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Do you Know About Four Wheeler Insurance?

Four wheeler insurance in India is mandatory as per the Motor vehicles act, 1938. Without valid four wheeler insurance in India you may be fined up to Rs.5000 or up to 3 months of imprisonment or both. The four wheeler insurance in India can be taken classified into two types: Basic Third party only insurance or Liability only insurance or Act only insurance & own damage insurance. A comprehensive four wheeler insurance in India consists of both the compulsory third party insurance as well as own damage insurance. The own damage insurance cover can be only opted if there is a valid third party insurance cover.

Four wheeler insurance as the name suggests can be given to all the commercial as well as private four wheelers in India. Most common known four wheelers in India are Private cars, Passenger carrying cars, Goods carrying cars etc. The premium for the four wheeler insurance depends on the cubic capacity and the passenger carrying capacity. Four wheeler insurance in India can be taken online from portal which is hassle free and there would be a set of agents to assist you in selecting the best four wheeler insurance for your car at affordable prices.

What is the difference between Comprehensive and Third party 4 Wheeler Insurance?

As discussed above four wheeler insurance can be either taken as Third party insurance or Comprehensive insurance. While the third party four wheeler insurance is mandatory the comprehensive insurance is optional for the customers. Comprehensive insurance for four wheelers is costly compared to the third party insurance. Let us understand the difference between the Comprehensive and third party four wheeler insurance:

Subject Third Party Four wheeler Insurance Comprehensive Four Wheeler Insurance
Coverage Third party insurance covers the loss of life or bodily injuries to the third parties involved in an accident due to your car. Comprehensive four wheeler insurance covers both the loss and damage to your car and third party loss of life or bodily injuries due to an accident or any other peril as mentioned in the policy terms and conditions.
Premium The premium for third party insurance depends on the cubic capacity of the 4 wheeler. The premium is decided by the IRDA and is constant across all the insurance companies for any particular make model. The premium for the comprehensive insurance varies from one insurance company to the other. The third party premium would be constant while the own damage premium would differ from company to company. The own damage premium depends on the cubic capacity of the 4 wheeler, previous loss ratio etc.
Validity Valid for 12 months from the date of inception of the policy period. Valid for 12 months from the date of inception of policy.
Claim Settlement Claim settlement is done by the honorable courts in case of third party death claims and bodily injury claims. Third party property damage claims are settled by the insurance companies up to the maximum limit. Claim settlement is done as Cashless or Reimbursement based on customer’s choice. Claim settlement time may vary from one company to the other.
IDV Not maximum liability in case of death and bodily injury. The maximum limit for third party property damage is up to Rs.7.5 Lacs. Insured declared value or IDV is the maximum liability of the insurance company in case of any accident. IDV value differs from one company to the other.
Long term policy Available Available
Add-ons Not available Can be opted by paying extra premium.
Theft Not covered Covered
Damage due to Natural Disasters Not covered Covered

How to buy a Four Wheeler Insurance Policy in India?

Buying a four wheeler insurance policy in India was never easy as it is with PolicyBachat. You can now buy a four wheeler insurance policy in India with just two clicks. First you need to click on the link Car Insurance and enter the basic details such as Make, Model of your car, Year of manufacturing, Date of registration, RTO location etc and get the premium from the insurance companies. Then select the insurance company as per your choice and click on pay premium option where you will be directed to the payment gateway of that particular insurance company. This is to ensure that the customer makes payment directly to the insurance company and the policy copy can be downloaded instantly.

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Four wheeler insurance policies should contain the Insured declared value mentioned at the time of quotation, all the other vehicle details such as Engine number, Chassis number, and Make model, cubic capacity should be matching with that of the Registration Copy of the customer. Insured declared value is the maximum liability of the insurance company in case of any loss or damage to the vehicle. We at PolicyBachat have a dedicated team of agents to assist you in selecting the best four wheeler insurance policy from the best car insurance company as per your requirements.

Points to Consider While Selecting Four Wheeler Insurance Policy

Four wheeler insurance is valid for a period of 12 months and is to be selected carefully before purchasing the insurance policy. Once the insurance is purchased it would be gruesome to make changes in the policy or cancel the policy which would take much time. While taking the quotation from the agents of the insurance companies all the details should be mentioned correctly so that the quote would be as per your requirements. Once you are satisfied with the quote then you can proceed with four wheeler policy issuance which would have the same details as mentioned by you in the quote. Here are the points to consider while selecting the four wheeler insurance policy in India:

  • Riders / Add-ons: Riders or add-ons are the like the toppings on a pizza which are charged extra. The selection of riders or add-ons is to be based on one’s requirements. For example a person residing in a flood prone area might require engine protection cover more than a person residing in a hilly area. But the Nil depreciation add-on would be required by everyone as the depreciation concept would be same for everyone.
  • Network Garages: The main reason to take insurance is to get monetary help for damages or repairs at the time of claim. So, it is of utmost importance to check for the cashless garages in your area. With online car insurance from us we have more than 25 insurance companies which offer cashless claim settlement at the place of your desire.
  • Incurred Claim Ratio: Insurance is a service and is an intangible product. The real value of insurance is known only at the time of taking a claim. So it is important for you to consider the claim ratio and the reputation of the company before opting for insurance. An established company might have handled different scenarios of claims and might be able to bear the big losses before going bankrupt while the new entrants may take a blow if high amount claims are presented.
  • Coverage: It is important to understand the coverage provided by the insurance company for your four wheeler insurance. Coverage can be offered as only third party or comprehensive. The third party only covers the death of bodily injury of the third parties in addition to the third party property damage while the comprehensive policy covers both the third party damages as well as the own damage to your four wheeler.
  • The first and foremost point to consider before taking car insurance is the premium which the insurance company is charging for the particular model and IDV. Insured Declared Value (IDV) is the value of the vehicle that is used for arriving at the premium. Any claim would be settled only up to the maximum limit of IDV. Also the features should be checked before taking car insurance, these features include 30 minutes small claims settlement, 3 days claim settlement, travel vouchers for the time car is in the garage due to repair etc.,

  • Exclusions & Hidden conditions: In every insurance policy there would be certain exclusions and hidden conditions which would not be mentioned at the time of taking the policy but come into play only at the time of claim settlement. For instance there might be a hidden condition that the insurance claim would be payable only if the claim was reported within 24 hours of occurrence. This clause might not be mentioned in the policy copy in bold, but it is the responsibility of the customer to check all the terms and conditions of the policy before making the payment. Likewise there would be another condition that the road side assistance cover would be available for 100 km, but the catch here would be the distance would be calculated from the nearby insurance office from the place of accident or breakdown.

Pay as you drive Four Wheeler Insurance:

Pay as you drive or Usage based four wheeler insurance is the new concept in India which was introduced recently by the general insurance companies such as ICICI LOMBARD, BHARTI AXA GIC etc. This product was introduced in the market as per the Sandbox regulations of IRDA for a period of 1 year, the continuity of the product will be reviewed after the trial period by IRDA.

It is easy to buy a Car but difficult to maintain it is the word that can be heard from almost everyone. This is due to the maintenance costs associated with the car such as insurance, service costs etc. Out of these insurance cost of the vehicle could be quite high during the first 5 years age of the car due to add-ons etc., As per the Motor Vehicle Act, 1988 it is compulsory for your car to have a valid third party insurance, while the own damage insurance can be taken depending upon the affordability and need of the insured.

Under the “Pay as you drive” car insurance, you have the option to choose the number of kilometers you would drive in a year. These slabs would be 2500km, 5000km, 7500km and the premium for each slab would be different depending on the make, model, age and other factors of the car.

  • Select the slab of your choice, pay premium for the same. opt for add-ons if required which would be valid only till the slab is valid.
  • Send a photo of your odometer reading to the insurance company for record purpose and the insurance policy will start with the reading mentioned.
  • Start driving your car as usual while keeping a note of the total kilometers driven. Ensure that the selected limit of kilometers is not crossed.
  • If the number of kilometers exceeds the given limit of slab, then you have two options. One is to opt for a higher slab or take extra kilometers from any of the slabs and the other one is to convert it into regular comprehensive insurance policy by paying the pro rata premium.
  • It is important to note that any claims occurring outside the slab limit would not be covered under your four wheeler insurance policy, therefore it is important to check the number of kilometers driven to ensure that the limit is not crossed.

How to renew your expired Four Wheeler Insurance Policy?

Four wheeler insurance can be renewed either after the expiry or before the expiry of the policy period. In any case it is advisable to renew your four wheeler insurance policy before the expiry date to prevent time consuming activities which would be mandated after the expiry of insurance. If your four wheeler insurance is expired then the insurance companies would ask for mandatory inspection of your vehicle to be carried out and based on the report of the inspection, the insurance companies would decide whether or not to accept the risk.

There might be many reasons for the no renewal of the policy after the expiry period, some of them are:

  • Thinking to renew on the last day and missing the renewal on the last day due to some reason.
  • Waiting to renew after the expiry to get better quote from somewhere else.
  • Will renew after receiving my salary after the month end.

While these reasons could be avoided by simply renewing your four wheeler insurance policy before lapsing, it is to be kept in mind that you are not permitted to drive in public places without a valid insurance policy. Renewing your four wheeler insurance policy had never been easy with our online portal where we have a dedicated team of agents to assist you with your requirements and also help you in getting the inspection done in case of expired cases.

In case of expired cases once the inspection is carried out then there might be chance that the insurance company might reject your plea for insurance in case of any damages. For instance let us assume that there was a damage to your front bumper which you didn’t claim under your previous policy, then the new insurance company would come to know of this damage at the time of inspection and exempt this damage from claiming in future for that policy period. Hence it is advisable to renew your four wheeler insurance policy right before the expiry period to prevent unnecessary hassles.

The process for renewing your four wheeler insurance is same as that of new policy. At first you need to go to out portal and enter the basic details such as Make model of your car, Date of registration etc and previous policy details. Please note that the No claim bonus mentioned in previous year should be captured correctly to get extra discount on your final premium. The NCB discount can go up to 50% and help in reducing the total premium of your four wheeler insurance policy.

How is Four Wheeler Insurance Premium Calculated?

The four wheeler insurance premium calculation can be done by visiting the online portal and entering the basic details of your car such as Make, model, date of registration, variant, RTO etc. Then the car insurance calculator would take the values and display the premiums from all the insurance companies. The IDV, add-ons and the premium would differ from one insurance company to the other based on the loss ratio and other factors. The four wheeler renewal insurance premium can also be calculated using the same calculator which displays the premium by taking into all the details into consideration. Below are the factors which decide the premium of your four wheeler and the calculation is made on these factors.

  • Make & Model: The make and model of your car determines the premium charged by the insurance company. Some make models are charged higher premium due to the repair costs involved with that particular models. The cost of parts to be replaced or repaired is higher for some make of cars which results in higher premium.
  • Cubic Capacity: The cubic capacity of the car also determines the premium. Higher the cubic capacity, higher would be the premium of the car. Cubic capacity is the size of the engine and the power produced by the engine. There are three classifications for the cubic capacity: Less than 1000cc, exceeding 1000cc and not exceeding 1500cc, exceeding 1500cc.
  • No claim bonus: The No Claim Bonus is given to the drivers who do not make any claim in the previous years of insurance. The NCB bonus is given in 5 slabs and ranges from 0% to 50% fir each claim free year. The NCB discount is applied on the own damage premium before arriving at the final premium. Higher the NCB, lower would be the premium.
  • Manufacturing Date/Registration Date: The Date of Manufacture or the Date of registration is taken for the premium calculation to determine the age of the vehicle. Some insurance companies take the manufacturing date for determining the age of the vehicle while some insurance companies take the registration date to determine the age of the vehicle.
  • Fuel Type: The fuel used in the car also considered while calculation the premium for the car. In most of the cases the diesel cars are charged higher compared to the petrol cars. This is due to the loss ratio experienced by the insurance companies, the loss ratio of diesel cars being higher than that of the petrol cars.
  • Zone: For the purpose of insurance, India is divided into 2 zones namely Zone A and Zone B. Zone A consists of the State capitals and Metropolitan cities while the Zone B consists of the other places excluding those in the Zone A. This is due to the experience that the cars in Zone A are more prone to accidents compared to that of the cars from Zone B.

The four wheeler insurance policy covers the following:

  • Loss or damage to your vehicle caused by accident, theft, fire, explosion, self-ignition, lightning, riots, strikes or act of terrorism, natural calamities and any other perils mentioned in the policy schedule.
  • Third party bodily injury or death caused by the insured vehicle which also covers the third party property damage.
  • Personal accidental cover which covers the loss of life or disability of the owner/driver for a sum insured of Rs.15 Lacs.

How to renew four wheeler insurance online?

Renew your four wheeler insurance policy online using the portal Four Wheeler Insurance in 3 easy steps by entering the basic details of your car and clicking submit. Once the premium details are displayed you can select the best insurance policy and proceed for payment. The policy can be downloaded right after the payment. We have a team of agents to assist in renewing your four wheeler insurance policy online as per your requirements. Renew your four wheeler insurance policy online at affordable premiums after comparing the premiums from the top general insurance companies.

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