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Home / Car Insurance / New Car Insurance

Is it possible to buy insurance for a new car in India before it is registered at the Regional Transport Office (RTO)? The answer is yes. This is possible with ‘Brand New Car Insurance.’ Read ahead to know how to insure your brand-new car quickly, easily, and conveniently.

What is Brand New Car Insurance?

Thanks to ‘Brand New Car Insurance’ you can insure your new vehicle even before it is registered at a Regional Transport Office (RTO). Usually, brand-new cars are insured by the car dealer. This feels like a convenient process as the car dealer takes the responsibility of getting the vehicle registered at the RTO as well as insuring it. However, insuring your brand-new car from the car dealer is not your only option. There’s a better way — online car insurance.

You can simply visit ACKO’s website or use the ACKO app to insure your brand-new car within minutes at an affordable price. You also have the option to customise the policy with a wide variety of add-ons and choose from multiple plans such as a Standard Comprehensive Policy or a Zero Depreciation Standard Policy (Bumper to Bumper Insurance Plan) while buying new car insurance online.

How to buy car insurance for your new cars online?

Here’s the step-by-step process to buy new car insurance online via ACKO’s website. You can scroll up on this page to the car insurance widget and initiate the following process.

Available car insurance plans for new cars in India
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If you are looking for types of car insurance for new cars, then you have at least two options to choose from. Your new car insurance price will depend upon the chosen option. Have a look.

Third-party Car Insurance
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This is a must-have policy in India as per the law. A Third-party Car Insurance Policy covers you against third-party liabilities. Injuries to third parties (death included) and damages to their property are covered in this plan. As per (new car insurance rules) the Insurance Regulatory and Development Authority of India (IRDAI), brand-new cars must be insured with this policy straightaway for three years (three-year plan). Note that damages to your car are not covered under this plan as this is a basic cover.

Comprehensive Car Insurance
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Buying this policy is not a legal requirement. However, it is suggested to opt for a Comprehensive Policy, especially while looking for new car insurance online, due to its significant advantages over the basic plan. A Comprehensive Policy includes mandatory insurance coverage. It also insures your car in case of damages (calamities, accidents, etc.) and theft. With this cover, you also get the chance to enhance your coverage with the help of suitable add-ons such as Zero Depreciation, Roadside Assistance, etc.

Benefits of buying new car insurance online
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Insuring your brand-new car online instead of depending upon the car dealer can work in your favour. Here’s how this option can be beneficial for you.

Suitable choice
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If you buy car insurance online, you can compare policies easily and insure your car with a suitable policy of your choice. There’s no such choice in case of dealer-offered insurance.

Save money
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Usually, dealer-insurer tie-ups include agent commission and can result in a hike in the final price of the policy. Skip the dealer route to go online and save money spent on commission.

Stay informed
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You can make informed decisions while insuring your car online by going through the policy features, coverages, and exclusions. Car insurance is not a one-time affair; the more you know about it, the better it is in the long run.

Why choose ACKO for insuring a new car?
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Here’s why ACKO should be your numero uno choice when it comes to insuring a new car.

Low Premiums

Low premium policy
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ACKO is a digital insurance company. Thus, our processes are tech-based, paperless, and quick, resulting in low operational costs. This, coupled with a Zero Commission model, ensures savings that are passed on to you in the form of low premiums.

Incredibly Low Premium

No-trouble claims
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ACKO’s door-to-door claims service reduces your stress and increases your convenience. Simply call 1800 266 2256 (toll-free), and your damaged car shall be picked, repaired, and delivered in three days (terms and conditions apply).

Unique Plans & Discounts

Customised plans
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Insure your car with customised plans to ensure maximum coverage. You can do this by generating an insurance quote for your prefered car plan on our website/app and making a payment. Additionally, you can also avail of attractive discounts on plans.

New car insurance price
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Money spent on new car insurance premium might seem like an additional expense. However, if spent correctly, it can help you save a lot of money in the future.

Factors driving price
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The higher the coverage, the higher the new car insurance cost. Insurance charges for a new car will be high because the car’s Insured Declared Value (IDV), understood as the car’s approximate current market price, is high. With time, the IDV reduces, and so does the corresponding payable premium.

Premium-benefit equation
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Since your new car is a costly asset, it’s best to insure it extensively to avoid financial loss in case of a mishap. Insuring your car  by paying a fraction of the bill is always a better option than paying a hefty garage bill.

Car Insurance for the First Time

The elated feeling with the purchase of a new car will remain intact for long if the car is secured with insurance. But, buying the right policy requires basic knowledge of how car insurance works. This could be quite challenging if you are the first time car insurance buyer. Here, we have simplified this challenge and created some tips for buying car insurance for the first time.

Tip #1: Get Familiar with Jargons

Understanding commonly-used terms used on the car insurance policy will help you know your coverage better. So, before you begin searching for the right car insurance policy or insurance company go through the following list of auto insurance jargons:

Tip #2: Understand Policy Types

Car insurance can be of two types, Third-party Car Insurance and Comprehensive Car Insurance. Third-party Car Insurance is mandatory as per The Motor Vehicles Act, 1988. It covers third-party liabilities.

A Comprehensive Car Insurance Policy provides a wider coverage as compared to Third-party Liability policy. Along with providing a basic Third-party Liability cover, it provides financial protection for Own Damage as well. Plus, events like theft, fire, self-ignition, natural and man-made calamities also form a part of the coverage. Additionally, you can customize a policy with the help of Add-on covers when you buy your first car insurance.

Tip #3: Choose the Right Add-ons

Tip #4: Compare Products

Before you buy car insurance online, compare car insurance policies online. Choose similar type of coverage offered by the products and compare various features offered by the company.

Tip #5: Track Renewals

Once you have bought the right car insurance policy and add-ons, you need to keep a track of the renewals. This is important as timely renewals help in getting a discount on the car insurance premium if no claim is raised against the policy. If you buy car insurance online, it will be easier to track renewals as well.

Equip yourself with the basics we shared above and buying insurance will be effortless each and every time!

Car Insurance Checklist for First-time Buyers

Before we begin with this article, cheers to your first car! As we share your excitement, we will also share with you an important checklist to ensure that you buy the best motor car insurance policy. Here is a list of things you need to do/be ready with while purchasing car insurance for the first time:

1. Car Details
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Car details are nothing but the registration number and engine capacity of your car. Engine capacity is also an important factor to calculate the amount of insurance premium.

2. Personal Details
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Correct personal details like name, current residential address and details on your driver’s license, need to be on the policy document. Your address will be used to send the hard copy of your policy. Also, entering correct personal details will be helpful at the time of claims.

3. Insurance and Add-ons
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Understand car insurance is fairly simple. You can buy either of the two types of car insurance policy, i.e. Third-party Liability or Comprehensive Policy. The difference in these two types of policies is the extent of coverage offered.

Buying a Comprehensive Car insurance Policy is recommended as it offers a wider coverage. It includes coverage for Own Damage, i.e injuries/damages to you and your car, along with a Third-party Liability cover. Plus, you can buy Add-ons for more coverage.

4. Insured Declared Value (IDV)
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This is the current market value of your car. To know the approximate value, refer to the following table:

5. Deductibles
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You need to pay some part of the claim amount as a Compulsory Deductible. You can also opt to pay Voluntary Deductible, but this amount needs to be declared when you purchase the policy.

6. Comparison/Calculator
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Thanks to technology, you can do car insurance comparison and calculate the premium amount before purchasing a policy. Use an online premium calculator to know your Car Insurance premium.

7. Insurance Company
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Choose an insurance company which provides proper after-sales services. One way to know more about the services is to read user reviews online. Select your insurer once you are satisfied.

8. Payment Details
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If you are buying the policy online, you will need your online payment details, including account number/customer id, password/ATM pin and One Time Password (OTP). Make a note of this and get your car insured.

There you go! Refer to this ready-made list while buying insurance and you will buy the policy like a pro even though it is your first time.

Frequently asked questions
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Here are some common questions regarding new car insurance.

Is buying new car insurance compulsory for seasoned drivers as well?

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Whether you are a first-time driver or a seasoned driver, it is mandatory to insure your four-wheeler with a Third-party Insurance Plan as per The Motor Vehicles Act. If it is a new car, a new policy should be purchased and renewed before its expiry.

I already own a car, and I am thinking of purchasing a new one. Can both cars be insured by two different insurance companies?

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Yes, your cars can be insured by two different insurance companies.

Do I need to buy a Third-party Policy for three years and Own Damage cover for three years, or is there another option for a new car? Please clarify whether I should buy new car insurance for how many years?

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For new cars, it is mandatory to buy Third-party Policy for three years. However, there is no such compulsion for an Own Damage Cover. Therefore, you can buy a Comprehensive Policy that offers a Third-party Policy for three years and Own Damage coverage for one year. Note that these rules regarding the new car insurance time period are subject to changes, so please check out the available options when you buy new car insurance.

How do you get insurance for a new car if the car does not have a number plate yet?

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Insuring a new car without a number plate can be possible if you directly buy insurance from the insurer (ACKO). You need to look out for the online purchase journey for insuring a brand-new car on the website/app to insure to-be registered cars. You can get a free new car insurance quote by scrolling to the top of this page to the car insurance widget and following the process.

What is the recommended insurance coverage for a new car?

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The recommended insurance coverage for a new car is a long-term Third-party Policy, coupled with wide-ranging Own Damage coverage and suitable add-ons. Zero Depreciation, Roadside Assistance, Engine Protection, Return to Invoice and No Claim Bonus add-ons are a good choice. Ideally, the best insurance policy for a new car is the one that meets your insurance needs, offers extensive coverage, and top-notch services at a low premium.

Is new car insurance higher than that for an older car?

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The direct answer is, yes, it is. However, there are several factors at play here. If you opt for lower coverage while insuring a new car and choose higher coverage for insuring an older car, then the insurance premium for the latter can be higher.

How to insure a new car on weekends or on a public holiday?

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You can insure your new car 24x7 for 365 days via ACKO’s website/app.

Do I need to buy temporary insurance for a new car or permanent insurance?

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You need to make sure that your car is insured all the time while you are driving it on Indian public roads. Hence, you need to keep renewing your policy before its expiry date. Therefore, temporary insurance won’t work.

ACKO General Insurance Limited

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CIN: U66000KA2016PLC138288

IRDAI Registration No: 157

Category: Non-Life Insurance

The use of images and brands are only for the purpose of indication and illustration. ACKO claims no rights on the IP rights of any third parties. The ratings are derived from reviews and feedback received from Google and Facebook users on their respective platforms. | *Save Rs. 45,000 has been calculated on IDV of 20,00,000, 0% NCB and select add-ons. Amount saved is in comparison to Acko's F&U filing. Product name: Private Car Policy - Bundled | UIN: IRDAN157RP0014V01201819 |

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