Insurance is like a spare tyre. You may not require it, but not having one is not an option.
  • 7 Car Insurance Tips to Light up Your Diwali

     4.5 / 5.0   by 2237 users
    Used this product? Write a review >>

    Policy Coverage

    Customer Service

    Claim Experience

    Responsiveness

    Cashless Garages

    As the festival of light approaches, we are all set to celebrate it with much pomp and show, scrumptious food, and delightful gifting. ‘Tis the season during which we illuminate our houses to signify the enlightenment of the soul and the triumph of the good over the evil.

    For some, it marks the beginning of a brand new year, for others it’s the most auspicious time to start a venture. Though beliefs vary, almost everyone considers this to be the best time of the year to buy an asset that will be an intrinsic part of their lifestyles.

    Car Insurance Tips for Diwali

    Diwali 2018 - Car Insurance Tips:

    If you are planning to buy a car this Diwali, then you have made a fabulous decision! You just have to ensure that you decide on an optimum car insurance policy that will act as a safety net to protect your dream set of wheels. In line with this, we have put together some tips that will help you narrow down on the best motor insurance policy for your needs:

    1. Compare insurance plans between providers - This is the crucial first step that, unfortunately, many car buyers fail to adhere to. It is important to educate yourself on the car insurance offerings in the market that you can benefit from. The best way to do this would be to compare insurance plans between providers. You can do this at neutral financial websites, absolutely free of extra charges. Moreover, you will also be able to weigh the policy coverage against the cost of insurance and settle on a good deal.
    2. The friendly car dealer may have offered you a great discounted car insurance plan. But you should understand that the best way to buy car insurance is not by settling for the first offer. A little window shopping may actually pave way to a plan that offers you better coverage at an optimal cost than that offered by the dealer. And it is also not mandatory to buy car insurance from the dealership. If you do some basic amount of research, you can zero in on an array of attractive motor insurance solutions from which you can pick the right fit for your vehicle.

    3. Transfer your No Claim Bonus - If you have owned a car before, you would be aware of the No Claim Bonus in car insurance. This is a reward the insurer offers you for being a diligent driver and refraining from raising claims. So, if you have cruised through a policy year without any claims, you will be eligible for an NCB that translates into a discount on renewal premium. You can even earn a discount of up to 50% on renewal premium through NCB, if you have driven carefully for 5 policy years.
    4. It should also be noted that the NCB can be transferred between vehicles owned by the same person. So, when you buy a new car, do not forget to transfer the NCB that you had accumulated on your previous policy. This can bring down the insurance cost for your new car by a significant amount.

    5. Carefully select the add-on coverage - The comprehensive/package car insurance policies offered by insurers do not offer exhaustive coverage. There are several exclusions in comprehensive car insurance that you should take special note of at the time of policy purchase. In case you think you need additional insurance cover, you can always opt for one of the carefully designed add-on covers offered by the same insurance company.
    6. Most insurers offer the following add-on covers that can be used to amplify the coverage of the comprehensive/package plan:

      • Engine protect cover - If you live in an area that is prone to flooding, this is the add-on cover that will give you complete peace of mind. The package policy does not offer you coverage for damage to the car’s engine due to any incident apart from an accident that causes total loss. Therefore, this is a very useful rider that you can consider buying. Also, if the insurance is being purchased for a premium/high-end car, it is recommended that you buy this add-on cover. This is primarily due to the reason that the cost of engine repair for expensive cars is usually very high. This cover provides you immunity against these unprecedented expenses.
      • Zero depreciation cover - This rider is also referred to as bumper-to-bumper insurance or nil depreciation cover. It is also one of the most popular add-on covers in car insurance in India.

      Cars are depreciating assets. Car parts also undergo depreciation based on a standard schedule followed across the industry.

      Consider that you have a car that is protected with a comprehensive car insurance plan. At the time of a claim, the insurer will not pay you the entire claim amount. There are components corresponding to deductibles and depreciation that you will have to pay from your own pocket. Although it is mandatory to pay the compulsory deductible, that is not the case with the depreciation component. If you had opted for a nil depreciation add-on cover at the time of policy purchase, you will not be required to bear the component corresponding to depreciation. In a nutshell, a zero depreciation cover alleviates the impact of the sudden expense associated with a claim.

      • Return to invoice (RTI) cover - This add-on cover is very useful in the event of a total loss claim. Consider a scenario in which your car (that was insured with a comprehensive car insurance plan) is stolen. When you raise a claim, the insurer provides you the Insured Declared Value (IDV) of the car as sum insured.

      If your vehicle was equipped with the RTI add-on cover, you are liable to receive the on-road price of the car, i.e., its invoice value, which is much higher than its IDV.

    7. Go for a reliable insurance company - You should do a fair amount of research and decide on an insurance company that has a robust claim settlement ratio, quick turnaround time for claims, and great customer service. Reliability of an insurer is also a spin-off of its extent of operation in the country, reputation, and market presence. So this is something you should look out for as well.
    8. Check if you are eligible for discounts - Most insurance companies offer discounts to customers who have approved anti-theft devices installed in their vehicles. Members of automobile associations and car owners of specific professions also receive discounts from insurance companies. So, it is worth checking with the insurer if you are eligible to receive any such discounts.
    9. Additionally, some insurance providers offer loyalty discounts to customers who have multiple insurance policies with them. So, if you have purchased a health insurance policy from an insurance company, check whether you are eligible for any discounts when you purchase motor insurance from the same insurer.

    10. Cashless claim settlement - When you are looking to buy motor insurance, opt for an insurance provider that offers you the facility of cashless claim settlement at network garages across the country. It is useful to choose cashless settlement over reimbursement claims, as it eases the entire claim process and the repair work will be done in a reliable and transparent manner.
    11. Voluntary deductibles - A voluntary deductible is a part of the claim amount that the policyholder will have to pay before the insurer bears the rest. So, if you agree to opt for a greater voluntary deductible at the time of policy inception, you can save a significant amount on your annual premium. But do not opt for a very high voluntary deductible value, as you may otherwise struggle to pay the corresponding amount at the taxing time of a claim.

    After you have bought the policy, ensure that you read through the insurance documentation thoroughly to ensure that the coverage is in tune with your requirements. In case you find an anomaly, check with the insurance company and follow the necessary steps to ensure that your car is adequately covered.

    While few of us think that Diwali represents new beginnings, there are many who consider that it is a time to pay tribute to the goddess of wealth and light her way into our homes. Our guide to buying the most suitable motor insurance for your car during Diwali 2018 is a good resource that educates you on how you can save big this year. So this Diwali, while you revel in family feasts and firework displays, you can also give a pat on your back for bringing home the best car and the most optimum car insurance to protect it.

    GST Update: GST of 18% is applicable on car insurance effective from the 1st of July, 2017

    Car Insurance Tips for Diwali Reviews

  • Page 1 of 50 1 2 3 4 5
    • Royal Sundaram Car Insurance
      "Good Product"
      0.5 4.0/5 "Great!"
      For my Maruthi car I took Royal sundaram general insurance through dealer I have approached the premium is reasonable, I don't think its a comprehensive plan. Once I had claim I met with the accident, there was a car damage, they gave 70% of claim, remaining I paid from my end.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 07, 2018
    • Reliance General Car Insurance
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      RELIANCE GENERAL INSURANCE is the insurer where i have taken my car insurance and the premium i paid which is nominal added on that the IDV value is also sufficient with this policy. The policy coverage is for bumper to bumper for this policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Dec 07, 2018
    • SBI General Car Insurance
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I had a claim of 44k with the SBI GENERAL INSURANCE where i have taken the card insurance and the claim is of reimbursement and i got within the one day. The premium is nominal and the IDV is nominal. The coverage is for bumper to bumper. The process is good with this policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Dec 07, 2018
    • ICICI Lombard Car Insurance
      "Good Protection for four wheeler"
      0.5 4.0/5 "Great!"
      The car policy with ICICI lombard is good and they are economical on the cost wise, I took policy for one year I took 100% its zero depreciation. They gave me best insured value based on the age of vehicle, they have ncb features and they many service centers too.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Dec 05, 2018
    • Bajaj Allianz Car Insurance
      "Good claim process with fast service"
      0.5 4.0/5 "Great!"
      The premium amt is good in Bajaj Allianz and economical too, I paid Rs. 25k for one year. I have Hyundai I ton card its 3 years old, they gave me best insured declared amount, I got the papers on time, my claim exp is good, car got damaged and replaced and gave it on time, even they have lined with many service centers.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 05, 2018
    • ICICI Lombard Car Insurance
      "Quick policy"
      0.5 5.0/5 "Blown Away!"
      I have been renewing the policy for 4 years with ICICI Lombard. The policy was given by dealer when i purchase the policy and i'm continuing the policy without any reason. The claim experience was fine. I have got the coverage amount of Rs. 9 lakhs and i have got the claim amount of RS. 40000. This policy covered with bumper to bumper facility. I have got the claim within 5 days.
      Was this review helpful? 0
      , chennai
      Reviewed on Dec 05, 2018
    • Universal Sompo Car Insurance
      "Good Car Insurance policy"
      0.5 5.0/5 "Blown Away!"
      My car insurance policy was taken 2 years ago with Universal Sompo. I have been renewing the policy with the same company. I have paid the premium amount of Rs. 4000. This policy has been covered for 100%. They have given me a car value of Rs. 1.90 lakhs.They have offered me a facilities of road side assistance and bumper to bumper. I have no claim experience so far.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Dec 03, 2018
    • Bajaj Allianz Car Insurance
      "Its Good"
      0.5 4.0/5 "Great!"
      Cost of the car policy is good in Bajaj Allianz. I have Maruthi card they best insured value based on the age. I don't have any claim experience. The insurance company gave me Rs. 2.5 lakhs for one year, third party cover and personal accidental cover is good.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 03, 2018
    • New India Car Insurance
      "Good Experience"
      0.5 5.0/5 "Blown Away!"
      In 10 years of experience I didn't face any claim. I have wagon R, the premium cost was economical, I paid around Rs. 5000 for one year, they gave me the comprehensive 100% protection plan, they got tie up with the dealer and they do have ncb features.
      Was this review helpful? 1
      , mumbai
      Reviewed on Dec 03, 2018
    • United India Car Insurance
      "Good car insurance policy"
      0.5 5.0/5 "Blown Away!"
      Since its a new car, they have given me a a zero depreciation policy. The dealer has recommended me about this car insurance policy when i purchase my car. I have paid the premium amount of Rs. 28000. They have not given me a road side assistance facility but bumper to bumper facility is available. More garages are available in my location.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Dec 03, 2018
    • ICICI Lombard Car Insurance
      "Better"
      0.5 4.5/5 "Excellent!"
      My car insurance was taken with ICICI Lombard and it was offered by the showroom. They are giving zero depreciation and don't know about the other offers. The premium is included in the car price. The customer service is good. They have sent the insurance papers on time.
      Was this review helpful? 0
      , new delhi
      Reviewed on Dec 02, 2018
    • review Car Insurance
      "Value of money"
      0.5 4.0/5 "Great!"
      4 years back, i have bought my car insurance policy with Bharti Axa. Somebody suggested me about this car insurance policy. The premium amount is less comparatively less when i compared with other companies. I'm happy about the coverage value they have provided to me. I have not claimed anything in this policy.
      Was this review helpful? 0
      , new delhi
      Reviewed on Dec 02, 2018
    • Tata AIG Car Insurance
      "Yet to experience the policy"
      0.5 4.0/5 "Great!"
      I have purchased the TATA AIG car insurance 6 years ago. I have selected the TATA company because of the brand value. I'm not sure about the bumper to bumper facility. I have got the benefits of no claim bonus, cashless garages. I never interacted with the customer anyway I'm satisfied with the policy.
      Was this review helpful? 0
      , new delhi
      Reviewed on Dec 02, 2018
    • ICICI Lombard Car Insurance
      "Good experience with ICICI Lombard"
      0.5 4.0/5 "Great!"
      My car insurance was taken with ICICI Lombard. I never interacted with the customer care. I had a claim experience with them and the certain parts are not covered however the coverage value was good. They are given me a bumper to bumper coverage. They have given no claim bonus when i have not claimed anything before.
      Was this review helpful? 0
      , new delhi
      Reviewed on Dec 02, 2018
    • United India Car Insurance
      "No claim experience in United India"
      0.5 4.5/5 "Excellent!"
      When i purchase my car, bank has given me a United Car Insurance. There is no much difference between this policy and others. The premium amount is less since its provided by the bank people. I paid the premium amount of Rs. 24000. 10 years back, i have purchased this policy. They have given me a 100% coverage value. I have not claimed anything in this policy.
      Was this review helpful? 0
      , chennai
      Reviewed on Dec 02, 2018
    • Tata AIG Car Insurance
      "Good Car Insurance policy as of now. "
      0.5 4.0/5 "Great!"
      My car insurance policy was taken with TATA AIG. My friend has recommended me about this policy. He has taken care of all the details of the policy. I have been renewing the policy for last 9 years. I never interacted with their customer since i don't require it. I had no claim experience till now. They have offered me a coverage value of Rs. 6.25 lakhs. I have got a no claim bonus.
      Was this review helpful? 1
      , chennai
      Reviewed on Dec 02, 2018
    • National Insurance Car Insurance
      "Its Good"
      0.5 4.0/5 "Great!"
      I think I paid the premium around Rs. 28,000 for IDV value of Rs. 3 lakhs for the tenure of one year. I have model of maruthi swift its 2015 model, it has bumper to bumper coverage, its protects only for my car. They will provide no claim bonus on next year.
      Was this review helpful? 1
      , bangalore
      Reviewed on Dec 01, 2018
    • ICICI Lombard Car Insurance
      " Good Experience and hassle free"
      0.5 5.0/5 "Blown Away!"
      The ICICI lombard premium amount is economical I Have taken the policy for one year. I took the comprehensive plan with fist party accidental, it also cover loss, damage etc. I got the policy documents on time. faced claim, I went to the showroom they taken the documents, I just dropped my car to the dealer I paid 1000 at the time of billing , they completed all the process, delivery time is low.
      Was this review helpful? 1
      , mumbai
      Reviewed on Dec 01, 2018
    • review Car Insurance
      "Good experience"
      0.5 5.0/5 "Blown Away!"
      I hold a car insurance with Kotak Mahindra general insurance from last 1 year, there was no cashless garage facility given at the time of claiming. The coverage value was good, the bill amount was for Rs 21000 out of which i paid Rs 1000. I pay a premium of Rs 13000 for this car insurance which has full coverage with 0% depreciation.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 01, 2018
    • HDFC Ergo Car Insurance
      "Average Policy"
      0.5 3.5/5 "Pretty good"
      I hold a car insurance with HDFC ERGO from more than 1.5 years, a premium of Rs 5000 has to be paid for this insurance policy every year. I did not claim anything so far from this insurance policy. They cover bumper to bumper damage for this car insurance.
      Was this review helpful? 0
      , pune
      Reviewed on Dec 01, 2018
    Common Loader Icon
    Page 1 of 50 1 2 3 4 5

    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

    reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.