When you buy a new vehicle, you need to insure it before you drive it off. New car insurance is a kind of compulsory insurance that is required to be acquired for all new cars in India. New car insurance helps in the protection of one's assets. When you purchase a new car, it is important to have the right kind of insurance to protect your investment. This coverage protects you from accidents or damages that are not your fault.
The various risks associated with driving a vehicle can be mitigated with a policy from an insurer. This type of cover is typically compulsory for buyers of new vehicles in India, who are required to purchase third-party liability insurance from an insurer licensed by the Insurance Regulatory and Development Authority (IRDA).
Car insurance is an important aspect of our life. It is not something that we can live without. However, there are different types of car insurance that are available in the market. The main question remains the same- which one to choose?
The internet is a great place to find anything and everything. The same goes for car insurance quotes. There are various online platforms available that will show you what you need as per your requirements and budget. You can narrow down your choice by comparing different quotes from top leading companies and then decide the right one for yourself.
Shopping for car insurance can be overwhelming. Fortunately, there are new options available to make the process easier. The process of shopping for car insurance is very confusing and difficult to navigate. However, our PolicyBachat are working to make the process easier by offering transparent quotes that take into account personal factors like your driving history, Make and Model of car, and more.
Why New Car Insurance is Important?
Insurance is your new car’s shield against unexpected events. It helps cover your new car against thefts, financial losses caused by accidents and any subsequent liabilities you may come across unexpectedly. In India, driving a new car or old car without valid car insurance is illegal. As per the Motor Vehicles Act 1988, it is mandatory to have a car insurance that at least covers for third-party liabilities.
There are essentially two types of car insurance plans- you can either opt for an Third Party car insurance or a Comprehensive Car Insurance. To make things easier for you, we’ve put down a table together that’ll help you compare the two, after which you can make the choice that suits you better.
In India, for a person to get a new car they need to pay the insurance at the same time. There are two types of insurance available:
a) Third Party Insurance: The owner pays for third party liability coverage and has to pay an additional cost for property damage.
b) Comprehensive Insurance: This means that if your car is damaged while it is parked or it gets stolen while you are driving, then this kind of insurance will cover all costs.
Maintaining Your New Car (Vehicle) and Keeping It Safe:
A car can be an expensive investment. When you purchase a new vehicle, it is your responsibility to protect that investment by taking care of it and keeping it safe. When purchasing car insurance, there are two requirements you will most likely need for a new vehicle.
One is the minimum insurance coverage mandated by your state. This minimum requirement is to cover property damage and bodily injury and is known as liability insurance. Some states require you to have a personal injury protection policy and uninsured motorist coverages as well.
Maintaining the vehicle and keeping it safe is not always easy. It requires diligence, time, and effort on the part of the driver to stay on top of things like changing the oil or checking tire pressure. Fortunately, there are some simple steps that drivers can take to keep their vehicles in great condition so they don't have to worry about them breaking down or getting stolen.
Buy a New Car Insurance Online:
Buying a new car insurance plan for your brand new car is a very crucial decision. A comprehensive plan will provide complete coverage and protection against all types of accidents, fire, theft, manmade/natural disasters along with third party legal liability.
In case you meet with an accident that leads to injury to a third person or property, a third party liability car insurance plan will come to your rescue. The individual involved in an accident with you is called a third person. In addition, a third party liability car plan is mandatory by law (Indian Motor Vehicles Act, 1988) for all vehicle owners. Hence, buying a car insurance policy will give security to unfortunate events in life, also it
Advantages:-
- Convenience and accessibility
- Affordability
- Quick quotes and comparison shopping
- Easy policy management
How to Buy New Car Insurance Policy Online?
Car insurance can be purchased online from PolicyBachat portal 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.
At PolicyBachat we cater unbiased comparison of quotes, 24*7 customer assistance team your motive is to give our customers right quotes with compare car insurance rates online.
- Go to compare car insurance quotes online at PolicyBachat.com
- Fill in required details select your Car Model & Variant, RTO Location, Registration date, and Email address.
- Click on the “START SAVING MONEY”.
- Choose between a Third-Party Liability Only or a Standard Package (Comprehensive Insurance).
- Premiums with different insurance companies are displayed with low premiums
- Select required Add-ons/Riders and discounts, or you can Edit Policy Details as per your requirement
- After that fill in the ‘vehicle owner details and personal details’.
- Purchase best Car Insurance Policy using online payment
- If any queries are raised call: 1800–123–4003.
New Car Insurance quotes are compared at PolicyBachat, we are reimagining the way you compare, buy and save on insurance online. Shop smart and Save by picking the insurer that will provide you with the most discounts.
Benefits of Purchasing Car Insurance Online from PolicyBachat:
There are many ways to get car insurance but buying car insurance online has benefits that help customers feel free to purchase it for their needs.
Let us see what the benefits of car insurance are online:-
1. Zero Paperwork: A new car insurance policy purchased online involves Zero paperwork. To begin with, the proposal form is filled digitally and the scanned copy of any required documents is submitted to the insurer online. Moreover, the soft copy of the policy document is sent to your registered email id once the policy has been issued to you. As a result, online purchase of car insurance does not require any filling because everything is done digitally by entering the details easily.
2. More Economical and Convenient: New car insurance online price is more economical than buying it offline. When a car insurance company operates online, its overall cost reduces. Car owners buy the policy online themselves which eliminates the need for an insurance agent to enrol customers. You can simply apply for car insurance any time of the day as the internet is at your needs all the time. Moreover, you can also pay the premium online using your bank cards or internet banking.
3. Instant Policy Issuance & faster process: When you buy a new car insurance policy online, your policy is issued to you almost instantly. You don't have to wait for days to receive your policy document. All you need to do is fill up a few basic details about your car and your contact details from the comforts of your home and you can get your policy in no time.
4. Quotes Comparison: One of the best things about buying car insurance online is that you can compare different car insurance quotes online for free of cost with PolicyBachat. Compare quotes with different insurers and buy car insurance policies online.
Tips to Car Insurance Renewal Online:
Car owners think that buying or purchasing car insurance online is a tedious job and hence resort back to the traditional methods of purchasing insurance.
But the truth is that if certain rules are followed and purchased carefully, you can save a handful of money on the premium and if lucky, may also land up getting some additional benefits at the same price. Given below are some important tips for getting your car insurance renewal online in a profitable manner.
Shop for different online car insurance policies: Often, car owners avoid looking around for other plans before the expiry of the current policy to avoid the hassles involved. But comparing various plans from different insurance companies before car insurance renewal online often helps you find better options than your existing policy and you may land up getting a much better deal.
The best practice is to get quotes from various car insurance providers using car insurance calculators and comparing them online. PolicyBachat is very useful to compare car insurance renewal online. You can log onto PolicyBachat to avail the car insurance calculator facility.
Be aware of policy features and hidden clauses: You should always be well aware of the features of the online car insurance policy before purchasing it or before car insurance renewal online. It is advisable to read the fine print and all the clauses thoroughly. Go through each detail and understand their implications to avoid any kind of hassles in the long run.
Calculate your car's value before purchasing online car insurance: Car owners are always advised how to calculate the depreciated value of the car before car insurance renewal so that you can easily coordinate with your insurance provider about the premium and in turn save money on your car insurance India. Knowing the market value of your car before purchasing or renewing car insurance online is always a wise move.
Go for higher deductibles: Voluntary Deductible is the amount an online car insurance policyholder needs to pay from the pocket at the time of a claim. Insurance companies always encourage you to take up higher deductibles so that you do not have to pay high premiums. But this depends on a lot of factors.
If you feel that you are a brilliant driver and your commute and the place where you park your car are safe, then it is wise to take higher deductibles as chances of claims are less. However, if the conditions are the reverse and the chances of making claims are more, then it is wise to balance the deductible with the premium accordingly while car insurance renewal online or purchase.
Types of New Car Insurance Policy:
1) Third party Car Insurance Policy:
Third-party car insurance is one of the most common types of car insurance; in which only damages & losses caused to a third-party person, vehicle or property are covered.
- Only damage caused to others vehicle by your own car is covered
- A Third-Party Car insurance policy covers for third-party damages to a person, vehicle or property. While there’s a limit to up to 7.5 lakhs for damages/losses to a third-party vehicle or property; there’s an unlimited liability in the case of a third-party person.
- Cannot Buy Add-ons
- This policy offers limited coverage
- Third-party insurance policy is less expensive as compared to a comprehensive car policy.
2) Comprehensive New Car Insurance Policy:
Comprehensive car insurance is one of the most valuable types of car insurance that covers both third-party liabilities and damages to your own car as well.
- It includes third party liability cover as well. Third party liability cover is mandatory by law (Indian Motor Vehicles Act, 1988).
- You can avail a Personal Accident Cover of up to Rs. 15 lakhs.
- A Comprehensive Car Insurance plan provides complete cover against third-party/person/property liability and for damages like collision, theft, accident, and caused to your own vehicle.
- You can also avail of a wide range of rider options such as zero depreciation, roadside assistance, personal accident cover, and more at the cost of an additional premium.
- The premium of a comprehensive insurance policy is higher than that of third-party insurance.
- With this policy, you can opt for useful add-ons and covers which gives you complete coverage.
New Car Insurance Calculator:
The premium of a new car insurance cost calculator depends on several factors viz. type, IDV of vehicle, make, model, cc, usage, place of registration, past claims history, etc. of the vehicle. You can approach the underwriting office with vehicle details for an exact premium or simply use a new car insurance premium calculator. Below are a few premium samples for your better understanding.
| Car Model |
Prices |
IDV |
Zero depreciation cover |
Premium |
| Toyota |
37.89 lakh |
10. 34 lakh |
3558 |
36757 |
| Ford |
5.99 lakh |
4.03 lakh |
2158 |
13,962 |
| Renault |
4.49 lakh |
2.19 lakh |
879 |
7004 |
| TATA |
4.60 lakh |
4.23 lakh |
1390 |
14,398 |
New Car Insurance Plans in India 2023:
Here is a list of top car insurance providers for New Car in India along with the type of plans they offer:
| Car Insurers |
New Car Insurance Policies in India |
| Kotak Mahindra Car Insurance |
- Kotak Car Secure
- Third Party Liability Cover
|
| Bajaj Allianz Car insurance |
- Comprehensive Insurance Policy
- Third Party Insurance Policy
- Pay as You Go
|
| ICICI Lombard Car Insurance |
- Private Car Package Policy
- Standalone damage car insurance
- Third party car insurance
|
| HDFC ERGO Car Insurance |
- Single Year Comprehensive
- Third Party Cover
- Stand Alone Damage Cover
- Cover for brand New Cars
|
| IFFCO Tokio Car Insurance |
- Third Party
- Comprehensive Insurance
|
| Edelweiss Car Insurance |
- Edelweiss Private Car Only Liability Insurance
- Edelweiss Private Car Package Insurance
|
| Liberty Car Insurance |
- Third Party
- Comprehensive Insurance
|
| Shriram Car Insurance |
- Third Party
- Comprehensive Insurance
|
| Reliance Car Insurance |
- Own Damage Car Insurance
- Comprehensive Car Insurance
- Third Party Car Insurance
- Commercial Car Taxi Insurance
- Personal Accident Cover
|
| Future Generali Car Insurance |
- Comprehensive Car Cover Plan
- Third Party Liability Cover
|
| Go Digit Car Insurance |
- Comprehensive Car Insurance
- Third Party Liability Cover
|
How much is Insurance for a New Car?
New car insurance premium might seem like an additional expense to spend extra money. However, if spent correctly, it can help you save a lot of money in the future. There are several factors at play here. If you opt for lower coverage while insuring a new car and choose higher coverage for insuring an older car, then the insurance premium for the latter can be higher.
Does Insurance cover new car purchases?
So, make sure that you have an insurance cover every time you drive your car. Usually, only third-party insurance cover is offered by the car dealer at the time of purchasing a new car. For new cars, it is mandatory to buy Third-party Policy for three years.
Factors to Consider when Choosing an Online Car Insurance Provider
A. Coverage Options: When selecting an online car insurance provider, the first factor to consider is the range of coverage options offered by the provider. Make sure that the policy covers all the necessary aspects like liability, collision, comprehensive, and personal injury protection. If you have a specific coverage requirement, such as gap insurance, make sure to check if the provider offers it. It's essential to assess whether the coverage options meet your needs and expectations.
B. Customer Service and Support: The quality of customer service and support is also a critical factor to consider when selecting an online car insurance provider. Make sure that the provider offers quick and reliable customer service, and that their representatives are available to assist you with any questions or concerns. Check the provider's website or social media profiles to see if they have positive customer reviews, and if they have a track record of resolving customer complaints promptly.
C. Reputation and Financial Stability: Another important factor to consider is the provider's reputation and financial stability. It's important to choose a provider with a solid financial backing, as it ensures that they have the resources to pay out claims in the event of an accident.
D. Discounts and Rewards: Finally, look for providers that offer discounts and rewards to their customers. Many online car insurance providers offer discounts for safe driving, anti-theft devices, multiple policies, and more. These discounts and rewards can help you save money on your premiums and get better value for your money. Make sure to compare the discounts and rewards offered by different providers to see which one offers the best value for you.
Conclusion
In conclusion, the availability of new car insurance options online has revolutionized the insurance industry, providing consumers with more choices and convenience. The new options have customized policies, usage-based pricing, digital claims processing, and personalized support, which has given consumers more control over their insurance policies, better protection, and more affordable premiums. We urge consumers to consider online car insurance options as they save time, money and provide better insurance policies. With online car insurance, consumers can compare different options, select the best policies, and manage their insurance coverage with ease.