Buy Comprehensive Car Insurance Online
Car insurance offers financial protection against unexpected car-related costs depending upon your chosen policy. There are two types of fundamental four-wheeler policies available in India, namely, Third-party and Comprehensive Car Insurance Policies. On this page we will unravel the Comprehensive Cover in detail.
What is Comprehensive Car Insurance?
A Comprehensive Car Insurance Policy is a financial shield that covers several car-related expenses arising due to accidents, calamities, and other covered instances. The policy provides the legally mandated Third-party (TP) cover along with an Own Damage (OD) Cover making it an extensive, all-in-one policy. At ACKO we offer Comprehensive Insurance at a low cost without compromising on the coverage.
What are the features of a Comprehensive Car Insurance Policy?
The following are the key features of a Comprehensive Car Insurance Policy.
In one policy you get both the legally required third-party cover and coverage against damages to your own vehicle.
Cashless repair in a network garage in the unfortunate event of your insured car sustaining accidental damages.
Coverage against third-party liabilities like accidental injury, death or property damage caused to a third party.
Compensation for costs arising from damages caused by natural and manmade disasters like fires, floods, riots, etc.
Coverage in the event of your four-wheeler getting stolen or if it incurs damage beyond the scope of repair.
Option to select add-ons to further customise and enhance the coverage of the policy.
Comprehensive Car Insurance for a used/old car
Accidental damages can occur to any car. Hence, we recommend that you buy adequate car insurance irrespective of the age of your four-wheeler since it offers coverage for multiple risk scenarios like theft, fires, floods, riots, vandalism, etc. Also, Comprehensive Insurance forold cars is more cost-effective than for new ones. Because, the older your car is, the lesser the premium payable to insure it.
Who should buy Comprehensive Car Insurance?
If you fit one of the below-mentioned categories, we recommend that you should buy Comprehensive Car Insurance.
1. Owner of a new car:Buying Comprehensive Insurance for new cars is a great idea. After spending a lot to purchase a car, it only makes sense to financially safeguard it with a wide-ranging insurance policy.
2. Luxury car owner: If you own an expensive car, the cost of repairing it may be a lot. There is also a higher chance of vehicle theft as compared to regular cars. Hence, you should consider safeguarding your prized possession with Comprehensive Insurance.
3. Frequent traveller: If you love road trips or you need to travel extensively for work, you will be exposing yourself to more car-related risks. Thus, it makes sense to buy Comprehensive Insurance for your car and also invest in a Roadside Assistance Cover.
4. City dweller: In a metropolitan city, the road traffic is high. Hence, there is a higher risk of accidents. So, if you drive in the city often, make sure to financially secure your vehicle against different accident scenarios by buying a Comprehensive Policy.
5. Overprotective car lover: Anxious of losing your car to accidental damages? Then, Comprehensive Insurance is for you. It covers most damages and depending upon the insurer (such as ACKO) it can have a quick turnaround time. So, your four-wheeler will be repaired and returned to you in no time!
6. Under confident driver: If you are just learning to drive or are an under confident driver, the risk of accidents can be high. Hence, you should buy a Comprehensive Policy. That way, even if you are involved in an accident, you will be able to manage the consequent expenses.
Factors that contribute to Comprehensive Car Insurance Premium calculation
Here are the key factors that are considered while calculating Comprehensive Car Insurance Premium.
1. Make, model, variant of the car: Your car’s brand and model determines the premium charged.For example,luxury cars are more likely to incur higher repair and spare-part costs. Hence, insurers charge a higher premium for such vehicles as compared to regular four-wheelers.
2. Vehicle age: Due to depreciation, a car’s market value decreases as it ages. Hence, the IDV range you can select for it also reduces. As stated earlier, lower IDV translates to a lower premium. So, this is how a vehicle’s age is factored in during premium calculation.
3. Insured Declared Value (IDV): IDV is the present market value of a car that will be compensated in case of total loss or theft. While buying Comprehensive Insurance, you can select your prefered IDV from the available range. The higher the IDV, the higher the premium payable.
4. Fuel type: Fuel type refers to the type of combustion fuel used to run the engine of the four-wheeler. This is also taken into account while calculating the insurance premium. Cars that run on CNG are usually charged a higher premium.
5. No Claim Bonus (NCB): As mentioned previously, NCB is a percentage of discount on the policy premium granted for a claim-free policy year. You can accumulate a maximum discount of 50% of the policy premium after five uninterrupted claim-free years.
6. Special discounts: ACKO offers unique plans, tailor made to fit different requirements. We also offer special discounts on the policy premium if you buy or renew a policy during occasions and festivals.
Tips to reduce the premium payable for Comprehensive Car Insurance
Here are some tips to reduce your car policy premium.
Try to drive safely and not raise any claims during the policy term. That way, you can earn a No Claim Bonus and enjoy a renewal discount in the following policy cycle.
Add-ons are usually charged extra. So, choose only the relevant add-ons as per your needs while buying Comprehensive Insurance.
As mentioned earlier, the higher the IDV, the higher the premium payable. So, make sure to select a reasonable IDV while buying the policy.
Renew your policy on time. Because, if it lapses, you can lose the NCB and may have to pay extra to get your two-wheeler inspected during insurance renewal.
Avail discounts by installing an ARAI-approved anti-theft device and/or becoming a member of the Automobile Association of India (AAI).
Try to bear the expense for minor damages. That way your NCB will remain intact and you can enjoy its benefit in the following policy term.