Car Insurance Self Inspection

You might have thought about getting some alloys or flashy headlights for your car at least once. While it might seem exciting and tempting to customize your vehicle, it increases your insurance premium. Modifying your car is one of the primary reasons for your premium amount touching the roof. Any small or big change which makes your car look different, efficient, or appealing from the factory's model is called car modification. Insurance premiums for modified cars are higher compared to regular car insurance. It is because modifications can increase the risk of theft or efficiency of your vehicle, and because insurance is a feature that covers the risks, it costs higher. For instance, if you fit your vehicle with a turbo engine, while your car's speed would go up, it would also mean a higher risk of getting into an accident.

It also increases the risk of theft if you modify your car to make it look more appealing or beautiful, like with alloys. Your insurance provider considers all these probabilities, and your premium amount increases as you modify your vehicle. On the other hand, if you install parking sensors in your car, the premium would decrease as the risk of you smashing your vehicle while reversing reduces. Modifications to your car's interiors, paint, or wheels can increase the premium that you would pay. While it might seem exciting to modify your vehicle in some way or the other, it is not advisable if you want to keep your premiums low.

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According to Motor Vehicles Act, 1988, you must transfer the existing insurance policy to the car's new owner as the seller within 14 days of the sale.

An important part of an exchange or buying-selling of cars is the exchange or transfer of insurance policy from the previous to the next owner. You purchase insurance to secure your car financially from unforeseen risks. There is no point in keeping a car insurance policy if you don't have a car. Hence you must ensure you transfer the insurance policy in the new car owner's name. If you purchase a car from someone else, ensure the policy is transferred to your name.

Get your comprehensive car insurance policy from HDFC Ergo today!

Comprehensive car insurance is a package that will offer you cover for damage and loss to both the involved parties. It includes own damage and third -party liabilities. It is an all-inclusive insurance plan. A policyholder can improve their coverage by buying add -ons like NCB cover, zero -depreciation cover, Bi-fuel kit cover, and so on.

Here is what you get with a comprehensive car insurance policy:

1. It will get you compensation for third -party liabilities arising from an accident caused by the car's driver-policyholder.

2. Cover for the insured vehicle in case of damages

3. You get Personal Accident Cover for the driver-policyholder.

4. You don't need to buy third -party insurance separately, as a comprehensive insurance policy includes that.

5. You can buy various add -ons to enhance the coverage you get.

While buying comprehensive insurance might be the smartest thing, it is not mandatory. It is mandatory to have third -party insurance if you want to drive on Indian roads as per the Motor Vehicles Act 1988. You should get comprehensive vehicle insurance if you want your insured vehicle's complete protection against risks like natural calamities, third-party liabilities, theft, accidents, etc. The insured will be compensated if their vehicle requires repairs or replacement in case of partial/total loss and damage. Comprehensive vehicle insurance covers third -party liabilities and own damages. It will also cover property damage, disability, and third party's death. It also provides a personal accident cover which is beneficial if the vehicle owner dies or is injured in an accident.

You get the following coverage in comprehensive insurance:

Own Damage Cover: A crucial feature of comprehensive vehicle insurance is the own -damage cover. It protects the policyholder from damages to their vehicle. The OD cover protects the insured vehicle from man-made disasters, natural calamities, in-transit damages, accidental damages, etc. The driver-owner of the vehicle also gets personal accident cover. It provides a cover to the driver-owner from death or accidental injuries.

Third -Party Liability Cover: It is mandatory to have third -party insurance to drive on Indian roads as per Motor Vehicles Act, 1988. The third -party liability cover protects you from:

• Liabilities against a third party in consequence of an accident

• Liabilities against death/third -party injuries

• Liabilities against third -party property damage

You can get a cheaper comprehensive policy when you buy it online from HDFC Ergo. It is cheaper online as the operating costs of selling online are less, and the insurance company can offer discounts.

You can renew your comprehensive car insurance policy anytime online. Insurance providers like HDFC Ergo provide comprehensive car insurance policies.
It is a very easy process to renew your comprehensive car insurance policy online. Just go to the HDFC Ergo website, fill in your details and renew your comprehensive car insurance policy online in minutes.

The process of raising an insurance claim includes submitting a few documents. These are some documents that you should keep ready for a hassle-free insurance claim process:

Accident Claims

Your insurer will ask you for the following:

• A claim form with your signature that you have filled

• Your tax receipts

• A copy of the insurance policy

• A copy of your RC (registration certificate)

• Your driving license

• FIR copy

• Car repair's estimated cost bill.

• Repair bills

• Payment receipts

• Address proof

Car Theft

Your insurer will ask you for the following:

• A copy of the insurance policy

• RTO's theft declaration

• FIR copy

• Subrogation letter

• Your tax receipts

• Car registration book

• Policy details

• Booklets

• Warranty cards

• Duplicate keys

• Form 28

• Form 29

• Form 30

• Form 35

• Intimation to the RTO

• Claim discharge voucher with a revenue stamp and signature

Third -Party

Your insurer will ask you for the following:

• A claim form with your signature that you have filled

• FIR copy

• A copy of your RC (registration certificate)

• Your driving license

• Stamp for documents

Who Should Get a Comprehensive Car Insurance?

We recommend the following to purchase comprehensive car insurance:

A New Car Owner

It costs a lot to buy a new car, and you must protect it at all costs. Comprehensive car insurance protects you from various liabilities and provides financial assistance.

People Who Road Trip

You must get comprehensive car insurance if you like to go on road trips and travel to different cities and places. You can get roadside assistance as an add -on for any unexpected mishap.

Metropolitan City Car Owner

If you live in a metropolitan city, you should get comprehensive car insurance to protect yourself in accidents, pollution, traffic, etc.

Comprehensive insurance, as the name implies, is an insurance option that protects your vehicle against accidents, fire, theft, and other insured events, as well as third -party claims and windscreen and glass repairs. If you lease or finance your vehicle, your lender may require you to purchase a comprehensive policy until the end of your lease or until you pay off your vehicle. And Full coverage is a bad investment between 10 and 15 years after a vehicle's model year. While the cost of full coverage alone is unlikely to exceed the value of a car, the cost of insurance is more likely to exceed the value of the car after an accident. Normally, the duration of comprehensive car insurance is one year and you have to renew the policy after its expiry date.

You can transfer your NCB benefit from one insurance company to another without losing NCB benefit. NCB will remain valid if your insurance company changes and the benefit of NCB can be used with your new insurer. However, it is important to keep in mind the below-listed pointers while doing so:

• The no -claim bonus (NCB) is a benefit provided to consumers of the company when they replenish their policy initiatives if they did not make any assertions during the prior policy term. A no -claim incentive is offered to customers who did not submit a claim during the previous policy period. The no -claim bonus varies from 0% to 50% for every assertion year. NCB in liability coverage is legitimate for 90 days after the expiry date of the policy, after which it expires. A greater NCB equates into a greater rebate for the consumer. If a claim is made, the NCB is lowered to 0% in the first year and then rises for every year the assertion is not made.

In an insurance plan, a No Claim Bonus (NCB) is a price reduction provided by the insurance provider on the own harm segment of the policy for consumers who haven't asserted claims in the previous years. Customers who do not submit minor claims or who drive responsibly are eligible for the no -claim bonus.

The NCB, or No Claim Bonus, is a discount on your insurance premium that you can apply to your policy when it is time to renew. It is a bonus paid by an insurance company to an insured for not filing any claims during the policy year.

Third-party car insurance is the most basic and legal type of car insurance policy if you do not want a comprehensive car insurance policy. This, as the name implies, will only protect you from third -party damages and losses, not your own.

The primary distinction between third-party and comprehensive insurance is the type of coverage provided. Comprehensive car insurance covers your own damages and losses, whereas third-party insurance only covers those of others. In India, selecting the right type of vehicle insurance is critical. After all, having at least basic third-party insurance is a legal requirement. Failure to have one may result in fines and even suspension of your driver's licence!

To avoid hefty fines as well as damages and losses caused by accidents, collisions, floods, theft, and other mishaps, it's critical to understand the difference between comprehensive car insurance and third -party car insurance and to decide which is best for you.

One of the most common types of car insurance policies is comprehensive car insurance, which covers not only third -party liabilities and losses but also damages to you and your vehicle.

Yes, you can shift your car insurance plan from a third -party liability plan to a comprehensive car insurance plan because of the below -listed reasons:

1. To cover the losses of your car

Get coverage for your own car's damages and losses caused by unforeseen events such as accidents, collisions, monsoon floods, fires, and so on.

2. For covering the third -party duties

Get coverage for all third -party liabilities, such as hitting and damaging someone's vehicle, injuring a third -party person, or damaging someone's property.

3. Improvisation of your policy for the betterment

Customize your car insurance even further by selecting different add -ons and covers that will provide better coverage for your vehicle. As an example: By including breakdown assistance/roadside assistance in your policy, you gain the ability to seek our assistance for both big and small problems.

4. You can customise your IDV.

You can also customise your car's IDV with our comprehensive car insurance policy.

5. Personal Accident Insurance required

A comprehensive car insurance policy eliminates the need to purchase a separate personal accident policy because it covers everything.

Note: If you already have a third -party liability policy that is about to expire, you can get a separate Own Damage Only Policy to cover your own car.

1. Install anti-theft devices: Installing anti-theft devices in your car automatically helps reduce certain risks. Thus, saving your insurance provider a fortune. These savings can help you get lower premium rates on your car insurance.

2. Avoid filing claims for minor repairs: If you file a claim within a policy year, you will forfeit your no -claim benefit. No -claim bonus is a reward given to the policyholder by the insurance provider for each year without a claim. For five years in a row with no claims, NCB can reach 50%. Therefore, be cautious while filing for claims, as it may affect your NCB in the long run.

3. Increase the Deductibles: Deductibles are the amounts you pay out of your pocket in case of an accident. If you are comfortable with it, you can choose to pay for a few deductibles. When your insurance policy fully covers you without deductibles, you will pay higher insurance premiums.

4. Use the accumulated no -claim bonus: As mentioned above, NCB can help you save a fortune on your insurance premium. Do not hesitate to put that claim into action. In your first year without claims, you can get upto 20% discounts. These discounts may increase upto 50% for no claims for five consecutive years.

5. Avoid modifications: Everybody wishes to customize their car according to their will, but doing so may incur extra costs. Replacing the wheels, interior, or any other part of your car also risks high replacement costs. Thus more risk for your insurance provider. Avoid making high-end modifications to ensure lower premium rates.

6. Renew the car policy online: Renewing car policies online can offer you discounts of up to 70%. It helps the insurer save a fortune on employment costs, thus giving you the benefit. This is because there are no middlemen or brokers in the process.

The amount of premium to be paid is one of the first questions that come to mind when thinking about insurance. It is comparatively easier to know the premium of new cars, while in second-hand cars; you may have to consider a few things. All you need to do is follow the given simple steps, and you can know the premium amount.

• Visit HDFC ERGO website

• Provide all the details about your car, like the model, variant, year of purchase, etc.

• All previous details of claims need to be mentioned as well, along with the policy number & name of your insurance provider.

• Choose the type of policy you want - just a third-party or a comprehensive one.

• Choose 'Submit' or 'Calculate' to get the results based on your tool.

Comprehensive car insurance provides your vehicle with much-needed protection, including extensive coverage from numerous risks such as natural disasters, theft, accidents, and fires. Not only that, but comprehensive insurance also provides coverage for third -party liabilities. If that isn't enough, it is also customizable and can be further enhanced with your choice of add -on covers ranging from zero depreciation to emergency assistance. In short, yes, comprehensive car insurance offers coverage in case of natural disasters as well.

Comprehensive car insurance policies are usually expensive as they offer complete coverage concerning all possible damages. But on the bright side, it also confirms that you are fully insured & need not worry about anything.

In case you have suffered damages from natural calamities, you can follow the below-mentioned steps to file claims:

• Gather photographic evidence of the damage caused. Document all evidence clearly to submit it to the insurance company.

• With the evidence in hand, contact your insurer immediately to file a claim. It is advisable to take immediate action as multiple policyholders may do the same.

• Consult a local mechanic or a car workshop to assess the cost of damages in total. This is only to ensure that you receive fair compensation from your insurer.

• Be patient. In a natural disaster, there may be multiple people whose claims would be worked on.

Before you file for these claims, a few things to note is not to tamper with your car before getting enough proof. Also, make sure not to make any repairs before discussing it with your provider. Once the claim has been made, a surveyor will be sent on behalf of your insurer to inspect the situation.