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Safe and Sound!
If you are someone who keeps their Cars close to their hearts, then missing Vehicle Insurance is just not your thing. By getting the right Vehicle Insurance from ReferLoan you guard your vehicle against all future damage or any mishap expenses. It’s No Ride or Die, so you better make it Safe!!
Vehicle Insurance
No one loves your car more than you do. You have poured in months of hard work and a hefty amount of money to buy that sweet ride. And now that you own one, you wouldn't want anything bad to happen to it. ReferLoan understands your love for your vehicle and therefore offers the best car insurance in India at one platform for you to protect your asset from vandals, theft, or any other mishap. There are many reasons that a person should need to buy car insurance. From claims that you won't be able to fight for, to costly repairs, it all boils down to one thing; Your insurance covers all this up! The insurance company is ready to pay off if your car becomes the victim of an unfortunate accident or mishap.
What is Vehicle Insurance?
Vehicle insurance is also known as Car Insurance. It is a type of property insurance that covers the vehicle against physical damage and/or bodily injuries resulting from traffic collisions and against liability that could also arise from incidents in a vehicle. It is sold as a combined insurance product, where the same premium pays for collision and comprehensive coverage (coverage for theft, vandalism, and similar risks). The general purpose of insurance is to mitigate financial losses arising from potentially negative events with your vehicle.
Types of Vehicle/Car Insurance Policies
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Third-Party Vehicle Insurance :
Third-party vehicle insurance policy type of vehicle insurance policy that covers the policyholder against legal liabilities that arise to a third party in case of an accident is one that you should consider carefully which depends upon many different factors. When it comes to third-party vehicle insurance, there are several aspects that play a vital role in determining your final premium. While there is no way you can predict when an accident might occur, there are things that you can do to keep your insurance premiums down and make the process easier.
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Comprehensive Vehicle Insurance :
Why not have something that can offer you the benefits of third-party liability insurance as well as a covering for damages or loss caused to your own vehicle? This is what Comprehensive Vehicle Insurance does. This kind of vehicle insurance offers complete protection to the driver and the vehicle. Protecting your car against the unforeseen, bringing you security against the damages already caused, and assuring you against future losses is what this policy intends to do.
What is the Required Document to Claim a Vehicle Insurance
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Name of the insured individual
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Policy number
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Contact number
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Date and time of the accident
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Number of the vehicle
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Make and model of the car
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Location and extent of loss
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Name of the garage along with contact information
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Brief description of the accident
If you're involved in a car accident or any mishap with your vehicle, the first thing you should do is file a claim with your insurance company? But what documents do you need to file a claim? Depending on the circumstances, you may need a few documents depending upon your situation. We'll walk you through the required documents for claiming vehicle insurance.
Documents required for a claim, in case of Accidental Damage:
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Proof of insurance – cover note or policy copy
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Registration book copy and original tax receipt
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Driving license copy along with the original
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FIR or police panchanama (for bodily injuries or death or damage to the third party and/or his/her property)
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An estimate of the cost of vehicle repair
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Payment receipts and repair bills following the completion of repairs
Documents required for a claim, in case of Car Theft:
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Original policy document or certificate
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Registration book along with theft endorsement from the concerned Regional Transport Office plus tax payment receipt
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Details of the insurance policy, such as policy number, period of insurance, and the insurance company
What are the Benefits of Vehicle Insurance
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It covers lawsuits, including your legal fees if you are sued as the result of an accident.
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Ensures that bills related to vehicle repairs are covered when the damage was caused in an accident.
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It covers damage caused by other than accidents, such as theft or fire.
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Third-Party Liabilities
Vehicle insurance is one of the most important things that you should get your vehicle insured for. The cost incurred while purchasing a vehicle is just the start because there are many other costs involved in its maintenance. This is where the importance of vehicle insurance comes into the picture. Below mentioned are a few advantages that you can take from appropriate vehicle insurance for your vehicle:
How Can One Purchase New Car Insurance
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Through Insurance Agents : There are many companies in the industry and each one has different benefits and plans available. The first step to getting a new vehicle insurance policy for your new car is by contacting an insurance agent. If you want to know if you need additional coverages and gap coverage, these agents will help you decide.
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Through Dealers : The second way of getting vehicle insurance is through dealers. Licensed automobile dealers sell vehicles to customers. In many cases, they offer insurance on the vehicles they sell by arranging a policy with an insurance company. When you buy a vehicle from a dealer, you get a third-party liability insurance policy issued by the dealership itself.
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Through Brokers : If you do not want to get engaged in either of the mentioned processes, the best thing to do is to find an insurance broker. The use of brokers is regulated by IRDA which makes sure that the business is being done through licensed individuals or companies. Brokers can help you compare policies in order to help you decide which one would be the best for you. They will also assist you through the entire claim settlement process.
Top 5 Vehicle Insurance Companies in India
| Insurance providers | Claim Settlement Ratio | Number of Cashless Garages |
|---|---|---|
| Royal Sundaram General Insurance | 92.66% | 4,600+ |
| HDFC ERGO General Insurance | 91.23% | 7,600+ |
| IFFCO Tokio General Insurance | 96.80% | 4,300+ |
| The Oriental Insurance Company | 91.76% | 3,100+ |
| Tata AIG General Insurance | 98% | 5,400+ |
Factors to Consider While Choosing a Vehicle Insurance
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A Proper Research : Before you sign an insurance policy, it is crucial to conduct research. You will have to compare the vehicle insurance premiums offered by different companies. Certain parameters must be used for the comparison including the cost of the premium, claim settlement ratio, coverage provided, etc.
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Mandatory Third-Party Insurance : In India, third-party insurance is mandatory. The buyer is to compulsorily purchase the insurance from a third party. In other words, if you are the owner of the vehicle and you have purchased it for the first time, then you will have to buy the insurance policy within 30 days of getting your automobile license plate.
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Claim Settlement Ratio : You have to understand that no matter how good an insurance company is, it will take some time to settle your claims. If a particular insurer has fewer claimants, then you can expect a faster settlement process. The claim settlement ratio is often used by consumers to compare one insurer's performance versus another insurance provider. A high number of claims processed per compensation returned indicates negative customer feedback against the insurer.
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Check the Policy Document Well : When you buy a vehicle, you always have an insurance policy provided before or after the sale. You need to go through the policy document to understand who is covered, how much coverage is provided, What are the exclusions, inclusions and it should also tell you what type of claim can be made and etc. Everything about car insurance must be seen in a policy document only.
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Required Additional Covers : With the passage of time, car insurance policies have seen a sea change in their structure. Earlier, cars were insured for physical damage caused to it and injuries to their driver and passengers, but now you get a plethora of add-on covers for your policy, which includes the cost of replacing or repairing your car, special personal effects cover which gives insurance coverage for belongings like clothing or jewelry among others so that if you or your family lose them due to theft or any other reason, you don't have to pay from your own pocket to replace them.
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Annual Evaluation : Periodical evaluation is one of the most essential parts of your insurance policy, and it should be done annually. If you do not perform a periodic evaluation of your Vehicle Insurance Plan, then you may be under-insured or over-insured, which is why it's important to evaluate your plan on an annual basis.
It is important to choose the right vehicle insurance package according to your needs. There are many things you need to consider before purchasing a policy, or else you might end up taking a policy from a company that does not provide the coverage that meets your requirement. Let’s discuss some of the factors that could save you from choosing the wrong insurance for your vehicle:
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