Why Having Car Insurance Is Important in India?

Insurance policies are generally designed to provide monetary support to the person whoever purchases the policy. Similarly, car insurance policy offers protection against financial damage to the policyholder. Without a car insurance policy, you as the owner of a vehicle will have to put up with the outcome on your own.

Such circumstances could bring an enormous financial loss. Be it a driver of a car, a property owner or even a pedestrian, the law mandates each and every person to be compensated for the loss rightly. This is where car insurance policy comes into the story.

There are basically two types of car insurance policies – third-party liability only car insurance and comprehensive car insurance. As per the Motor Vehicles Act, 1988, third party car insurance is mandatory for a vehicle owner to become eligible to drive it on road.

Inclusions of Third-party Car Insurance

• Under third party car insurance plan, the vehicle owner or driver is covered against the medical expenses you suffer an injury while driving. The maximum limit of this medical treatment coverage used to be Rs. 7.5 lakh but, recently it has been increased to Rs. 15 lakh.
• Covers injuries caused to the third party
• Car insurance offers unlimited coverage against medical treatment of any third party
• Also offers coverage against any legal action taken against you in the event of an accident
• Death compensation is paid to the family of the deceased third-party
• The compensation is calculated on the basis of the income and age of the deceased.
• Compensates against the damage caused to third party property
• A personal accident cover is available with car insurance for the driver or policyholder
• Legal liabilities arising in case of an accident where you are at fault

Inclusions of Comprehensive Car Insurance

• The entire coverage offered under a third party liability only policy is provided under a comprehensive plan
• Covers any loss or damage caused to the insured car in case of an accident i.e. own damage
• Protection against damage due to various manmade calamities such as vandalism, sabotage, riot etc and damage due to various natural calamities like earthquake, storm, flood, landslide etc.
• A theft cover with the policy pays an amount approximately equivalent to the vehicle’s current market value
• You can extend your coverage by purchasing effective Add-ons along with the comprehensive policy.
• Damage due to fire is covered under the car insurance policy

The Importance of Car Insurance Renewal

Once you buy car insurance you can rest assured that you will be financially protected for the specific period of your policy. However, after the policy expires, you will no longer be protected. Hence, you can’t file a claim against your car insurance policy.

To avoid such circumstance you must make sure that your vehicle insurance policy is renewed in a timely manner, in other words, before your motor insurance policy is about to expire. At GIBL.IN you can instantly compare a number of car insurance policies online, and avail the best car insurance policy as per your requirement and save big on the car insurance renewal premium too.

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Steps to Avail the Best Car Insurance at Lower Quotes Online

Everyone wants to avail the best car insurance policy. Car insurance protects you against any unforeseen damages or loss via financial settlement. Driving with a good car insurance plan can be a serious problem. Even though we want the best car insurance policy, most of us do not take the necessary measures in order to avail the best motor insurance plan. There are a number of factors that you must consider if you want to avail the best car insurance plan at lower quotes online.

Nowadays there a number of online insurance portals that lets you buy or renew motor insurance online. But choosing the right one and doing what is necessary to avail the low cost best car insurance plan right after choosing a portal to renew your policy is important. GIBL.IN is one such online insurance marketplace in India that lets you get your hands on a plethora of auto insurance quotes right at the click of your mouse. A number of important steps you must remember and follow in order to avail the best car insurance policy at the lowest quote. Let’s find them out below:

• Check the Company Reputation: You are advised to research a little on the background and reputation of the company from which you are choosing to renew your car insurance. You must compare various insurance providers on the basis of their claims settlement ratio, customer services assistance, broadest cashless network etc. before zeroing in on a particular insurer. This way you will be able to get the best car insurance policy with guaranteed service on demand.
• Compare Car Insurance Online: If you want to avail cheap car insurance with extensive coverage then the comparison is a must. You can use any online insurance comparison portal such as GIBL.IN where you can compare various car insurance policies from the top insurance providers in India. When you compare car insurance, you can see the premium from each company. Car insurance quote comparison online will bring you’re the best car insurance policy online.
• Add-on Covers: Add-on covers, as evident from the name, are additional covers that are not included within your comprehensive car insurance policy. To get the benefits out of add-on covers, you will have to pay an additional premium but this will, however, be worth it. So, go for an insurance provider that has the collection of best add-on covers at the best price.

Apart from the above mentioned, also make sure that the online insurance portal you are using to compare and renew car insurance policy is a reputed one, has all the security regarding online payment and shows quotes on the basis of different IDV’s.

GIBL.IN can help you find your ideal car insurance policy on the basis of your requirements and price. We compare quotes by maintaining a series of important factors so that each of our customers gets the best policy. 

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What Is the Procedure of Buying or Renewing Online Policy with National Insurance Company Limited (NICL)?

When judged from the perspective of offering unique features and benefits, National Insurance offers you instant quotes online on various general insurance policies. NIC also offers all the necessary support to its customers 24x7. The company offers different cost-effective plans with their variety of products. You can buy or renew policies from National Insurance directly through the company website or by using a reputed insurance broking portal such as GIBL.IN

Being the oldest provider in the public sector general insurance solutions, National Insurance Company (NIC) offers a number of unique general insurance products like health insurance, motor insurance, travel insurance, home insurance, corporate insurance and much more. The company lets you renew their products through their official website.

In order to buy any policy from the NICL, you will be required to log into the official website of the company. Thereafter you will be required to choose the type of policy you want to renew. For example, choose health insurance for the purchase of a health insurance plan. In the next step choose the plan you want to buy for yourself or your family. Once you have decided, you can get an instant quote online. However, it’s always advisable to compare the kind of insurance policy you are choosing to purchase from National Insurance Company Limited with other insurers to avail the best policy at a comparatively lower premium rate.

After zeroing on any particular insurance plan, you will be required to pay the premium. You can pay the premium online via credit card, debit card, net banking etc. After the successful payment of your premium, you will be done with the purchase of your National Insurance Policy online. The coverage will start right after the issuance of a policy.

The renewal of the National Insurance policy can be done the same way online. You will be required to do is choose the kind of policy you want to renew. Or, click on the “renewal” option. After that, you will have to enter your policy number. Next, you can get the renewal quote on the type of policy you want to renew. You will be required to enter the necessary details for the completion of the national insurance renewal online. After that, you will have to pay the premium online. You can pay it via credit card, debit card or net banking. After the successful payment of premium on your policy, you will receive the renewal confirmation at your registered mail id. You can also download and save the same for further future use. You will be done with the renewal of National Insurance policy online this way.

It’s, however, advisable that you compare various insurance policies from different insurers with National Insurance online to avail the best coverage at a lower premium. Therefore, make sure you are comparing policies before purchasing one. Renewing or purchasing policies from National Insurance Company will give you widespread protection against various unforeseen events. At GIBL.IN you can instantly buy or renew any National Insurance products with attractive discounts on premium.

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Car Insurance Policy – The Best Way and Most Convenient Way to Protect Your Vehicle

Since car insurance is a legal requirement you have to avail one for driving on Indian roads. Apart from the legal compulsion, car insurance policy offers financial security during an emergency. To provide best protection to your very own vehicle, it is essential to opt for the best car insurance policy. There are scores of car insurance companies in India which make the task of finding the best car insurance in India difficult. That is why it is suggested to compare car insurance online and then choose the best one. GIBL.IN, an online insurance marketplace can help you to choose the best insurance policy.

Coverage of the Best Car Insurance Policy

All car insurance providers in India offer types of coverage - third party liability coverage and comprehensive or package coverage. Liability coverage is essential in India as per the motor vehicle act. Comprehensive car insurance is optional in India, but most car-owners go for it as it offers better coverage.

• Third party liability car insurance policy takes care of liabilities of policyholders to third parties on the road. If your insured vehicle gets involved in any mishap with a third party the coverage comes into effect. This policy offers monetary compensation in case of third party property damage and accidental death and physical injury. The best car insurance policy offers up to Rs. 7.5 Lakhs to compensate third party property damage. In the case of third party death and disablement, the amount of compensation by the third party can be unlimited for the best motor insurance policy.
• The comprehensive car insurance policy not only takes care of liabilities of policyholders but also protects the insured vehicle financially. The coverage of comprehensive four wheeler insurance plans shields insured vehicle from a wide range of manmade and natural calamities. The policy also covers the loss of policyholders in case of theft of the insured vehicle.

Most car insurance providers also come with personal accident coverage worth Rs. 1 Lakh for the owner-rider of the insured bike. This policy provides this coverage in case of death and disablement of policyholders.

Benefits of Availing Car Insurance Online

There are many advantages of buying car insurance online. Let’s take a look at some of the beneficial aspects.

• Legal obligation

You need to have a valid vehicle insurance plan to confirm the fact that you fulfill the legal requirement. Armed with a car insurance policy you can have the peace of mind.

• Financial protection

If you buy four wheeler insurance plans, you don’t have to suffer financial loss due to your liabilities to the third party. With a comprehensive car insurance online plan, you can also cover losses to your insured vehicle.

• Vehicle repair coverage

The coverage of vehicle insurance policy also includes expenses for repairing your damaged vehicles. If you repair your vehicles in time, the resell value of your vehicle will remain higher.

• Cashless service

Armed with an auto insurance policy, you can get your vehicles repaired without having to pay from your pocket. The provider of your concerned insurer has a network of garages that facilitate policyholders with cashless services such as repairs. 

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Why National Insurance Company Is One of the Best General Insurers in India?

National Insurance Company Limited is one of the largest general insurers in India from the public sector. The company has made its presence in smaller towns, rural regions and also in metropolitan cities of India and also in Nepal. The company caters to a staggering 14 million policyholders by coming up with a wide range of general insurance plans. Over 200 types of general insurance plans are available with National Insurance.

Apart from regular insurance plans, National Insurance Company also devises customized and innovative insurance products to meet specialized insurance requirements. Apart from providing for retail customers, this insurer also caters to insurance requirements of various industries by offering fire insurance, marine insurance, and the likes. So far, National Insurance has served many industries in India such as an automobile, telecom, shipping, IT, power, agronomy, health care, education and many more. The Company also provides agriculture and rural businesses with insurance plans. Commercial insurance policies are also available with India’s oldest general insurer.

From a modest premium of Rs. 50 crore, in 1974, National Insurance Company’s premium income rose to Rs. 90 billion in 2012-13. This financial strength of the company is also reflected in many ratings. Crisil, a subsidiary of Standard and Poor’s rated National Insurance Company Limited AAA rating. The company also received a B++ financial rating and bbb+ issuer credit rating from A.M.Best. These ratings confirm the company’s consistent investment performance and strong capitalization which is adjusted to risks and also the robust presence of National Insurance in India’s insurance market. At present, HCL technologies take care of National Insurance Company’s IT requirements since a deal signed between these two companies in 2008. Economic Times recognized National Insurance as a premium brand and awarded a Symbol of Excellence certificate at a ceremony in Mumbai.

So, in every possible way you can consider National Insurance Company is one of the best general insurance companies in India.

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You Need to Know Everything about Car Insurance Policy

If you own a car, you ought to have a car insurance policy to drive on Indian roads legally. Apart from legal compulsion, it is necessary to have a car insurance policy. An efficient motor insurance policy offers financial protection during an emergency. It offers coverage in the event of third party death and property damage of the third party. So you should not avoid the necessity of car insurance policy.

Key Features of Car Insurance Policy

• The best car insurance plans in India are customized on the basis of the profile of the owner
• If you buy a car insurance policy online between 25 and 55 years, some of the insurers offer discounts and you can avail discounts.
• If you buy and renew car insurance policy without any break you are eligible for an additional discount.
• With the advent of the internet, now you can buy and renew car insurance policy online.

Coverage of Car Insurance Policy

• Car insurance policy offers coverage against Third Party Liability as mandated by the Motor Vehicles Act in India
• It covers property loss, injury, and death of third-party.
• Motor insurance policy also covers damages to the vehicle of the policyholders from a range of natural calamities and man-made disasters in India
• It covers natural calamities like Lightning, flood, frost, earthquake, typhoon, storm, cyclone, hailstorm, landslide, and rockslide.
• The plan covers man-made disasters like Burglary, riot, theft, strike, terrorist activity, and malicious act.
• Four wheeler insurance online plans cover any damage in transit in India.
• It also covers individual owners from a personal accident by providing coverage
• You can also buy personal accident coverage with higher limits.

Additional Features of Car Insurance

• Car insurance plans online in India offer NCB or No Claim Bonus for not making any claim during a particular policy year.
• With each claim-free year, amount of NCB keeps increasing up to a maximum of 50%.
• To avail NCB, car insurance policy renewal needs to done within 90 days after expiry.
• The best car insurance provider allows transfer of accumulated NCB to a different provider.

Exclusions of Car Insurance Policy

• It doesn’t cover losses caused to the insured vehicle if the losses are caused by reasons excluded by the policy.
• Car insurance policy doesn’t cover damages due to wear and tear.
• It doesn’t cover damages due to general aging of the vehicle.
• Depreciation and other consequential losses are excluded from the policy.
• It doesn’t cover damages due to electrical or mechanical breakdown.
• Car insurance online plans don’t cover a war, nuclear risk, mutiny.
• If the vehicle is driven without a valid license in India, then in the event of any damages, car insurance policy doesn’t provide coverage.
• Four wheeler insurance policy online doesn’t cover damages if the vehicle is driven under the influence of liquor or drugs.

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What Is Insured Declared Value (IDV) and Why Does It Matter in Car Insurance?

If you really want to understand the calculation of Car or bike insurance policy premiums, you will have to understand the idea of Insured Declared Value. Repairing, accidents, and breakdown of cars can lead to maximum stress on your financial health. If you want to make sure that you have taken sufficient amount of cover to cope with such situations, you’ll have to understand Insured Declared Value (IDV) of vehicles.

IDV can be taken as the present market price of your vehicle. Insured Declared Value is the maximum Sum Insured against which a car insurance company would compensate when a claim is filed in case of any loss or damage to your vehicle or theft of your vehicle.

How Is IDV Calculated?

In order to calculate the Insured Declared Value of your vehicle, Auto Insurers generally make use of the following factors. Thereafter, they adjust it with standard depreciation rates as prescribed under the Indian Motor Tariff Act.

• City where your car is registered as per the registration certificate of your vehicle.
• The date of the first purchase or registration mentioned on the registration certificate.
• Registration details of the vehicle
• Details of Car manufacturing company and model of car
• Cubic Capacity (CC) of the car
• Registration type i.e. if it is privately owned or company owned vehicle.
• Vehicle Description
• The ex-showroom price of the vehicle

Insured Declared Value Calculation Formula

IDV = (Manufacturer’s Listed Vehicle Price – Depreciation) + (Accessories that not included in Listed Price – Depreciation)

What Is the Relation Between Insured Declared Value and Car Insurance Premium?

You should know that the Vehicle Insurance premium is directly proportional to the Insured Declared Value (IDV). Therefore, as your vehicle ages, the premium for the vehicle goes down and so does the IDV. As per the Insurance Regulatory and Development Authority of India (IRDAI), the highest declared value for the vehicle can only be 95% of its showroom price. Therefore, just 7 months after buying, the market value of your car depreciates by 5%.

A Number of Things to Consider While Calculating IDV

The Insured Declared Value of a vehicle can be in a number of ranges depending on the ex-showroom cost taken by the insurance provider. Being the owner of a vehicle if you do not know the correct Insured Declared Value (IDV) of your vehicle then it could result in you getting insufficient compensation.

It’s very important that you do not understate the IDV of your vehicle even though you might pay a lower premium. But at the same time, you would get a depleted motor insurance cover.

You should also not overstate the IDV of the vehicle under the idea that the auto insurance claim value will increase. A higher Insured Declared Value will not guarantee you a higher price when you are selling it. Motor insurance claims are settled not only on the basis of IDV but also on the basis of the type of loss.

If you are looking for the car insurance policy that suits your coverage options, requirements, and budget, you can find it effortlessly at GIBL.IN, India’s fastest growing insurance marketplace. More information Click Here

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