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Car insurance policy with us

While third-party liability insurance is mandatory under law, it is advised to go for Comprehensive insurance which covers own damage and third-party liabilities. You can opt for add-on covers like zero dep often referred as nil depreciation, engine protect, return to invoice, loss of personal belongings and loss of key among others. The premium rates for these add-on covers are nominal and can reduce financial burden in case of an accident.

It is important to check the kind of damages including the cost of legal proceedings by third parties and monetary compensation offered by the policy. Read the policy document carefully to understand the inclusion and exclusion of the policy.

It is the amount you will get from the insurance company if your car is damaged beyond repair or if it is stolen. Buy a policy whose IDV is closest to the market price of your car.

Most insurance companies offer cashless claim facility through dealers or authorised service centre. So, check the network garage list from the insurance company website to see if there is an authorized service centre near your place.

The ratio is the number of claims settled divided by the total claims received in a year by the insurance company. Buy your car insurance from a company with the highest claim settlement ratio even if the premium is a bit higher. At LifeKaPlan, you can be assured of quick and hassle-free service for claim settlement.

If you haven’t made a claim during the policy period, you get 20% to 50% discount on your Own Damage insurance premium during renewal of the policy. NCB belongs to the car owner and you retain it even if you replace your car or change your insurance provider.

In a standard plan, insurance companies will make payouts after considering the reduced value of some parts based on their rate of depreciation or dep ratio. If you are looking for full payment of all parts damaged in an accident, go for zero-dep plans by paying a minimal additional premium during policy renewal.

Find the current market value of your car and compare its Insured Declared Value (IDV) as mentioned by the insurance company during renewal. Choose a plan where IDV is closest to the market value. IDV is the maximum amount that you will get if your car is damaged beyond repair or lost. But remember, the higher the IDV, more the premium.

While renewing your insurance, customize your cover with add-ons that match your requirements and budget to minimize financial outgo in case of a mishap. Some useful covers include Zero Dep cover, NCB protection cover, engine protect cover, roadside assistance cover and loss of personal belongings.

Do not allow your car insurance to lapse. Insurance companies may insist on physical inspection of your car before renewing the policy. Most importantly, it's illegal and risky to take your vehicle out without a valid insurance.

The break-in period in simple words is non continuity of risk. Suppose your policy is expiring on 1st Jan and if you are not able to renew it on 1st it will be treated as break in period till it is renewed. However, if the policy is renewed subsequently within the time frame given by Insurer it can be renewed with the benefits availed in the previous year viz; no claim bonus.

It is illegal to drive your car without valid insurance. You may be fined heavily by the traffic police. Any untoward incident or accident may land you in legal trouble and in the worst case, you can even lose your car without any compensation.

In the case of an expired car policy, insurance companies generally insist on a physical inspection to check for any damages before approving the insurance application. Before the inspection, ensure that your car is in good condition because, in case of any damage, you may have to pay higher premium than usual or insurer may deny the cover.

There are two types of Car Insurance – Third-party car insurance (Act Only) and Comprehensive car insurance.

Third-party car insurance financially protects you from the liability incurred due to damage to any person, vehicle or property. However, it doesn’t cover your own vehicle damages.

Any person, property or vehicle which is affected by the insured’s car, say in an accident, is covered under the third-party car insurance. Third party insurance is mandatory under the Motor Vehicles Act, 1988. Nonadherence to the law will result in paying a fine, followed by other consequences.

Comprehensive car insurance , covers the damage caused to own vehicle by means of accidents, fire, theft, natural disasters and riots including damage to third party property or person.

Depreciation refers to the loss of car value with time. We see wear and tear of car components as the car ages, so the insurer considers depreciation factor in valuation of the car components and the overall valuation of car. In event of a claim; the car insurer would pay you the claims only after deducting the depreciation value, therefore you would receive compensation lower than the market value of car. The older the car, greater is the depreciation.

During renewal of your car insurance, you will get a discount in the premium, if there is no claim in the previous policy year. This will translate into a big savings. So, it is financially beneficial to drive safely.

Before choosing a product from an insurance company, check its claim settlement ratio. If the difference in insurance premium is not too big, choose an insurance company with a high claim settlement ratio. In an unforeseen event, we will ensure hassle-free service and support for timely settlement of claim.

Personal accident cover is an additional cover offered by the Insurance Company along with your motor insurance. You can also avail this cover for yourself, driver or for the passengers in your vehicle based on the seating capacity. This insurance covers against any physical loss or disability during a car accident. In case, you already have a personal accident cover then you can always opt out of the same.

These are extended covers offered by insurer on base package policy like zero depreciation, roadside assistance, engine protect, consumables cover, return to invoice and loss of personal belongings etc. You may opt these coverages based on your requirements.