Why compare car insurance?
We think comparing car insurance should be simple. Whether you want to beat your current provider’s renewal quote or insure a new vehicle, our quick, easy price comparison service could help you find a cheaper car insurance deal. You could save up to 80% when you compare car insurance with Policy2cover.
Why do you need car insurance ?
Key Benefits of Car Insurance
Apart from being a mandatory, car insurance also provides a wide range of benefits that make it a utility product for car owners in India. Some of these benefits include-
Types of Car Insurance
This covers damages to the third party, as well as your own car. It is best for those wanting to cover for losses for accidents and incidents such as theft and natural disasters.
The quote that you get for comprehensive coverage is the sum of its components which include:
Own Damage premium
Premium for Personal Accident Owner Driver Cover – Rs. 750/- Sum Insured - Rs 15lakhs
The own damage premium depends on Insured Declared Value (IDV), engine capacity and vehicle RTO. The IDV is the value of the car based on its ex-showroom price and depreciation percentage. An add-on cover depends on your car’s requirement and thus is a variable.
Third Party Liability Coverage
This compensates the damages to a third party and their property. It’s best for those planning to insure their car just because it's mandatory (but we wouldn't recommend that!).
Cashless Motor Insurance
The person who has a cashless car insurance policy can get their vehicle repaired at any of the car garages as listed by the car insurance provider without paying a single rupee (except policy excess). The invoice of repairs is sent to the insurance company and the reimbursement is made according to the policy. It is really fast, easy and hassle free.
How to Choose Best Car Insurance ?
Car insurance is basically an agreement according to which the insurer is liable to pay against the financial loss that occurs because of damages to the car. In India, it is compulsory to own a motor insurance plan to drive legally. It will be there to cover the losses that you might face in case of stolen or damaged car.
The amount of the premium related to your auto plan depends upon the Insured Declared Value (IDV) of your car. The more the IDV the more will be the premium amount, the less IDVs leads to the low premium amount. It is vital to compare features or plans before buying or renewing the current policy.
Many insurance companies which are offering the towing facility, depreciation and other value added services, thus it is essential to check all the terms and condition while purchasing the insurance policy. Carefully read through the policy documents and compare various plans before making a final choice.
At Policy2cover.com you can compare policies from top insurance companies with the help of free quotes in a few minutes. There are some things that you must check while purchasing an insurance policy. Auto insurance policy majorly covers the loss that occurs because of theft, scratch or accidents. With an effective car insurance plan, you will get bumper to bumper coverage.
What is IDV ?
Insured Declared Value(IDV) is your car's current market value. It is also an idea about the highest amount that you receive from a car insurance claim. This includes situations where you have incurred a total loss or damage beyond repair.
The insurance company will arrive at the IDV by assessing the following information:
The premium that you pay to keep your policy active is directly proportional to the IDV of the car. So, as the vehicle ages, the IDV goes down and so does the premium.
Add on Covers
Zero Depreciation / NIL Dip cover
If you choose the zero depreciation cover then you will get the original cost of the part and not the depreciated one from the insurer. Usually the companies offer these add on cover to those cars which are 2 to 3 years old. For taking advantage of this add-on-cover you have to pay an extra small amount apart from the basic premium.
No claim bonus
When you do not make any kind of claims during a policy tenure, then you will get a discount at the time of renewing your policy. This process is known as no-claim bonus. It will assist you in saving huge money in the premium also. In case if you have collected a nice no claim percentage then it will assist you in a future claim which you will make.
With a vehicle insurance policy, you will get various kinds of assistance in a form of add-on covers. These can be emergency transport, daily allowances, assistance in case of a dead battery, taxi benefits, towing facilities, assistance if the fuel in the car runs out, freebies and many more. These small things help you effectively when you got stuck in unwanted situations.
Commonly known as the Return to Invoice cover. These add on benefit assists the insured person in case of a complete loss of your car because of any damage caused by an accident. In such type of situations the insurance company will pay the depreciated value of the car to the insured, but with the help of this add-on coverage, you will receive the amount that will assist you in buying a new car.
This feature of the plan assists you if you lose the keys to your car, this feature will cover the expenses of its replacement. This will also provide coverage for the procurement of new locks. Normally the insured will be able to take advantage of this plan once in the whole policy.
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