Insurance is like a spare tyre. You may not require it, but not having one is not an option.

How to get the best deal on your car insurance

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Buying a car is one of the most expensive purchases you will make, second only to the acquisition of a house. So it is imperative that you are conscious about all aspects related to the purchase of your new car, including insurance. However, you should be cautious when deciding on an auto insurance policy.

There are several products available in the market, with varying levels of insurance cover and costs. It is important to follow certain steps while purchasing a policy, so that you get the best deal on your car insurance. Here is how you go about it:

  1. Compare car insurance policies online - There are around 28 general insurance companies in India, most of which offer car insurance as well. Since the customer has a wide range of options available, he/she can benefit largely if the purchase of the policy is backed by a good amount of research.

    It is understood that each insurer decides the premium for a vehicle based on its Insured Declared Value (IDV) and the rating of the car’s model. The latter may vary based on the insurer; hence the same model may attract different premiums, depending on the insurance provider.

    In order to get the most optimum rates on your auto insurance, it is advisable to compare quotes from different companies. Several neutral third-party financial websites enable you to compare policies online. You should make use of this service to narrow down on a car insurance plan that best suits your needs.

  2. Make a note of the discounts you are eligible for - Listed below are some of the discounts offered in motor insurance:
    1. No Claim Bonus (NCB) discount - If you do not raise any claims during a policy year, you will accrue a No Claim Bonus on your policy. This amounts to a reduction in your car insurance premium for the next year.
    2. When you observe several claim-free years, the amount of NCB you accrue will constitute a significant amount. For instance, it is seen that if you refrain from raising claims for 5 continuous years, you may receive an NCB that gives you a 50% reduction in your premium for the subsequent year.

      It is also advisable to not raise claims for small damages to your car, as this will enable you to preserve your NCB. However, you may lose the accrued NCB if you do not renew your policy for more than 2 years. So, it is critical to renew your policy on time.

    3. Anti-theft device discount - If your car has an anti-theft device installed (that is approved by the Automotive Research Association of India), then your insurer will offer you a discount on premium.
    4. Automobile Association member discount - Insurance providers offer a discount of 5% on premium for cars owners who have a membership with the Automobile Association.
    5. Discount based on profession - The car owner’s profession plays a significant role in availing a discount on auto insurance premium. So, if you are a doctor or chartered accountant, then you will be eligible for such discounts.
    6. Discount based on age - Some insurance companies provide a discount on premium based on the age of the driver. If you fall in the age bracket of 25 years to 65 years, you can avail a discount in your car insurance premium.
  3. Consider adding riders to your base plan - Add-on plans can be used to enhance your base car insurance policy. There are several such riders available, and you can select the ones most relevant to you:
    1. Zero Depreciation rider - Also known as the Nil Depreciation or Bumper-to-bumper rider, this add-on plan eliminates the factor contributing to the depreciation of your car. So, if your car is damaged in an accident, the part of the claim amount that corresponds to depreciation of the vehicle will be paid by the insurer. If you did not have this rider, you will have to bear this part of the claim.
    2. NCB Protect rider - The No Claim Bonus that a car owner accrues on his policy can be protected using the NCB Protect rider. So, even if you raise a claim under the policy during the tenure, your NCB will remain unchanged.
    3. Return-to-invoice cover - Adding this rider to your base policy ensures that you get the on-road price for your car at the time of a theft/complete damage claim. If this rider was not included in your car insurance, you will only receive the Insured Declared Value (IDV) of the vehicle. The IDV is lower than the initial cost of the car owing to depreciation.
    4. Engine Protect cover - To protect your car from breakdown due to water-logging, leakage of coolant, and the like, you can buy an Engine Protect add-on cover that reimburses you for such losses.

    Choosing a comprehensive car insurance policy with the relevant add-on covers will provide you the optimum coverage for your vehicle.

  4. Take the assistance of an unbiased insurance advisor - An insurance advisor will be able to assist you in selecting the right coverage for your vehicle, on the basis of your insurance needs. By taking the help of an advisor, you will also get to know the intricacies in the fine print that you may otherwise overlook.

Conclusion

The steps mentioned above will help you in getting the best deal on your motor insurance. However, you should remember to renew your policy on time, so that you do not lose out on the benefits offered by your plan.

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

Claim Reviews

Page 1 of 50 1 2 3 4 5
  • HDFC Ergo Car Insurance
    "Need to reduce the premium"
    0.5 4.5/5 "Excellent!"
    I had a car insurance with HDFC Ergo and I felt the premium is very high hence I changed my insurance provider. The customer service is very good. There was no claim experience. The policy period is one year. It is a zero dep policy which includes bumper to bumper and RSA. It is a first party insurance.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 23, 2019
  • New India Car Insurance
    "Good"
    0.5 5.0/5 "Blown Away!"
    My car insurance was recently purchased with New India Assurance through online. When I logged into the online site it gives better option with multiple insurer and I felt New India Assurance is good with reasonable premium and better benefits. I have paid 13,500 rupees for a year. I got the insurance paper. The claim experience is very good.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 23, 2019
  • ICICI Lombard Car Insurance
    "Good Policy."
    0.5 3.0/5 "Satisfactory"
    I have bought my car insurance with ICICI Lombard for last 5 years which I'm continuing for with the same company. The claim experience was better and when i applied for the same, they have given upto 80%. Its covered with bumper to bumper facility. They have given the claim in 1 week.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 22, 2019
  • Royal Sundaram Car Insurance
    "Good policy "
    0.5 5.0/5 "Blown Away!"
    My car insurance was purchased in the year 2014 with Royal Sundaram. My dealer has recommended me about this policy. I pay the premium amount of Rs. 14000 with the coverage value of Rs. 6.27 lakhs which covered with the bumper to bumper facility.
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Jan 22, 2019
  • Bajaj Allianz Car Insurance
    "Good Policy"
    0.5 3.0/5 "Satisfactory"
    I had taken this insurance policy a while back and the premium amount has been quite good and not too high. The payment method has been easy and there has not been any sort of charges, and the policy covers bumper to bumper. Their customer support has also been responsive and was helpful as well.
    Was this review helpful? 0
    , mumbai
    Reviewed on Jan 22, 2019
  • ICICI Lombard Car Insurance
    "Its Good"
    0.5 4.0/5 "Great!"
    There was no claim experience for my Tata Tiago with ICICI Lombard. I have renewed the car policy at last june, I paid the amount around Rs. 10,600 because its around 1.5 year old vehicle. I took comprehensive plan which includes loss , damage, ICICI Lombard got tie up many showroom.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jan 21, 2019
  • ICICI Lombard Car Insurance
    "Best cover"
    0.5 4.0/5 "Great!"
    Very recently I took policy from Car insurance for my new Baleno car, it was done by ICICI bank, they deducted insurance fee from the loan. The loan department issued the policy copy on time. For first year its 100% coverage available its a bumper to bumper with ex showroom.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jan 21, 2019
  • ICICI Lombard Car Insurance
    "Good Car Insurance policy"
    0.5 4.0/5 "Great!"
    I have selected the ICICI Lombard for my car since the dealer has given me this insurance. I have been paying the premium amount of Rs. 15000. This is not covered for the bumper to bumper facility. They have given me a IDV value of Rs, 3.10 lakhs. They are providing the good garage facility all over the city.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 21, 2019
  • United India Car Insurance
    "Yet to experience the policy"
    0.5 3.0/5 "Satisfactory"
    I have applied the claim for my car recently. I have given the car into the showroom and they have asked me to inform in the insurance company. When i visited other branch they have asked me to the home branch. They have given me a sufficient IDV value. Its covered with a bumper to bumper facility.
    Was this review helpful? 0
    , chennai
    Reviewed on Jan 21, 2019
  • ICICI Lombard Car Insurance
    "Reliable Policy"
    0.5 5.0/5 "Blown Away!"
    Purchased my car insurance through ICICI Lombard and They have given me a low premium since i have taken a loan from ICICI bank. They have given me a good IDV value. This is a bumper to bumper covered policy. They have given me a road side assistance, no claim bonus benefits.
    Was this review helpful? 0
    , chennai
    Reviewed on Jan 21, 2019
  • National Insurance Car Insurance
    "Good Insurance"
    0.5 3.0/5 "Satisfactory"
    My Honda amaze car got insured with National insurance for one year of tenure period. I think my old premium amount was around Rs.30,000. I took first party comprehensive plan it covers for loss, damage, theft. The customer support is good even the IDV is good.
    Was this review helpful? 0
    , bhubaneshwar
    Reviewed on Jan 21, 2019
  • ICICI Lombard Car Insurance
    "Competitive price"
    0.5 5.0/5 "Blown Away!"
    I have taken a car insurance from ICICI Lombard and the service is really good. I spoke wtih the customer care once for the claim. The garage people taken care of the full settlement process. The premium amount is nominal. They have given me a best claim what they can offer according to their norms.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 21, 2019
  • Royal Sundaram Car Insurance
    "Economic offering and wide accessibility"
    0.5 5.0/5 "Blown Away!"
    Because it was good comparison between other companies hence i have chosen the Royal sundaram. The premium amount is reasonable. The IDV value is good. This a comprehensive policy which covers third party insurance. They have tie up with most of the garages. They have cashless facility in most of the places.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 21, 2019
  • Royal Sundaram Car Insurance
    "Average"
    0.5 3.0/5 "Satisfactory"
    I took my car insurance with Royal Sundaram. I never contacted the customer service. It is a default insurance from the showroom. The premium is high because I go for bumper to bumper offer, road side assistance, zeo dep. It is a first party insurance and no claim. The policy period is one year.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 19, 2019
  • SBI General Car Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    The showroom people has offered me a car insurance policy with SBI. I have made a premium amount of Rs. 22000. They have given me a coverage value of 100%. Total IDV value is 90% of the car value. I have no claim experience till now. The documentation process was done by showroom.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jan 19, 2019
  • National Insurance Car Insurance
    "Smart protection with National"
    0.5 4.0/5 "Great!"
    The major factor to chose National Insurance because of the premium is economic, I took the policy for 3 years the IDV value remains the same for the whole tenure. The customer support is good on time they activated the policy. I have Tata Tiago , its around four months vehicle. Its zero depreciation comprehensive plan. I taken the policy through showroom.
    Was this review helpful? 0
    , lucknow
    Reviewed on Jan 19, 2019
  • ICICI Lombard Car Insurance
    "Satisfied with the policy"
    0.5 5.0/5 "Blown Away!"
    My car insurance is with ICICI Lombard. The customer services are good and I got the policy documents on time. The policy coverage is good and there are features of a road side assistance is there. The premium is economical too. Good overall.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 19, 2019
  • ICICI Lombard Car Insurance
    "Need to reduce the premium"
    0.5 3.0/5 "Satisfactory"
    I had a car insurance from ICICI LOMBARD which was offered by the showroom at the time of purchasing the vehicle. I felt the insurance premium is very high compared to others. I got a reminder call from the customer service at the time of renewal. It has zero dep for one year.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jan 19, 2019
  • Tata AIG Car Insurance
    "Excellent"
    0.5 5.0/5 "Blown Away!"
    I took my car insurance from TATA AIG through online channel. They have given lesser premium with zero dep and it includes road side assistance. The customer service is very good. The policy period is one year. I have no claim experience. It is a first party insurance.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jan 19, 2019
  • Tata AIG Car Insurance
    "Satisfied policy"
    0.5 5.0/5 "Blown Away!"
    TATA AIG is the best company to take the car insurance. Since long time i have taken this insurance. The customer care people used to call me to renew the policy and they used to policy renewal letter. I will do payment through online. Several times i have claimed the policy and i have received very good response.
    Was this review helpful? 1
    , hyderabad
    Reviewed on Jan 18, 2019
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