gets access to genuine spare parts easily and the quality of the service will reflect on the performance of their manufacturer’s product. Another option would be to do some research online and choose a policy that seems most relevant for the car owner. In this case, the number and location of garages included and the suitability of vehicle type for such garages must be duly checked.
What are the key benefits of this type of car insurance?
Cashless car insurance comes as a savior when the owner is not prepared to handle an emergency situation. The responsibility of the repair services lies with the insurance company and a reliable provider will ensure that there is no compromise on the quality of the service.
Who needs a cashless car insurance policy?
Luxury car owners who need instant access to genuine car parts and for those who do not want to rely on local garages, cashless car insurance is a boon.
While obtaining car insurance quotes for cashless policies, one must double-check the list of repair services offered through the policy and also ensure that a minimum of one authorized garage is in close proximity to the place of residence or work. Click here to know more about car insurance quotes in India.