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Car insurance for new car

Different cars ask for different car insurances. Imagine you are the proud owner of a brand new sports car that you have saved for for many years; you would want to have a different coverage in case anything happens to the car than when you would be the (not so proud) driver of a trashed pile of scrap metal.

Obviously, you would have to pay a higher monthly insurance premium for the sports car than for the old rust bucket. If you crash your new car and you have chosen the right insurance for your vehicle, chances are that all of your damage, or at least a greater part of it, will be reimbursed by the insurance company, because that is what you have been paying them for. For an old, rusty car, you will probably choose to pay a lower insurance premium, because your vehicle will not be worth much anyway. If you bring damage to another party by driving into something or someone, you would want these expenses to be covered, but there is no use in paying extra for coverage on damage if loosing your mirror would already mean you have totalled your car.

To make sure you get the insurance that best suits your situation and your vehicle, you can compare car insurances online. Also, it is worth the time to compare the prices. Some insurances provide the same coverage for a lower insurance premium, so a little research could save you a lot of money.

But the best advice of all when it comes to cars: drive safely, so you won’t cause any damage and don’t have to turn to your insurance company at all.

Choosing car insurance

Owning and driving a car gives you lots of freedom. You can drive to wherever you want, whenever you want. Nothing will stop you anymore from a spontaneous weekend in the countryside. Investing in a driver’s license and a car therefore is one of the first things people do when they take their first steps into the grown-up world.

However, in order to keep things carefree, you should always close on a car insurance before riding your first miles. In many countries, it’s even mandatory to have a car insurance before hitting the road. Although we all try to avoid any damage to our car and the world around us, accidents could soon happen. With the right car insurance, you don’t have to worry about major cost; it’s already bad enough when there’s damage in the first place.

When closing on a car insurance, there are a few basic things you need to keep in mind in order to get the right coverage. The first choice you have to make is whether you want an all-risk coverage, or only a liability insurance. The general advice is to close on an all-risk coverage for cars that are less than four years old. When you are driving an older car, a liability insurance will usually be sufficient. With this type of insurance, all damage you bring to others that you are liable for, will be covered. However, when you bring damage to your own car, it’s for your own expense.

An all-risk insurance –the name is actually quite self-explanatory- covers any damage that you are liable for. Even if you in hit another car upon an unfortunate event, the damage to both your car and the other one, will be covered by the insurance company.

Many safe miles!

The 5 ‘C’s to check before purchasing Motor Insurance

Demystifying Car Insurance: The 5 ‘C’s to check before making the right choice

Choosing the right car insurance can be a tedious task. So many technical jargons and ambiguous policies make it even more difficult.

Thus, here are a few factors which you must always keep in mind before opting for your car insurance. Here are the five ‘C’s that would help you demystify car insurance policies.

  1. Claim Settlement Policy: Quite rightly, the claim settlement policy is the ‘moment of truth’ for any insurance company towards the policy holder. You must look into the previous record of the company and how they had dealt with previous claim settlements. Focus on the ‘minimum processing time’ undertaken. Always look for companies that can customize your car insurance as per your needs, thereby endowing you with superior protection. Be very specific while dealing with customized recommendations for motor add-ons, especially dealing with make and model of your vehicle along with your car’s age.
  2. Coverage: Most of the car insurance companies under comprehensive car insurance coverage include cases of loss caused due to fire explosion self-ignition or lightning, earthquake, malicious act, landslide, burglary housebreaking or theft, strike and riot, accidental external means and even damages caused whilst in transit by road rail inland-waterway lift elevator or air. Other add-ons include Depreciation cover, No Claims Bonus Protector, Hydrostatic Lock Cover as well as Roadside assistance.
  3. Communication Access: Several insurance companies provide online advantage through which you can buy the policy through web instantly and hence, save time and save money. In most of the cases, you get a free quote. Then you can calculate your car insurance premium and buy with the same quote within seven days. Also, be specific to know what will happen to your car insurance if you sell it to another buyer. Check out the number of days within which the buyer (transferee) has to apply for transfer of insurance. In certain cases, the buyer (transferee) has to buy a fresh insurance.
  4. Cost: Well, the price or premium is perhaps the most necessary detail to look out for, while buying the right car insurance. The premium is based on “insured declared value” and the rate multiplier, which depends on the car model, your car’s age, daily mileage and the terrain of the location. Even if you have to incur a slightly costlier premium, do ensure that you get maximum IDV. These days, car insurance companies provide 24×7 ​roadside* assistance at no extra cost​, Optional Personal Accident cover upto Rs. 10 lakhs​​​ as well as cashless facilities at their network’s garages.
  5. Customer Service: Thanks to online access, car insurance policies can now be instantly issued. Also, changes in policy as well as cancellation are also easily processed without much hassle. Cashless settlement is also available in the context of a claim, so that post-repair delivery is quick without incurring burgeoning amount of bills at the workshop. Always opt for a well known and reliable brand, after all, the bigger the network, the better are your options.

 

Thus, here is your one stop solution to know anything and everything about car insurance, designed to help you make customized policy choices and instant insurance purchases.

Free Car Insurance Quote

Searching for car insurance can be time consuming and frustrating but it doesn’t have to be. Shopping for car insurance online is as simple as filling out a form and waiting for a free quote. There’s no reason to sit on hold for hours waiting for a quote when getting car insurance online is a snap. Don’t go without car insurance any longer.

Car insurance is available online for low prices. You can get insurance to cover your car, yourself, and your passengers. With online car insurance, assistance is available at all hours of the day and night. These days more and more people are going online to buy car insurance. It’s more convenient, it’s faster and it’s definitely more affordable. Whether you are looking for new car, used car, or motorcycle insurance, buying online is your best option.

Online car insurance quotes take into consideration all of the requirements you need to get out of your car insurance. Car insurance should make you feel protected on the road. It should cover your expenses if something were to happen. The car insurance that you purchase online should have an easy claims process and representatives to help you immediately.

Shopping for car insurance online is now fast, easy and affordable. There’s no more excuses for not carrying car insurance. A free online quote is only minutes away when you fill out the form, submit it, and wait for your results. You’ll be on your way to being fully insured in no time.

Don’t overlook the importance of car insurance whether your car is new or old. You need insurance to protect yourself, your passengers, your car, and other drivers. Getting a quote for car insurance online is free and only takes a few minutes. In minutes you can get the peace of mind you need while driving down the road. Obtaining car insurance is a necessary step to car ownership. Now it is easier than ever. Never drive without car insurance again because the best car insurance companies are available online. Now you can afford the finest of car insurance to protect your car, truck, van, or motorcycle. Fill out the form, wait for your quote, and then purchase your new online car insurance policy. You’ll be happy that you did.

Car Safety Features Overview

The safety level that is maintained for a car, by the owner, is among the various factors considered by insurance companies in India when providing car insurance. Even when opting for car insurance online in India, insurance companies count the features that boost the safety of a car. They also examine how such features installed in a car effectively protect it from crashes. Unfortunately, buyers in India either do not purchase cars with high-end safety features since they tend to be costlier or manufacturers do not install such features. Hence, car owners in India who want to make their car safer and bring down the car insurance premium rate, should explore the following features.

– Car owners who do not want their head to collide into the dashboard or steering wheel during a crash, should install air bag in their car. Air bags should be installed in the dashboard, door linings and steering wheel, so they may pop out accordingly, depending on the severity of a crash.

– Car owners who are concerned about ending up in a situation where they may have to suddenly apply brakes, an anti-lock brake system (ABS) can prove to be useful. The ABS is capable of maintaining traction between the road and tyres, so that a car does not skid when the brakes are applied all of a sudden.

– Another feature that can help ensure that a car never slides and spins out of control, if the brakes are ever applied suddenly, is an electronic stability control.

– Whether driving through an area that has dim lights or no lights at all, automatic headlights can also prove to be useful whenever the light conditions are low, since they turn on automatically.

In India, the installation of safety features like the ones mentioned above can enable car owners to get a discount anywhere between 2% and 5% on their car insurance premium. For instance, if Rs. 6000 per annum is the premium that a car insurance company is charging, they may offer a discount anywhere between Rs. 100 and Rs. 300 if safety features like the ones above are installed. Car owners can even save up to Rs. 500 on their annual car insurance premium if they have installed a substantial number of safety features in their car, which can prove to be beneficial in the long run.

It has been observed that people are often in search of cheap car insurance online in India. If not, they are certainly frequently in search of discounts that will lower their auto insurance rates. Of course, auto insurance premium rates can be lowered through many other ways, but adding safety features to a car is probably the best and most feasible way to do so. Not only can car owners lower their premium amount this way, they can also be certain that they will remain safe if they ever end up in an accident. Ultimately, that is what matters the most. When applying for a car insurance policy, even when doing it online, car owners should make sure they mention the safety features that are installed in their car, so that they are offered a lower premium amount.

The next step in Vehicle Insurance in India

Technology is coming to reduce our car insurance premiums, or is it ?

How to reward good drivers with low premium, and hike premiums for risky driving ? This has always been a million dollar question for insurance agencies. Usually insurance companies do it by building on historic data, based on age, vehicle category, gender, city, etc.
This profiling varies from one insurer to the other.
Though it broadly categories insurance purchasers , but its still not a fool proof method of providing justifiable insurance covers. For example, a person driving the same type of vehicle might drive it very carefully. No excessive braking, or sudden accelerations, too high speeds etc.
Whereas another person, might be breaking all speed rules and is very rash in driving.
While buying an insurance, whether online or offline, there is no way to tell which customer will behave with how much rick appetite.

However, telematics offers a solution to this premium calculation model. Telematic is a device which is fitted externally in a car, and gives patterns about usage, location and other parameters related to the car’s performance.
By accessing this data, at time of premium calculation, insurers will be able to ascertain the correct risk profile of the driver and offer premium accordingly.
However, telematic will take some time to come to India. Unlike other countries, here even manufacturers are against the idea, as they feel that the devise will impact the car’s performance and security !!

Even Insurers are not pushing it, since motor insurance premiums are at an all time low in india. This is because of the intense competition amongst insurers. Hence, insurance firm contest that even with this data, they will not be able to play much with the insurance rates.

So, though the concept and solution is the best possible, there aren’t many takers for it now in Indian market. This is preventing the “good drivers” from getting a lower premium for their cars.

Lets hope that situation changes soon, and we have technology aid us in determining car insurance premiums.

IRDAI New changes on Insurance Intermediaries

In an attempt to make Intermediaries (especially banks) more responsible for the policies they sell, IRDAI has proposed a host of regulations.

Currently Bancassurance is a preferred distribution channel for most insurance company contributing to 40 – 50 % of Insurance volumes. Banks provide access to a large number of existing client base, who are given Insurance policies through cross sell. These innocent customers transact on multiple platforms with their trusted bank and its employees, for availing all sorts of asset and liabilities products. Since Bank is a corporate agent of insurance companies, therefor banks aggressively sells insurance policies to these unsuspecting customers. This often results in mis selling of insurance.

On a compliance note, banks act as a corporate agent, representing the banks, and faced lesser regulations than other intermediaries through IRDAI. Now the new stand of IRDAI is to treat the Bancassurance channel also as a intermediary, bringing it under the rigid compliance net.

It is also proposed that the CEO & CFO of these banks will undertake and insure IRDAI that there are no mis selling happening to its customers on insurance products. This will make these banks answerable to its customers. Till now all insurance grievance used to get redirected to the insurance companies, who in turn made the customer go from pillar to post to get justice.

All of this is likely to have a major impact on the way car insurance and other insurance products are sold through banks. We can expect more cautious approach from these institutions in future.

IRDA chairman TS Vijayan said that “We are issuing corporate governance guidelines in October and this will also include issues of management control”. He also clarified that corporate agents, including banks, and their employees will be responsible for the insurance products sold by them.

These announcements comes in with the recent fines imposed by IRDAI on ICICI Lombard and other insurers for mis selling of policies.

Top Car releases continued ..

In continuation with our last week’s post on Top Car releases that you cannot miss this season, here ‘s our view about another 5 top head turners for this season.

 

Maruti Swift SP edition

the new edition of Maruti’s popular hatchback Swift has been priced at Rs. 5.15 Lakh. It is expected to include Stereo with Bluetooth and USB, integrated music system, Keyless entry, limited edition memory foam cushion, 4-speakers and Reverse parking sensors. In terms of Power, it is expected to be the same of 1.2 and 1.3 ptrs mix offering. On exterior, it looks similar to the present offering. The changes are mostly cosmetic in nature such as blackened B-Pillar and Swift SP badge on the driver side door.

Mercedes GLE (M Class facelift)

This will replace Mercedes existing ML Class, and is offering a 9 speed auto gearbox, instead of 7 speed one. There is not much differentiation from the outside, however, the interiors have been given a major facelift, to make it more classy. Power is high, however gear system takes a bit of getting around too.

Nissan X-Trail

This amazing vehicle will be available in 5 & 7 seater configuration, though its a no brainer what will sell more !. Exteriors have been touched up to be more curvy, its the interiors which are a big jump. Apart from this the usuals are all there, i.e. keyless entry, power windows, central locking, cruise control, rear camera, multi seat adjustments etc. It has MR20DD 2.0-litre direct-injected four-cylinder engine and the QR25DE 2.5-litre MPI four-cylinder engine options. The 2 lt. engine will give 144 PS and 200 NM torque, and the latter will give 171 PS and 233 NM torque. Available in both FWD and 4WD options, this can easily touch speeds of 170 kmph.

Renault Kwid

The recently launched Kwid comes with a engine capacity of 799 cc and a power of 57 bhp. it has a torque of 72 NM @ 4386 rpm. With 3 cylinders engine. It boasts of providing a mileage of 25 Kmpl. it USP is definitely its appearance, with higher ground clearance and more muscular looks. It price points will be between 3 – 4 lacs, so its bound to give a tough competition to other cars in this segment.

Maruti Suzuki YRA (Baleno)

Maruti’s new hatchback features a 1.2-litre VVT petrol engine producing 83 bhp and 115 Nm of torque. In diesel department, the car will feature a 1.3-litre DDiS200 engine with an output of 90bhp and 200Nm of torque. Maruti has introduced Suzuki’s new SHVS technology for engine start-stop functions and higher mileage.

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Top 5 Car releases that your can’t miss this season

There are not less than a dozen vehicles being launched this season, and some facelifts too. Here are the best 5 pics (based on consumer expectations), that our experts thought will appeal to everyone.

We are listing these top 5, and working on 10 others which we will bring to you in later posts.

2015 Ford Figo hatchback

With a price tag of 4.5 to 6 lacs, the new Ford Figo hatchback will be powered by a 1.2 litre petrol engines and 1.5-litre diesel version. Petrol variant will have a maximum power output of 81.1 PS and peak torque of 110 Nm, while the diesel version will produce 90.2 PS of maximum output and 204 Nm of peak torque. Transmission for both will be through a 5-speed manual gearbox. There are also rumours of an automated diesel variant, but nothing is out yet.

Chevrolet Trailblazer

Its not going to be a 4 wheel drive, but the 2.8-litre Duramax DOHC turbodiesel engine will produce 197 bhp and 500 Nm of maximum torque. This engine will be equipped with a 6-speed automatic unit. Though it misses out on all-wheel drive, the Trailblazer will get hill-descent control & hill-start assist.

Honda Mobilio and Amaze Celebration Editions

There are Celebration editions, so there isn’t much changes in terms of technical details, but yes there are a lot of cosmetic changes like more up-market upholstery including seat covers & cushions, new steering wheel cover and floor mats. Honda Amaze and Mobilio Celebration Editions will only be offered in Taffeta White and Orchid White Pearl paint schemes.

Hyundai i20 Celebration Edition

Celebrations editions are priced between 6.5 lacs to 8 lacs ex showroom. it comes in 1.2 litre petrol and 1.4 later diesel variants. It comes with matte black treatment for roofs. There are several interior modifications, but nothing major. On exterior , there are alloy wheels.The 1.2-litre petrol engine develops 82bhp of power and 115Nm of torque. It comes with the usual 5-speed manual transmission. The 1.4-litre diesel engine develops maximum power of 89bhp and maximum torque of 220Nm with a 6-speed manual transmission.

Mahindra TUV300

Built on M&M’s third generation chassis base with cushion suspension technology, the SUV has a 1.5-litre mHawk engine with a two-stage turbocharger and a rear wheel drive. It is with introductory price of ₹6.9 lakh (ex-showroom, Pune) for the basic model and for ₹9.12 lakh for top end one. Competition will be with the likes of Ford EcoSport, Hyundai’s newly-launched Creta and Renault’s Duster.

next week, we will be covering these offerings too:

Maruti Swift SP edition & Maruti Ertiga facelift, Mercedes GLE (M Class facelift), Nissan X-Trail, Renault Kwid, Toyota Hiace, Mercedes-Benz AMG GT, BMW 3 Series facelift, 2015 Audi Q7, Maruti Suzuki YRA (Baleno)

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Major Car Dealers and Insurance Firms Under DGCEI scanner

In a shocking discovery, Central agencies (DGCEI) in India have unearthed a fake invoice scam and is in the process to penalise certain Car Insurance Firms and Car dealers.
As a Car purchases, whenever you go to buy your preferred car, the Car dealers’ representative always scouts you for selling “package insurance” to you. Not only are these insurance products priced high, but they are also being sold against IRDA norms, in spirit.
The Car dealers are not doing any service to you, instead, they are profiting, in some cases up to 45% of the money that you pay as premium. This is incentive enough for them to force you to buy an insurance of their choice.
This was being done against IRDA norm of not paying more than 10% as commission to the insurance distributors. There are couple of other norms which were being broken. The probe was conducted by the Chennai zonal unit of the DGCEI against 16 motor insurance companies  for wrongly availing cenvat credit on the fake invoices of the car dealers. This was being done as a process to pass on >10% insurance commission to the Car Dealers in question.
Taking Insurance from your car dealer has become a norm in India, largely due to ignorance of buyers from purchasing it online as well as because of the push from Car Dealer’s representative assuring unsuspecting customers of a smooth sale.
Hopefully, this will put at least a restrictions on the excess payment being made to this channel. It will also make Indian consumers aware of the benefits of taking an insurance online.
Before you buy your new car, check for available insurance quotes online. This will put you in a much better position to take informed decisions.
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