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7 Car Insurance Tips to Light up Your Diwali

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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

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  • Reliance General Car Insurance
    "Its Good"
    0.5 5.0/5 "Blown Away!"
    For my old policy I paid the amount of Rs.8000 it was comprehensive plan from front to back bumper was covered, I have chevrlot drive suv. The process was easy and I got the insurance paper from the company on time. I used to make the payment through online.
    Was this review helpful? 1
    , chennai
    Reviewed on Feb 22, 2019
  • ICICI Lombard Car Insurance
    "Better than better"
    0.5 4.5/5 "Excellent!"
    I have taken a car insurance in ICICI Lombard and till now have not compared but at the time of purchasing it was good. I have not gone for claim and there is no requirement for the customer service. I have received the insurance paper. The policy coverage is one year. It is a zero dep plan.
    Was this review helpful? 0
    , faridabad
    Reviewed on Feb 21, 2019
  • Iffco Tokio Car Insurance
    "Good Policy"
    0.5 5.0/5 "Blown Away!"
    I have a car insurance with IFFCO TOKYO from more than 1 year. I paid a premium of Rs 17000-18000 for first year and Rs 13000 for second year. This policy has full coverage with 0% depreciation and i have no claim experience so far.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Feb 20, 2019
  • Royal Sundaram Car Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    For the past three years i am using the royal sundaram Car insurance , i had not gone for any claim till now and there is no issue in my vehicle . I feel okay with the royal sundaram client service .
    Was this review helpful? 0
    , hyderabad
    Reviewed on Feb 19, 2019
  • Oriental Insurance Car Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    I hold a car insurance with Oriental insurance from last 1 year, a premium of Rs 5000 has to be paid for this insurance policy. There was no claim experience taken so far with this insurance. This policy has 50% coverage and i am satisfied with it.
    Was this review helpful? 0
    , ahmednagar
    Reviewed on Feb 19, 2019
  • Bajaj Allianz Car Insurance
    "I have bought my two wheeler insurance policy from Bajaj All"
    0.5 5.0/5 "Blown Away!"
    There is no reason for choosing the car insurance from Bajaj Insurance. Till now i' have not claimed anything from them. Around 3 years I've renewing the policy with the same company. I'm not sure about the premium amount i paid. I never spoke with the customer care service so far.
    Was this review helpful? 0
    , mumbai
    Reviewed on Feb 19, 2019
  • ICICI Lombard Car Insurance
    "Very Good Policy"
    0.5 4.0/5 "Great!"
    I had taken this insurance policy a long time back and i have been paying the premium on an annual basis. The premium amount has not been too high and the payment method is pretty simple which is done online. I had made some claims two to three times and the services where quite good.
    Was this review helpful? 0
    , pune
    Reviewed on Feb 18, 2019
  • Oriental Insurance Car Insurance
    "Good Car insurance"
    0.5 4.0/5 "Great!"
    I have bought my car insurance from Oriental company. Based on the lower premium and claim ratio, i have chosen this company. I never interacted with their customer care. I pay the premium amount of Rs. 10000. This car covered with the bumper to bumper facility.
    Was this review helpful? 0
    , mumbai
    Reviewed on Feb 17, 2019
  • ICICI Lombard Car Insurance
    "Best Policy"
    0.5 5.0/5 "Blown Away!"
    I got Car insurance from Icici Lombard general insurance through As The premium amount is nominal one am satisfied with it , as it has low premium amount with cashless garages comprehensive cover with bumper to bumper coverage .Customer service and response is good . I pay it annually through online banking
    Was this review helpful? 0
    , chennai
    Reviewed on Feb 15, 2019
  • Royal Sundaram Car Insurance
    "Not satisfied with the service"
    0.5 1.0/5 "Really Bad"
    I had taken this insurance policy a while back and the experience with them has not been that good. For making the claim it had taken almost 20 days which was not good and it was not convenient. The services of then has to be improved and their customer care has to be improved and the staffs should be more responsible.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Feb 13, 2019
  • HDFC Ergo Car Insurance
    "Excellent Policy"
    0.5 3.5/5 "Pretty good"
    I had taken this insurance policy a long time back and i had been paying the premium on an annual basis. The premium amount was around 30,000 and the payment method has been simple. There has been a single claim which i had made so far and the services where very good and there has not been any difficulty faced.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Feb 13, 2019
  • Royal Sundaram Car Insurance
    "Satisfactory"
    0.5 4.5/5 "Excellent!"
    I have chosen Royal Sundaram for car insurance and done a online comparison. I have received the insurance paper. The premium was reasonable and the policy period is one year. They have good garages and also they are giving me n-number of claims can be done in a year. It is a comprehensive plan.
    Was this review helpful? 0
    , ghaziabad
    Reviewed on Feb 13, 2019
  • review Car Insurance
    "Average "
    0.5 3.0/5 "Satisfactory"
    I took my car insurance in Kotak General Insurance because I have account with them. The premium was reasonable. The claim experience was bit tough and it was not beneficiary. The customer service was good but need to improve the garages for cashless. The policy coverage was good but my experience was not satisfactory.
    Was this review helpful? 0
    , ghaziabad
    Reviewed on Feb 13, 2019
  • Shriram Car Insurance
    "Good"
    0.5 3.0/5 "Satisfactory"
    I took my car insurance in Shriram General Insurance before 3 years. Its not purchased based on the premium because one of my relative is working here. The customer service was good. The policy coverage is also good. It is a one year policy and first party insurance.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Feb 13, 2019
  • Reliance General Car Insurance
    "GOOD POLICY"
    0.5 4.0/5 "Great!"
    I have taken the car insurance policy with the RELIANCE GENERAL INSURANCE where the premium is nominal when compared to the others also the IDV value is good with this policy. They have provided the policy coverage of bumper to bumper with this policy.
    Was this review helpful? 0
    , namakkal
    Reviewed on Feb 12, 2019
  • United India Car Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    I have taken the car insurance policy with the UNITED INDIA INSURANCE where i have no claim experience with this insurance policy. I am using it since from last 3 years where the premium is lower compared to the others along with that they offers good IDV value.
    Was this review helpful? 0
    , new delhi
    Reviewed on Feb 12, 2019
  • review Car Insurance
    "Smart protection"
    0.5 4.0/5 "Great!"
    My showroom guy issued car policy from Bharati Axa, I didn't compare the cost of the policy. Its zero depreciation plan, bumper to bumper protection is there. They give 24 hours service, road side assistance its all standard. With best IDV on my Honda I20 car.
    Was this review helpful? 0
    , thane
    Reviewed on Feb 12, 2019
  • New India Car Insurance
    "Best policy"
    0.5 5.0/5 "Blown Away!"
    I took car insurance with New India Assurance for 1 year, a premium of Rs 5000 has to be paid for this insurance policy. There was no claim experience so far with this insurance. This policy has full coverage and the customer service is very good.
    Was this review helpful? 0
    , nasik
    Reviewed on Feb 11, 2019
  • Bajaj Allianz Car Insurance
    "Its Good but they need to provide less claim settlement"
    0.5 5.0/5 "Blown Away!"
    Bajaj Allianz cost of the car policy is reasonable, last year I paid the amount of Rs. 9000, now I need to pay Rs. 10,000 it has the benefits of zero dep and two times I have claimed it, first time my front mirror got damaged then second time back bumper got damaged. Only I paid the fine of Rs. 1000. Remaining they have taken care but claim settlement value is less, it should be 100%.
    Was this review helpful? 0
    , new delhi
    Reviewed on Feb 11, 2019
  • ICICI Lombard Car Insurance
    "Good"
    0.5 4.0/5 "Great!"
    I have purchased car insurance with ICICI Lombard. The premium was less when compared to others. I am using the service for one year. It is a third party insurance and it has bumper to bumper offer with zero dep and road side assistance. I have no claim and the hard copy have not received. I paid 13K through online to purchase the policy.
    Was this review helpful? 1
    , chennai
    Reviewed on Feb 09, 2019
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