Car Insurance

Buying a car is one thing and maintaining it is something that is completely different. The roads are some of the most uncertain places, where negligence, ignorance, carelessness of others or just sheer bad luck can bring about a lot of consequences to you and your car.

And as a car owner, these consequences do cost you a lot. From a small dent on the trunk to major accidents and natural disasters, a car on the road is subjected to diverse threats on a daily basis. Moreover, money is involved in every stage of the car’s recovery and safety. That’s why a car insurance policy becomes inevitable in today’s age.

If you haven’t taken four wheeler insurance for your car yet or if you’ve just bought a new car and are looking for a car insurance policy, here are some extensive reasons you should get one today.

• Covers Expenses On Own Damage

  Apart from accidents, cars can be damaged due to natural disasters, Regardless of the reason, expenses are involved in getting the car repaired. That’s why it’s ideal to buy a car insurance as it covers damages arising due to unforseen accidents.

• Third-party Liabilities

  A car is a machine that is subjected to technical issues. A car gone out of control is a threat to civilians and public properties. If there has been an accident with your car, you are bound to compensate for the damages caused. If you have a car insurance policy, your insurance company will take care of the liabilities

• Personal Accidents

  Having a four wheeler insurance is like driving with a lifeguard. There is a backup you have to cover the expenses incurred due to car accidents. A car insurance policy also compensates for permanent disability arising due to a car accident. This is an ideal financial support that is inevitable for families.The car insurance plan can also have cover for you and occupants for accidental death and permanent total or partial disability (loss of limb) due to accident of car. 

• Mandatory By Law

  If you are a car owner, you should mandatorily have a minimum of a third-party car insurance according to the Motor Vehicles Act. Failing to have is an offence and you could be penalized for it when caught.

• Extended Benefits with Add-ons

  Apart from the benefits you just saw, you could include add-on benefits such as depreciation shield cover, consumables expenses, breakdown assistance, conveyance benefits, Engine protector and more when you buy car insurance. This only makes your policy loaded with more benefits. 

• Additional Convenience

  An extensive online four wheeler insurance policy also allows you to experience benefits like coverage of, paperless-digital insurance applications and processing, online claims, spot services and more

  Browse List of Car Insurance Features

There are several reasons to choose Bajaj Allianz Car Insurance:

A four wheeler insurance is inevitable. If you’re looking for an ideal car insurance policy, Bajaj Allianz offers you three types of car insurance policies to choose from. Car insurance prices vary depending on their type. Based on your requirement and budget, you can choose the one that is most appropriate to you.

Let’s look at some of the types of car insurance we offer

Package Car Insurance (Comprehensive Car Policy)

Package car insurance also called, Comprehensive car insurance, covers a broad range of incidents including damage to your car and other vehicles or property. This is the most complete and airtight car insurance policy you could get for your online four wheeler insurance. Apart from third-party liability, package car insurance covers own damages expenses such as burglary, explosion, flooding, water clogging and more.

A Package car insurance policy offers you the liberty to include add-ons to your policy and bring in a range of extensive benefits for the protection of you and your car. This includes engine protector, personal baggage, depreciation shield, accessories cover and more.

This is the ultimate online four wheeler insurance that gives you a holistic protection

Key Benefits

• Third-party liability
• Own Damage expenses
• Options to include add-ons
• Option to include personal accidental cover

Third-party Car Insurance

This is the most basic and mandatory car insurance policy you can take for your car. When you third party car insurance, you are letting us – your insurance company – take care of all legal obligations that could arise due to an accident caused by you. Your insurer will take care of yourall legal liability you incur due to your car accident that could be death, injury, disability, or damage to third-party life and property.

As far as the pricing of the premiums are concerned, it depends on your engine capacity. Take a look at the chart below to get an estimate of your premium.

For Electric vehicles, there is rates variations, please visit Electric Vehicle Insurance page

Key Benefits

• You don’t have to pay for the damages caused for your involvement in an accident.
• Your expenses would be taken care of by the insurance company when you experience damage, death or disability.

Standalone Own damage Car Insurance

You have privilege to have standalone own damage policy also when you’ve liability only policy for your car from any other insurance company, subjected to Active TP Policy at the time of OD standalone Risk inception date.

Usage-based Motor Insurance

Like the name suggests, this type of car insurance policy lets you pay a premium that is based on the number of kilometres driven. This is a new class of motor insurance policy that requires you to estimate the amount of kilometre you intend to drive or are most likely to drive during your premium tenure.

This is highly beneficial for you if you don't use your car frequently and would like to keep car insurance prices at bare minimum. There are three slabs you are required to declare one from - 2,500km, 5000km and 7,500km.

It’s simple to buy car insurance that is usage-based and all you have to do is go to the website or an app and select usage-based motor insurance option to get your car insured in three minutes.

Read more about: Pay As You Drive Insurance

Each car insurance policy covers a range of standalone and overlapping features. Depending on your requirements and budget, your policy coverage would change accordingly. Here is a comprehensive outlook of the plans and features covered

* As per policy terms & condition

While this may give you an overview of car insurance coverage, you should always check with insurance providers, to know more about your desired policy. Also, to peruse the detailed list of inclusions & exclusions, refer to the car insurance policy wordings.

Also read: Partial & Full Car Insurance Coverage

There have been quite misconceptions around personal accident cover being mandatory. So, let us shed some light on this.

According to the Motor Vehicles Act of 1988, car owners and drivers are mandatorily required to have third-party liability insurance as a minimum car insurance policy. Like you know, this covers expenses on 3rd party lives and property damages because of an involvement in an accident.

However, what also needed attention was the losses car owners or drivers incurred because of the accident. From car damages to bodily harms of drivers, the expenses were significantly high for them as well. To decrease the financial burden for car owners and drivers, it was made mandatory for owners to have personal accident cover as well. From January 2019, the Motor Vehicles Act made it compulsory for car owners to include personal accident cover in their policy.

There are two major changes implied -

● A waiver that can be offered to car owners/drivers when they have personal accident cover in their policy with a minimum insured amount of Rs.15lacs

● The vehicle owner/driver having this personal accident cover in their policy for an existing vehicle does not have to buy a fresh insurance policy for a new vehicle Regardless of which car insurance policy you choose, you can include personal accident cover in your policy seamlessly.

Also read: Driver/Passenger Cover Under Car Insurance

Now, comparing car insurance online quotes is no more a tedious task. Comparison of the policy quotes is an integral step to avail the best insurance policy for your car. It enables you to avail a effective insurance premium and have the best coverage against adversities.

To avail of the insurance quotes online you will have to provide important details related to the car. It primarily includes the make and model of the car, manufacture year, variant, fuel type, etc. You can also include add-on riders to the base plan and make it more enhanced.

Standalone OD vs Third Party vs Comprehensive Car Insurance Cover

In India, there are mainly three types of insurance for car plans. You may pick the one that ideally fits your requirements. However, it is to be noted that third party car insurance is compulsory for the vehicle owner.

The table below shows the comparison of different car insurance coverages available within each of the plans:

* Standalone Compulsory personal accident cover can be opted as per customer selection.

Note: This is not an exhaustive list. For more details, refer to the product brochure.

Also read: Car Insurance Comparison

When it comes to buying an insurance policy, a premium plays an extremely crucial role. The insurance premium is dependent on various factors. A car insurance calculator is an online tool that helps to determine the vehicle insurance premium. Knowing the premium amount helps to make an informed decision. With the help of the calculator insurance buying decision makes it easier, simpler, and quicker. 

Steps To Calculate Car Insurance Premium Online

With our quick and simple car insurance premium calculator, you can get car insurance quotes online in seconds. To know your premium amount, just follow the steps below.

Step 1

Head to our car insurance calculator

Step 2

Enter your name & provide additional details like your existing Bajaj Allianz policy and your contact details

Step 3

Provide the registration number of your car or specify it’s a new car if your car is yet to roll out. Specify details of your car’s make, model and variant

Step 4

Mention the geographical location of your car’s registration and specify the date of registration. Mention your pin code

Step 5

Your premium would reach your email address instantly

Let us understand the important factors that help to calculate the insurance premium of the car:

 Insured Declared Value: The present value of the four-wheeler is referred to as the Insured Declared Value (IDV). It is the highest sum for which the policyholder can raise a claim. It simply implies that the higher the value of the car, the higher would be the IDV and likewise. 

No Claims Bonus: A No Claims Bonus is also known as an NCB. This is offered by your insurance company as a reward for not availing claim for a specific period of time (Minimum 1 year). Depending on your insurer, this duration varies depending on number of consecutive claim free years. This bonus only increases with the increase in the number of years you haven’t claimed any insurance. And this bonus can fetch you discounts on your four wheeler insurance premium, thereby decreasing the price you pay every year.

For instance, if you don’t claim insurance for two consecutive years, you are likely to get a discount of up to 25% on your insurance premium. To get an extensive idea about No Claims Bonus in Car Insurance, check out the table below

Voluntary Excess: Voluntary excess is when you step forward to pay extra for your car insurance to share a portion of your car’s risks. In voluntary excess, you voluntarily pay excess to your car insurance policy so that when you have to make a claim, this amount is deducted by your insurer and the remaining amount of your claim is taken care of by your insurance company. This is otherwise called deductibles in Motor Insurance. For instance, let’s assume you buy car insurance online. When buying you have paid a voluntary excess of ₹ 4500. Now when the value of your claims is ₹. 9000. Your insurance company will bear the half of the value and you the other half. The benefit of availing a voluntary excess is it allows you to get discounts on your car premiums. So, depending on this, your four wheeler insurance premium would be higher or lower. Depending on how much you have paid as an excess voluntarily, you are eligible for a specific discount slab. The table below gives you a holistic view of this

Note: This is not an exhaustive list. Various other factors determine the vehicle insurance premium.

If this is the first time you are getting a car insurance policy or if you’re looking for the most suitable policy, it is vital that you completely understand the differences between a third-party policy and a comprehensive car insurance policy. The table below distinguishes between the two across several crucial factors that would help you take the right decision.

Read more about: Third Party V/S Comprehensive Insurance

While it is important to know what features are included in four wheeler insurance, it is equally vital to understand the exclusions so you are always on the safer side of your financial conditions. The following features are excluded from a car insurance policy –

• Expenses on damages or losses when the policy is not in force
• Expenses on damages or losses that are beyond the guidelines of your car’s manufacturer
• Expenses on damages or losses due to drunk-and-driving cases
• Expenses on damages or losses due to driving without a valid licence

* Please refer Policy wording exclusion

Read more about: What Does Car Insurance Not Cover?

If you are planning to buy new car insurance, then it’s important to make an informed decision. Let us now look at understanding the key reasons for buying Package car insurance:

Adhering to the Law: As per the Motor Vehicles Act, it is a mandate for all vehicle owners to have third-party insurance in place. Anyone found going against the law is liable for legal implications and penalties. Hence, ensure to have a suitable insurance policy that complies with the law.

Remain Fully Protected: Package insurance plan is ideal as it offers protection against any third-party liability. It offers protection to the policyholder as well. The insured remains covered for any incurred loss or damage due to natural calamities such as earthquakes, etc. Moreover, it also covers man-made calamities like theft, and so forth.

Cost-effective in the Long Run: Package insurance plan is helpful if the insured car incurs any damage or dent in an adverse situation. At times, the repairing or replacement costs could be heavy and could put you under financial strain. Having an optimum vehicle insurance cover keeps you protected in the long run. Before you zero down on a plan, you may consider comparing various car insurance prices.

No Claim Bonus: The comprehensive plan offers a ‘No Claim Bonus in Car Insurance’. Under it, the policyholder gets some monetary relaxation during the renewal of car insurance for every claim-free year. Besides, the No Claim Bonus coming into the picture makes the insurance premium more lucrative for the policyholder.

Also read: Reasons Why You Should Choose A Comprehensive Car Insurance Plan

With Bajaj Allianz, you can get car insurance online in just five simple steps.

Step 1

Go to our website

Step 2

Specify the details of your car such as its model and manufacturer, variant and city

Step 3

Choose your plan that best suits your needs

Step 4

Mention the details of any existing insurance policies such as its validity, any claims made and no claims details

Step 5

Your quote is automatically generated. If you have opted for a comprehensive plan, you can include add-ons for further protection, mention your car’s IDV and see the overall price for your premiums

Step 6

Simply make the payment and instantly receive your insurance on email in seconds

Buying car insurance online is as simple as that.

The internet is all about experiencing convenience. The technological advancements in recent times have allowed mankind to operate vehicles from remote places and send rovers to distant planets. Buying car insurance online is not a big deal. It’s easy, user friendly and allows you to avail one in minutes. 

If you have been apprehensive about buying a car insurance online, let us remind you that buying online is one of the simplest and quickest ways to insure your car. To help you get a better idea of how convenient it is. Here are some benefits of buying car insurance online. 

Car Insurance Comparison

Deciding on a car insurance policy is as difficult as deciding on a car. From one showroom to another, you walk around for the best price, offers, specifications, preferred colour, deals and more and finally zero-in on one. Buying four wheeler insurance is similar to this.

You explore multiple options – from the basics to comprehensive car insurance policies with add-ons – you extensively check out plans, calculate premiums, look for discounts and more before deciding on one.

But this complexity in finding a car insurance policy is simplified by the internet as it allows you to compare car insurance policies simultaneously under your preferred parameters and instantly get an idea of which policy makes more sense and affordable. This way, you avoid going from one provider to another in search of savings and benefits.

Though an agent can offer you the details, there could be times they are biased as well. So, a computer-generated quote with no agenda is what you need. This makes buying car insurance online an ideal choice.

Completely Customizable

Like we saw, a four wheeler insurance policy is very subjective and depends on a lot of factors. From generic ones like your car manufacturer and modifications to personal decisions like options for specific add-ons and discounts, you need to tailor your insurance policy.

And buying a car insurance online is the simplest way to get an insurance policy. By simply checking on boxes and features, you can customize your insurance policy, modify add-ons and requirements, generate quotes and checkout to buy your insurance policy online.

Transparent

As far as buying car insurance online is concerned, what you see is what you get. All charges are marked on your quotes and there are no last-minute hidden charges that suddenly pop out of nowhere. You always know how much you would pay and the benefits you get for what you pay before you buy a car insurance. Besides, reading through the terms and conditions are also simple and there are several audio-visual elements to explain complex insurance-related concepts.

Convenience

Imagine you are on your way home in a cab and your car is about to arrive the next day. You immediately pull out your app or a website on your smartphone and get car insurance in a few minutes before you reach home. Buying a car insurance online is as convenient as it gets because regardless of where you are, you can get car insurance almost instantly.

Zero Agents Involved

Like we mentioned, you won’t be subjected to an agent’s bias when buying a car insurance online and regret later. With online facilities, you directly interact with your service provider and every little detail you need to know to buy insurance is provided to you. You can make informed decisions without an agent and walk away with an insurance policy that only works in your favour.

Verify Insurer’s Credibility

One of the best benefits of buying car insurance online is that you can validate your insurer’s credibility. You can explore your insurance provider’s website and review portals to look for their settlements ratio and records and see in detail how they assist their customers when it comes to claims and support. Depending on reviews and records, you can make a wise choice of going ahead with them or checking out more options.

Validity Of Policy

Online policies are as legitimate as traditionally-purchased policies. When you buy car insurance online, your copies are immediately sent to your email address you specify and become valid the moment you make your payment. You can then take a print out of your paper and document them for use. With online insurance, there is no need to feel paranoid at all.

Instantly Receive Policy

Once you make your payment, all you need to do is head to your email inbox. You would see your car insurance policy waiting right there for you. You can check for the details and print them out for use. No hassles. No interruptions. Buying car insurance online is the best.

Zero Paperwork

Imagine protecting your car and your environment from risks. That’s what happens when you buy car insurance online. There is no form-filling involved, no document submission and more. You mention your details, upload documents, and the policy reaches you as a document. End of process.

The moment your car insurance is live and valid, you are eligible to make claims when an accident happens. In simple words, a motor insurance claim is when you ask your car insurance company to take charge or compensate for the damages caused due to an accident. Depending on the inclusions and exclusions in your plan, your insurer will back you up financially

As far as third-party insurance is concerned, claims are when you call your insurer to represent you or intervene for settlements to the damages caused because of your accident to a third-party. This may be damages to life or property

There are two types of insurance claims - cashless claims and reimbursement claims. Let’s look at both in detail and their distinct procedures.

Cashless Car Insurance Claims

In a cashless claim, you don’t have to pay for the recovery of any damage to your car out of your pocket. Your insurance provider will pay for the damages directly to your garage or workshop and take care of the entire recovery process as specified and mentioned in your car insurance policy.

Availing cashless insurance claims is easy. Simply follow the steps mentioned below:

• Call your insurance provider or visit your provider’s website or an app to register your cashless claim.
• Receive the claims registration number that is sent to you on successful registration.
• Move your damaged car to an authorized cashless garage shed to initiate the repairs. For cashless garage, you can take your vehicle only to network garages as transactions between your insurance provider and the garage happen directly.
• Submit the required documents to your surveyor.
• Once surveyed, your insurance company confirms the liability.

Also read: Cashless Car Claim Settlement

Reimbursement Claims Insurance Policy

In this, you have to shell out money from your wallet to recover the damages to your car. Your insurance company then intervenes and reimburses the expenses you incurred in the process after successful verification of documents and coverages.

Here’s how you can avail reimbursement claims:

• Call your insurance provider or visit your provider’s website or an app to register your reimbursement claim.
• Receive the claims registration number which is sent to you on successful registration.
• Move your damaged car to a garage near you. In this case, it is not mandatory to get your car serviced from a network authorized garage.
• Submit the required documents to your surveyor.
• Once surveyed, your insurance company confirms the liability and initiates the reimbursement procedure.

Car Insurance OTS Claims

This is the latest offering that has been made seamless because of tech intervention. OTS stands for On-The-Spot and like the name suggests, this allows you to make spot claims of your insurance.

Yes, with the OTS feature, you can now avail claims of up to ₹ 30,000 on the spot and get the amount transferred for services and recovery in 20 minutes* or less.

How to Avail OTS Claims?

• Download the mobile app and sign in with your details.
• Click pictures of your damaged car and upload them to your app.
• The images will be verified and the claimed amount will reach your bank account in a very short time.

Also read: How to file car insurance claim using the Motor OTS feature

As imperative as it is to buy car insurance, it is even more important to renew car insurance timely. The vehicle insurance policy should be active as it financially protects from any adversity. 

Now, let us understand what happens if the insurance policy gets expired:

ﾷ Financial Liability: If the car incurs any loss or damage after the car insurance policy gets lapsed, the individual will end up paying from their pocket. 

ﾷ Not Abiding by Laws: In India, third-party motor insurance is a mandate. If found driving the car without a valid insurance policy, it could lead to legal or financial implications. Driving a car without insurance implies not abiding by the laws and makes you liable to pay a hefty penalty and sometimes also leading to imprisonment. 

ﾷ Loss of No Claim Bonus: No Claim Bonus is kind of a reward given to the insured as a reduction on the insurance premium for every claim-free year. The accumulated NCB that is earned from the vehicle insurance over the years will get nullified if the policy is not renewed timely. The period for the same may vary from insurer to ins

In India, there are various modes of transportation. However, people often prefer having their own car because then the dependence on public transport decreases. As per the Motor Vehicles Act, of 1988, third-party insurance is a mandate. But for complete safety, it is better to have comprehensive motor insurance in place. Here’s how a comprehensive motor insurance plan becomes useful:

· Protects against financial implications

· Makes you a law-abiding citizen

· Offers protection against third-party liabilities

· Gives coverage for own-damage

· Gives peace of mind

The timely renewal of car insurance is important. If the existing vehicle insurance policy gets lapsed or expired, you are open to risks. We all agree that uncertainty never comes with prior notice. Hence, it becomes imperative to remain secure at any given point in time. 

You can instantly renew car insurance online in a hassle-free manner. Follow these quick steps to car insurance renewal online:

1.   Visit the section on car insurance renewal. If you have an existing policy with us simply click here

2.   Enter the existing policy number followed by the car registration number 

3.   Select the renewal plan that you wish to opt

4.   You may also select various car insurance add-on riders if required

5.   Now you will see the car insurance premium that needs to be paid. You can make the premium payment at your convenience

6.   Once the premium amount is paid, the car insurance renewal is done

The renewed policy document will be shared with you on the registered email address. For the hard copy of the policy document, take the printout.

In case you bought your four-wheeler after September 1, 2018, you would have compulsory 3-year third-party insurance, which is a mandate. Perhaps your car insurance renewal is around the corner.

If you are an existing Bajaj Allianz Car Insurance customer, all you need to do is just enter your car policy number. Next enter the vehicle registration number and begin the process of renewal in a hassle-free way. Renew your motor vehicle insurance and be secured for the long run.

Also read: How To Find Vehicle Registration Details Online

All car insurance policies have a specific duration of validity and you have to be mindful of your plan’s expiry date. This is because when your four wheeler insurance policy is expired, you are completely vulnerable to the risks involved. To secure your car and your financial standings from taking a dent, you need to ensure your insurance policies are renewed consistently. For those of you who are new to this, driving without a valid insurance is an offence as well.

So, car insurance renewal becomes all the more crucial. However, renewing your insurance policy shouldn’t be complex as you can do them instantly online. Here are some benefits you experience when you renew car insurance online.

Save Time

Similar to buying a new car insurance policy online, renewing one is time-saving, too. In just a few clicks, you can renew your policy and get it delivered directly to your inbox.

Modify Your Plans

If you require a different plan because your car has become old or if you intend to pay lesser premiums, you can do them seamlessly when renewing online. From customizing your plan to modifying existing plans, renewals can be done in the simplest of ways.

Prolong Your No Claims Bonus

When you renew, you also get to avail your no claims bonus if you haven’t availed an insurance during your previous tenure.

Post-Sales Services

Because you are extending your collaboration with your insurance provider, you also get added perks and bonuses for your continued patronage and support.

Expert Consultation

If you have any questions about your car insurance renewal or looking for better and more ideal plans, you could get in touch immediately with your insurance company’s experts and get your questions answered. Better decisions are just a call away.

Safe

Online car insurance renewals are safe and convenient. All you have to ensure is that you are renewing through a verified or credible website. The best options would be to go to your insurance provider’s official website or an app.

Also read: 07 Smart Tips to Save Money When Renewing Car Insurance

Now, let us know some of the key ways of reducing car insurance premiums. Yes, you read it right! 

You can reduce the premium amount without compromising insurance coverage. Here are some tips to reduce the vehicle insurance premium:

 Do Not Make Small Claims: By now you would know, that for every free claim year, you earn a No Claim Bonus status and can further enjoy its benefits.  For a claim-free record, you could save money as high as 50% (On basic OD premium) at the time of renewal. So, if you make even the smallest claim, you will not be able to enjoy the NCB benefit.

Opt Voluntary Deductible: You may decrease insurance premium by increasing  the voluntary deductible. It helps to reduce the insurance premium amount. 

Choose the Right Car Insurance Cover: Choosing the cover that is essential for the car. With an array of add-on covers, it is not necessary to include all of them. Rather be mindful and tactful of what coverage you want. 

Install Security Devices: Installing a security device is indeed a smart choice as it not only keeps the car safe but also reduces the risk of your vehicle being stolen. It implies that low risk is equal to low insurance premiums.

*Standard T&C apply

Also read: Proven Tips to Get Concessions on Car Insurance

Similar to your brand new car, a pre-owned car requires a substantial insurance policy as well. But there are several overlapping layers attached to this as the previous owner of your car would have already gotten a valid car insurance online. If there exists an insurance, get it transferred to your name. This happens in less than two weeks.

So, when you intend to buy car insurance online for your pre-owned car, ensure to look at the following factors.

• Look for your car’s claims history as it will give you an idea of the previous claims made. Once the policy is transferred to your name, you can simply enter your policy number on your provider’s website and get the details.
• Ensure you transfer your no claims bonus to your car insurance to continue to avail benefits.
• If there is no insurance availed by the previous owner or if it has expired, you can get new insurance for your car immediately.
• Once the transfer of car insurance policy happens, make sure you check for its expiry date. If the validity of your four wheeler insurance is about to expire soon, renew it on time.

Read more: Old Car Insurance

Listed below are some easy tips that may help you to reduce or save on the car insurance premium:

Have a Good Driving Record:

Driving safely and responsibly is extremely important. Do not over-speed your vehicle as doing so may lead to accidents. It's better to have a good driving track record as insurance companies offer a lower insurance premium to the ones with a clean record as compared to those with a history of traffic offences.

Choose the Add-on Wisely:

Undoubtedly, including the add-on riders enhances the overall security of the plan. However, it is recommended to only choose the add-ons that are required and are going to be advantageous in the long run. Hence, be selective and pick the add-ons that are going to be beneficial.

Increase the Voluntary Deductible:

In case no claims were made in the recent 4-5 years or you paid for the damages from your pocket, you may look at increasing the voluntary deductible. Increasing the voluntary deductible helps to decrease the insurance premium for the four-wheeler

Before making a purchasing decision, you should always consider comparing car insurance quotes online. However, comparison shouldn’t be based solely on the insurance premium. There are various factors such as choosing the IDV, claim process, etc. that need to be taken into account before making a final choice.

Wondering how to get online car insurance quotes? Well, use our car insurance premium calculator and get the quote in no time. If you wish to know the insurance premium for a car, you should know the below:

· Type of car

· Fuel type

· Registration number

· Details of the vehicle insurance

· Change of ownership details, if any

· Claim history for the past years

Or, if you wish to know the car insurance premium for a new car, you should note these:

· Manufacturer’s name

· Manufacture year

· Model of the car

· Car registration state

· Personal information of the car owner

Furthermore, listed below are some quick steps to help you get vehicle insurance quotes online:

1. Visit Bajaj Allianz Car Insurance Premium Calculator

2. Enter the name and other important details required

3. Provide the registration number of the car. In case the car is new, specify the car’s make and model along with the variant

4. Enter the geographical location where the car was registered, the date, and the pin code. You can select the cover that you would require for your four-wheeler and also opt for suitable add-ons. Based on the choices, the premium gets calculated online.

5. You will shortly receive a car insurance premium quote on your email addres

Furthermore, let us now get an understanding of the various important car insurance terminologies listed below:

· Coverage: It refers to the financial security of the plan. The coverage of the vehicle insurance policy will differ on the premise of the plan that has been bought.

· Premium: It is the sum that the policyholder needs to pay as per the policy. To enjoy the maximum benefits of the policy, it's important to pay the insurance premium timely.

· Depreciation: Every year the value of the car gets decreased by a specific percentage. The decrease in the value is known as depreciation. Also during partial loss claim certain % of deductions are applied on the allowed parts depending of the nature of parts are also called depreciation.

· Own Damage: Any losses or damages incurred by the owner fothe cart by way of damage to the car is referred to as own damage. It could be due to various factors such as natural or man-made calamity, etc.

· Fixed Deductible: It is an amount that needs to be paid during an insurance claim fixed as per the standard wordiong decided by the regulator . The fixed deductible charges are also known as compulsory or file charges.

· Consumables: These include the parts of the car like fuel filters, gearbox oil, grease, engine oil, etc. These are referred to as consumables.

· Voluntary Deductible: It is that part of the claim that is to be borne by the policyholder voluntarily. In case the voluntary deductible is high, the insurance premium of the car will be low.

*Standard T&C apply

What Factors Impact Insured’s Declared Value (IDV)?

Insured Declared Value is important as it offers an estimated market value of the vehicle. It also gives an idea about the amount that the insurance company would offer in case the vehicle incurs a complete loss.

Various factors have an impact on the IDV. Here’s a rundown of the factors that impact the IDV of the car:

· Age of the Car: Yes, the age can easily increase or even decrease the IDV of the car. As the car gets older, the Insured Declared Value does take a dip. It is because of the car parts being depreciated over the years.

· Make and Model of the Car: Over the conventional car, an advanced car offers the higher Insured Declared Value. It is because high-end cars have a better market value and remain in trend too. The overall make of the car impacts the IDV.

· Place of Registration: The market value of the vehicle is also dependent on the geographical location where it is registered. For instance, for any four-wheeler

bought in a metro city, the IDV for it will be higher compared to the ones bought in Tier-III cities.

· After 5 years the value of vehicle decided by mutual understanding between insured and insurer.