Car Insurance FAQs
What are the necessary documents required for a Car Insurance claim?
The necessary documents required for making a claim under your car insurance policy are:
- Registration Certificate (RC Copy) of your car, which should be valid at the time of accident.
- Surveyor report stating the ascertaining the reason of loss, quantum of loss etc.
- Duly filled and signed claim form.
- Copy of the your car insurance policy
- An Estimate of the vehicle repair cost
- Valid licence copy of the driver at the time of accident
- Copy of the FIR/ Panchanama registered
- In case of theft, official intimation to RTO and Letter of subrogation along with the Car keys should be submitted to your insurance company to process the claim.
How can one make a claim, if the car is stolen?
The claim process for theft claim is similar to the repair claim process in case of car insurance subject to the requirement of few other documents:-
- Intimate the insurance company regarding the theft of your car and get the claim intimation number from the claims team of the insurance company which should be used for all the future communications.
- Original car insurance policy should be submitted to the insurance company
- Original Registration Copy of the stolen car
- FIR copy from the police
- Keys, accessories and warranty cards should be submitted to the claims team
- Official intimation to the RTO about the theft of your car and its discontinued use
- Letter of subrogation
- Claim voucher
- Any other documents as and when required by the insurance company
What are the factors that help in deciding policy for your car?
Best car insurance should be decided on the basis of the Insured declared value (IDV) offered by the insurance companies, Add-ons offered, Number of Cashless garages in your location, Premium quoted before deciding on the purchase of your car insurance policy. These factors should be compared at the time of car insurance policy purchase.
What if the car insurance policy expires?
Car insurance can be renewed even after its expiry. The process to renew involves a pre inspection of the vehicle by the insurance company to ascertain the risk involved. Post positive inspection report the insurance company would issue the policy subject to the receipt of payment. The pre inspection of .your car would be carried out by the insurance company or you can do self inspection with the link provided by the insurance company.
What is third-party car insurance?
A third party car insurance is an agreement between the insurance company and the insured customer in which the insurance company agrees to settle the bodily injury or property damage claim of third parties involved in an accident with the insured customer in exchange for a considerable amount known as “Premium”. The third party car insurance covers the death or bodily injury of the third parties involved in an accident with the insured’s car and also the property damage of third parties due to an accident.
What are the deductibles? What is the difference between Compulsory deductible and Voluntary Compulsory Deductible (VCD)?
A deductible is the amount that a car insurance policyholder has to pay in case of a claim before the insurance policy kicks in. The insurance company is liable to pay the claim amount only if it exceeds the deductible amount. Deductible is also known as “Excess” which is the compulsory amount to be paid by the insured customer before the insurance starts paying the claim. Compulsory deductible is the amount which has to be paid by the insured at the time of claim without any exemption, this amount in car insurance could go up to Rs.2000 depending on the cubic capacity of your car. Voluntary deductible is the amount anything above the compulsory deductible, customer can opt for higher deductible amount other than the compulsory deductible which is known as Voluntary deductible. Higher the voluntary deductible, lower the premium for your car insurance.
Can car insurance be cancelled?
Car insurance can be cancelled by the insurance company or the insured customer, if the insured is not satisfied with the service of the car insurance company he/she can cancel the insurance policy by submitting written notice to the insurance company and a copy of insurance policy from any other company to maintain the continuity of third party insurance policy. The insurance company can also cancel your car insurance policy by giving you a prior notice mentioning the reason for cancellation. If the insurance companies find that the customer has submitted false information and declaration at the time of policy purchase, insurance companies can reject the claims and cancel the policy.
Is unnamed passenger cover a part of comprehensive car insurance policy?
Comprehensive car insurance policy includes Third party cover as well as Own damage cover. The unnamed passenger cover is included in the third party section of the car insurance policy. It mentions the personal accident coverage for unnamed passengers travelling in your car at the time of accident. The maximum liability of the insurance company in case of unnamed passenger cover would be Rs.2 Lacs per passenger.
Why Third-Party insurance cover is not enough?
Third party car insurance policy only covers the bodily injury, death and property damage of third parties in case of an accident with the insured vehicle. It doesn’t cover the theft of car or damage to the car due to an accident or natural calamities. To ensure your car has adequate protection against all the mis happenings it is important to have a Comprehensive car insurance policy from PolicyBachat.
Is it mandatory to inform RTO about any changes I make in my car?
Any changes in your car such as CNG/LPG kit fittings, addition of accessories etc should be informed to the concerned RTO immediately and necessary changes should be made in your RC Copy. The same should be informed to your insurance company and your car insurance policy should be endorsed for the same after paying the required premium.
Will I get full value of my recently purchased car in case I meet with an accident?
The claim amount depends on the Insured declared value and the add-ons opted in your car insurance policy. In case of new car the IDV would be 95% of the invoice value and not the on road price. The maximum amount of claim that would be settled under your car insurance policy would be the IDV or the Invoice value (if Invoice cover is opted and total loss reported). Insurance company pays the claim to get your car repaired and the maximum claim amount would not exceed the repair costs or IDV whichever is lower.
Can My car insurance claim be rejected?
Yes. Your car insurance company can reject your claim in the below cases:-
- If there is an element of fraud in the claim i.e. if the customer has tries to claim fraudulently.
- If your car insurance policy is expired and the claim happened after the expiry of the policy.
- If the driver / owner doesn’t have valid driving licence at the time of accident, then own damage claim would be rejected by the insurance company.
What is depreciation in car insurance?
Depreciation is the reduction in the value of an asset over a period of time due to wear and tear as a result of usage. The depreciation in car insurance is calculated each year and is taken as 10% reduction each on an average. The depreciation is also accounted at the time of claim settlement in car insurance.
How to get the best insurance policy for my car from PolicyBachat?
PolicyBachat provides you an option to compare the quotes from different insurance companies https://www.policybachat.com/car-insurance. The suggestible way to get the best car insurance policy from PolicyBachat is to compare the quotes of different insurance companies for Insured Declared Value, Add-ons, Premium and number of cashless garages. Only premium should not be considered while deciding the best insurance policy for your car as the quality of service depends on the premium offered by the insurance company.
Are natural calamities covered under car insurance?
Yes. Natural calamities and God made disasters such as Cyclone, Typhoon, Storm; Floods etc are covered under your “Comprehensive Car insurance policy”. Please note that the coverage is not available in case of Standalone Third party car insurance policy.
Who Can Take Car insurance Policy?
Car insurance policy can be taken by anyone having a car registered in their name and the same should reflect on the Registration copy. Technically individuals aged 18+ can take a car insurance policy on their name as the minimum age for getting a vehicle registered in an individual’s name is 18 years.
What Does Motor Package Policy Cover?
Motor package policy covers the loss or damage to the motor vehicle due to Fire, Malicious acts, Natural calamities, Theft, Accidental loss etc. and any third party bodily injury, death and property damage claims involving the insured vehicle. The motor package policy is also called as the Comprehensive package policy which includes third party cover and Own damage cover.
What Are The Exclusions Under Package Policy?
There are certain exclusions under the package policy in Car insurance, they are:-
- Losses due to wear and tear would not be covered under car insurance as the loss is inevitable.
- Damage occurred to the vehicle if the insured was under the influence of alcohol or intoxicating substance.
- Any injury or damage caused to the property intentionally.
- Damage caused to the car due to an act of War.
- Damage or Loss caused to the car due to Racing.
- Loss or damage caused due to the usage of car other than that specified in the policy terms and conditions.
How to buy car insurance online from PolicyBachat?
Car insurance can be purchased online from PolicyBachat portal https://www.policybachat.com/car-insurance in two easy steps. In first step you need to enter the details of your car such as Make, Model, Date of registration, RTO location and click on submit to proceed to the next page. In the second step you can adjust the IDV or add riders to increase the coverage. The third and final step would be the payment where you will be directed to payment page of the insurance company to complete the payment process.
Is it safe to buy Car insurance Renewal online / online vehicle insurance?
Car insurance or vehicle insurance purchased online is safe as PolicyBachat acts as an agent between the insurance company and the customer to facilitate a smooth transaction. The premium payment is done to the insurance company directly and so the payment is safe. Payments done through PolicyBachat are 100% Safe, Secure and Reliable. In case of payment failure, we are here to assist you with the refund.
Can I Take Fresh Policy For Brand New Vehicle?
Yes, a fresh insurance policy should be taken for a brand new vehicle. You can purchase a new insurance policy for your brand new car from our portal https://www.policybachat.com/car-insurance instantly.
What should the car insurance policy be renewed?
It is advisable to renew your car insurance policy anytime before the expiry date. It is not safe to drag the renewal till the last date as you might forget to renew or the renewal may not happen due to an error. If the previous policy is expired then the insurance company will demand for an inspection of your car before issuing the new policy. The issuance of insurance policy is subject to positive inspection report.
How Long Is The Car Insurance Policy Valid?
In general car insurance policies are valid for a period of 12 months from the risk start date. There are also long term car insurance policies where policy period is for 3 years from the policy start date.
What Is "No Claim Bonus"?
No Claim Bonus is the extra discount offered to the driver /owner of the car at the time of renewal for not making any claims in the previous year. No claim bonus increases for each claim free year and reaches 50 % if there are no claims made for 5 consecutive years. If there is even a single claim in the previous year, the no claim bonus would become Zero. Higher the No claim bonus, lower would be the Own damage premium.
Can my car insurance cover be enhanced?
Yes. Your car insurance cover can be enhanced. Third party car insurance policy coverage can be enhanced by opting for Comprehensive or Package policy on payment of extra premium. Comprehensive package policy can be enhanced by opting for add-ons on payment of extra premium.
How Are Endorsements Done in Car Insurance?
Endorsement is the amendment or addition made to the existing terms and conditions of your car insurance policy. Endorsements include change in address, addition of accessories, deletion of coverage, name change, contact details change etc. There are two types of endorsements in car insurance namely: Financial endorsement and Non financial endorsement. Endorsements are done by the insurance companies by issuing endorsement copy stating the endorsement done. The endorsement copy wordings would be final and binding.
How Is The Endorsement Premium Collected?
Endorsement premium can be paid by the customer through Credit / Debit card, Online Payment, Net Banking and UPI. Endorsement premium is collected by the car insurance company through any of the above mentioned ways. There is no compulsion to pay the endorsement premium in the same mode which was used at the time of policy issuance.
How And By Whom Is NCB Certificate Issued?
No claim bonus certificate will be issued by the car insurance company to the insured customer. The no claim bonus certificate contains the No claim bonus for which the customer is eligible and the no claim bonus can be transferred from one vehicle to the other vehicle subject to the vehicles registered in same owner name. No claim bonus certificate can be used to claim extra discount in the own damage premium section at the time of policy issuance.
What Is the Procedure for Refund of Premium in Motor insurance Policy?
Refund of premium in motor insurance can be done by the insurance company in the below scenarios:-
- If the customer is cancelling the car insurance policy and claiming refund
- If the customer has paid excess amount as premium for his/her car insurance policy.
The process for refund is quite simple, customer has to make declaration to the insurance company in writing to process the refund and submit the necessary documents such as Cancelled cheque leaf, Refund form etc. The refund may take 7-10 working days to be processed from the insurance company’s end.
What happens if I don’t renew my policy on time?
Your car insurance policy will be lapsed if it is not renewed on or before the expiry date. Once the policy is expired the coverage would be lapsed and your car would be uninsured. To renew the policy, you need to approach your insurance company where they’ll conduct an inspection before issuing the policy.
What Is The Amount I Have To Bear (In Case Of Claim)?
The amount of money the customer has to bear in case of a claim is known as Deductible or Excess. The amount of deductible for cars with cubic capacity less than 1500 cc is Rs.1000 and the deductible or excess amount for cars with cubic capacity more than 1500 is Rs.2000. This amount has to be borne by the customer for each and every claim before the insurance company‘s liability starts.
Who Should Be Contacted In Case I Do Not Receive My Policy?
In case you did not receive your car insurance policy you can contact our customer care 1800-123-4003 or write us a mail at firstname.lastname@example.org and your policy copy will be sent to you on mail. In case you need a hard copy of your policy copy, you can write to our customer care or talk to our agents who can help in arranging the hard copy from the insurance company.
In Case Of Some Error In Policy Details, Who Should Be Contacted?
In case of any error in your policy details, please contact our customer care on our toll free number 1800-123-4003 or write to us at email@example.com , you can also get in touch with the insurance company directly by calling on their toll free num
How to compare car insurance quotes online?
Car insurance quotes can be compared online on our portal https://www.policybachat.com/car-insurance where you can get the quotes from different insurance providers. The comparison can be done in 2 easy steps by entering the basic details of your car and clicking on submit button. You can read more about Compare Car insurance quotes online here https://www.policybachat.com/articles/compare-car-insurance-online
How to use car insurance calculator?
Car insurance calculator can be used to calculate the premium of your car. The process of using car insurance calculator is simple. You can find the car insurance premium calculator on https://www.policybachat.com/articles/car-insurance-premium-calculator. To calculate the premium of your car, you need to enter the details such as Make, Model of your car, RTO location, Date of registration of your car etc.
Where to find Car idv calculator online?
Car idv calculator can be found online on https://www.policybachat.com/car-insurance once you enter the details of your car the Insured declared value permitted for your car model will be displayed on the screen. IDV value differs for each insurance company and it is advisable to consider the idv before purchasing the insurance policy.
Is it necessary to take bumper to bumper car insurance?
Bumper to bumper cover or nil depreciation or zero depreciation is an add-on in the car insurance policy. This add-on can be availed on payment of extra premium at the time of policy purchase. The bumper to bumper covers the cost of depreciation at the time of claim, in other words the insurance company would not factor for depreciation at the time of claim if bumper to bumper cover is opted.