The insurance products that are being offered in modern times have evolved to cater to the needs of the policyholders that come from various backgrounds. This applies to car insurance as well. A comprehensive policy can be customised to meet the needs of a policyholder, be it car insurance for a female driver or male. When car insurance is bought with the help of an informed decision, it can prove to be a boon in the case of an emergency.

How to Get Car Insurance for Women/Female Drivers? - Acko

Car Insurance For Women:

Car insurance refers to the contract that a policyholder has with an insurance company. This contract or policy defines the scope i.e. the coverage of the policy along with the exclusions and terms & conditions of the contract. There is no separate women’s car insurance, however, the insurance company may ask for gender-related details while buying a policy.

The process of buying women’s car insurance is not different. Women can buy car insurance online by visiting an insurance company’s website and following the instructions. Remember that buying motor insurance for women does not require any special skill or knowledge as compared to buying motor insurance for men. Making an informed choice by getting to know your needs and the available coverage can be fruitful.

How to Buy Car Insurance for Female Drivers?

The best car insurance for women would be a policy that offers comprehensive coverage in the time of need. It should cover all the possible unfortunate events and provide sufficient financial aid when damage occurs. There are a couple of ways in which one can buy a car insurance policy. One can choose to buy car insurance either online or offline. Here is how you can buy a suitable car insurance policy:

1. Buying Car Insurance Online

Nowadays many people prefer the comfort of an online space to do various kinds of transactions. Car insurance can also be bought online. The advantages of making an online purchase are fast processes, secured payments, and/or instant car insurance policies. You can buy car insurance online through the following:

  • Directly From The Insurance Company:

Many car insurance companies have intricately designed their websites to offer a user-friendly experience and direct purchases. Buying directly from an insurer’s website may reduce the cost of your car insurance policy.

  • From A Web Insurance Aggregator:

A web insurance aggregator/broker is a certified firm that offers insurance policies for multiple insurance companies. Here, you get an option to compare similar car insurance plans and then buy the one that is most suitable for your needs.

2. Buying Car Insurance Offline

This method is more manual as compared to the automatic online process. It also requires paperwork and may take time to complete. Here is how you can buy your car insurance policy offline:

  • By Visiting The Insurance Company

To buy a car insurance policy directly from the insurance company, you may have to visit their branch office personally. Approach the help desk and you will be guided on the different types of policies available. Here you can also collect forms and other documents to begin the process of buying a car insurance policy. Fill the forms duly and attach the required documents. If your application is approved, you will get the policy via post in a few days.

  • By Hiring An Agent

This process is similar to buying car insurance from an insurance company as far as the process is concerned. However, your insurance agent will help you understand the car insurance plans and buy the final policy. He/she will visit you at a convenient time and place. An insurance agent/broker can be affiliated to multiple insurance companies and can help you with selecting the most suitable plan.

Benefits:

Here is a list of benefits that you will get for buying a car insurance policy:

1. Compliance With The Law

Buying a car insurance policy irrespective of the nature of a driver is mandatory under The Motor Vehicles Act, 1988. Driving a car without a valid car insurance policy is an offence and you may have to either pay fines, serve prison time, or both for not carrying a car insurance policy.

2. Financial Protection Against Third-party Liabilities

Sometimes, an accident can cause major losses to the third parties present on the scene. This could be property damage, injuries, or in the worst case even death. Compensating the person is of utmost importance in these situations. Especially when the driver of an insured vehicle is at fault. However, the amount of compensation to be paid can be quite high and the driver may not be financially equipped to pay the compensation to the third party. This is where a Third-party Liability policy comes into the picture. It offers financial protection against any kind of third-party damages/losses.

3. Coverage for Theft

Car theft is quite common anywhere in the world. However, the owner suffers both financial and emotional damage when theft occurs. If the policyholder has bought a comprehensive car insurance policy, the insurance company can compensate for this theft. The compensation amount is approximately equal to the current market value of the car.

4. Coverage for Natural and Man-made Calamities

Natural calamities can have a disastrous effect on the infrastructure. This includes damage to vehicles as well. Such damages are covered under a comprehensive car insurance policy. Similarly, man-made calamities like riots, vandalism, etc. can cause damage. This too is covered.

5. Financial Protection Against Accidental Damage

An accident of any magnitude can affect the car and its driver. A comprehensive policy covers both in case of an accident. Additionally, any kind of car insurance includes a Personal Accident Cover of Rs. 15 lakh for the owner/driver of the insured car.

6. Option to Customize Coverage

Buying a comprehensive policy also allows the policyholder to customise it with multiple additional coverages like Engine Protection Cover, Passengers Cover, Roadside Assistance Add-on, Zero Depreciation add-on, etc. (Add-ons will be discussed in the latter part of this article in detail). This allows the policyholder to avail additional coverage and increase the scope of a basic comprehensive policy.

How Much Does Car Insurance for Female Drivers Cost?

Car insurance for young female drivers can cost a bit more as age is a factor some insurance companies take into consideration while deciding the policy’s cost. Here are other factors that influence the premium of a car insurance policy:

1. Coverage Of The Policy

The cost of a car insurance policy will depend upon the scope of coverage offered. If it is less, then the price will also be less. Likewise, if the coverage of a car insurance policy is more, then the cost will also increase.

2. Type of Car

The type of car is considered while deciding the cost of its car insurance policy. The insurance policy for a simple hatchback car will cost less than the policy for an SUV. This is because the repair cost of these two types of cars is different.

3. IDV

IDV stands for Insured Declared Value. It is the approximate current market value of the car. Since the current market value of a car reduces with time, the cost of your car insurance policy will also reduce.

4. NCB

NCB stands for No Claim Bonus. It is a discount for not raising claims. This discount is considered at the time of renewal and thus the number of claims can increase or decrease the cost of a car insurance policy.

5. Number of Add-ons

Add-ons are additional coverages that can be bought along with a comprehensive car insurance policy. These increase the scope of a policy. As mentioned earlier, more coverage will increase the cost of the policy.

6. Mode of Purchase

Buying car insurance online is cheaper than buying the same policy offline. This is because of the absence of middlemen, paperwork, and low operational costs involved in buying the policy online.

Tips to Get the Cheapest Car Insurance:

Here is a list of things that can reduce the cost of your car insurance policy:

1. Buy Online

Buying car insurance online has its benefits as mentioned earlier in the article. However, the most prominent benefit is that you will get a car insurance policy at a cheaper price as compared to buying the same policy offline. This is because the operational costs involved in issuing a policy are greatly reduced when the policy is bought online.

2. Compare Plans

A person looking to buy car insurance should always compare car insurance policies from various insurance companies first and then proceed to buy the most suitable policy. Two things need to be checked – first, is the coverage offered and second, is the cost of the policy. If similar coverage is offered by various insurers, you can proceed to purchase the cheapest one available.

3. Buying Only Required Coverage

This applies to the policyholders that choose a comprehensive car insurance policy. It is easily possible to go overboard about buying additional coverages while browsing through the available options. Refrain from doing so and buy only those coverages that make sense to you and suit your needs.

4. Install Anti-theft Devices

Installing anti-theft devices reduces the chance of making a theft claim and thus your car insurance company may offer a discount on the premium. Make sure that you buy only an anti-theft device which is certified by the Automotive Research Association of India. Your insurer may not accept a device that is not certified by this organization.

5. Opt for Deductibles

A deductible is a sum of money that you need to pay at the time of claim settlement. There are two types of deductibles – Compulsory and Voluntary. As the name suggests, you can opt for a voluntary deductible if you are confident that the chances of making a claim are less. You can thus get a discount on your car insurance premium.

6. Drive Safely and Renew in Time

With a comprehensive car insurance policy, you get a discount called the No Claim Bonus if zero claims are raised during the last policy period. This discount can be as high as 50%. Follow traffic rules and drive safely to reduce the chances of a claim. Also, no claim discount drops to zero if the insurance policy is not renewed within 90 days of expiry. 

7. Buy Memberships

Members of the Automobile Association of India may get a discount on their car insurance policies. Thus, consider availing such memberships and reduce the cost of your car insurance policy. 

With these tips, one can get the cheapest car insurance for female drivers. They also apply for male drivers.

Also, read: Does Car Insurance Cover a Natural Disaster?

Things You Must Know About Car Insurance:

Here is a list of things that one must be aware of before buying the policy:

Types of car insurance policies:

  1. Third-party car insurance policy: Buying at least this type of policy is mandatory by law in India. It offers minimum coverage.
  2. Comprehensive car insurance policy: Buying a comprehensive car insurance policy is advised by experts. It offers maximum coverage and can also be customized.

No Claim Bonus (NCB): 

This is a discount for not raising a claim. Can be as high as 50%.

Zero Depreciation Cover: 

It is an additional coverage available with the policies for new cars.

Insured Declared Value (IDV): 

IDV is the approximate current market price of the car. 

Deductibles: 

These are related to the amount of money you pay during claim settlement.

Frequently Asked Questions:

How to choose the best car insurance company?

The best car insurance company can be chosen by taking a look at how happy the current customer base of a particular insurance company is. Visit the social media handles of insurance companies for genuine reviews and ratings. Current customers share the most honest experiences. Also, take a look at prices, coverages available, and the turnaround time taken by an insurance company to complete tasks.

Why is it said that one should be careful while selecting a voluntary deductible?

A policyholder is asked to be careful while selecting deductibles because deductibles reduce the claim amount and the remaining portion of the repair bill or the compensation is supposed to be paid by the policyholder. If a higher deductible is opted for, it can be counter-productive in terms of car insurance claims.

Is it possible to change the details present on an existing policy?

Yes, it is possible to change the details present on an existing policy. This process is called an endorsement. Details like name, address, add-ons, etc. can be changed by endorsing the policy.

I got some modifications made to my car. Do I need to inform the insurance company about this?

Yes, you need to immediately get in touch with the insurance company to inform them about the modifications related to the insured car. Major modifications like changes in paint, fuel type, etc. are to be conveyed on an immediate basis.

Is it possible to file a claim online?

Yes, some insurance companies offer an option to register your claim via their website. For example, if you have purchased a policy from www.acko.com, you can log in with your registered mobile number and click ‘Claim Now’ to raise a claim against your car insurance policy.

How much discount will I receive on car insurance if I install a certified anti-theft device on my car?

If you have an ARAI approved anti-theft device on your car, you will receive a discount of 2.5% on the own damage part of the coverage. However, certain terms and conditions are applicable.

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