*Note: This is just a general summary of car insurance in India. Please refer to your policy document for details.
|Car Insurance Coverage||Third Party||Comprehensive||Standalone|
|Damage/losses caused to your car due to accident||X||✔||✔|
|Theft of two-wheeler||X||✔||✔|
|Damage incurred due to fire||X||✔||✔|
|Damage/losses due to natural calamity||X||✔||✔|
|Damage to property and third party vehicle||✔||✔||X|
|Personal Accident Cover (if opted)||✔||✔||✔|
|Injury/ Death of Third Party due to an accident||✔||✔||X|
|Car Insurance Company||Motor OD Claim Settlement Ratio FY20||Network Garages|
|IFFCO Tokio General Insurance||95.30%||4,300+|
|Royal Sundaram General Insurance||92.66%||4,600+|
|The Oriental Insurance Company||91.76%||3,100+|
|HDFC ERGO General Insurance||91.23%||6,800+|
|Universal Sompo General Insurance||90.78%||3,500+|
|Tata AIG General Insurance||90.49%||5,000+|
|The New India Assurance||89.60%||3,000+|
|SBI General Insurance||89.51%||16,000+|
|Bajaj Allianz General Insurance||88.83%||4,000+|
|Future Generali India Insurance||88.69%||2,500+|
|Bharti AXA General Insurance||87.99%||5,200+|
|ICICI Lombard General Insurance||87.71%||5,600+|
|Liberty General Insurance||87.48%||4,300+|
|Cholamandalam MS General Insurance||85.89%||7,100+|
|National Insurance Company||85.71%||3,100+|
|Edelweiss General Insurance||84.52%||1,000+|
|Reliance General Insurance||84.26%||3,800+|
|Acko General Insurance||83.91%||2,000+|
|United India Insurance Company||82.93%||3,100+|
|Kotak Mahindra General Insurance||82.81%||1,300+|
|Go Digit General Insurance||80.47%||1,400+|
|Magma HDI General Insurance||79.60%||4,000+|
|Shriram General Insurance||77.26%||2,000+|
|Navi General Insurance||76.20%||900+|
Insured Declared Value (IDV) : Simply put, IDV is the market value of your car. This amount then becomes the maximum amount the insurance company will pay in case of damage/loss to your car. IDV changes each year due to depreciation.
No Claim Bonus (NCB): This is a discount given to the insured if they don’t make a claim request during a policy year.
Compulsory deductible: The minimum amount to be paid by the policyholder when a claim needs to be filed is the compulsory deductible. This is a mandatory amount as decided by the Insurance Regulatory Development Authority of India.
For four-wheelers less than or equal to 1500 cc engine, the amount is INR 1,000. For those with more than 1500 cc, the amount is INR 2,000.
Voluntary deductible: This is an optional share of claim that the insured voluntarily decides to pay in case of an accident. The only benefit by selecting this amount is that the total premium amount is reduced drastically. However, the out-of-pocket expenditure is higher in case of an accident or damage.
Read more about What is IDV and how does it work
The additional coverage gives an insured automobile more coverage, thus it comes at a small cost. A car owner has to be paid additional premium payment in accordance with his/her auto insurance policy. As a result, auto prices for the purchase of additional insurance cover increase
Read more to know Ways to renew car insurance
You will be liable to pay a heavy fine in case you’re caught driving on Indian roads with an invaild car insurance. Renew your insurance on time to save yourself the hassle of paying a heavy traffic fine. The fine can be INR 2,000 with up to 3 months of imprisonment as per the New Motor Vehicle Act 2019.
You can either make a claim for cashless insurance or get a reimbursement for payments made due to damage/loss incurred by you due to a car accident.
In either case: