Car Insurance
Car Insurance
What is Car Insurance?
Car insurance alternatively known as motor insurance, is a specific policy that protects the car & car owner from financial losses arising out of inescapable events such as accident, theft or damage. Car insurance works as a safety net for the car owner. In a country like India, where the population is sky high, car accidents have become very common. No matter how safely you drive, car accidents can happen within a blink of an eye. Even if you are not driving, you have just parked your car somewhere near a shopping mall, restaurant etc. & you notice a big dent on the back of your car. How will you deal with such scenario? Well, that’s when car insurance comes into play. Realising the importance of the safety of the car owners, government of India, by law, has made vehicle insurance mandatory. Bima Buy offers you wide range of third-party & comprehensive insurance plans at an affordable price online.
Types of Car Insurance in India
Comprehensive Insurance Policy
A comprehensive car insurance, is an optional car insurance policy that gives you a higher level of protection for your vehicle. It comes with more features & benefits. The best advantage is that it protects your own vehicle against various damages arising from theft, accident, natural & man-made disasters like fire, earthquake, tornado or damage caused by animals, falling objects etc. It includes the third-party liability policy by default.
Third Party Liability Cover
Third party liability car insurance is the most common form of car insurance which is a bare minimum policy that you must have to drive the car as per the rules and regulations of Motor Vehicles Act of 1988. It covers damages & injuries caused by the insured vehicle, only to a third-party person or property. If a policy holder is considered as the first party, the insurer as the second party and any other person or property involved is the third party.
Factors to consider before buying Car insurance
value
facility
bonus
procedure
Depreciation
Cover
Allowance
features
Assistance
Protector
What is covered in BimaBuy car Insurance?
Accidents
Loss & damage to the insured vehicle due to accidents or collisions
Thefts or Fires
Coverage for the damage & losses incurred when your car is unfortunately stolen or due to accidental fire
Natural Calamities
Expenses related to damages caused by natural calamities such as flood, cyclone, earthquake etc.
Personal Accident
If an accident leads to the death or disability of the car owner
Third party Cover
Financial liability incurred due to the injury/death of a third party or the property
Add-Ons Covers offered by BimaBuy Car insurance
As the names suggests, add on covers stands for additional coverage that are not included in the comprehensive car insurance policy. Some of us want additional features and benefits or security to the base policy to enhance the protection of your vehicle. To opt for an add-on cover for your vehicle, you need to pay some extra amount along with your car insurance premium. You have the liberty to select one for multiple add-ons covers. Some of the best add on covers for car insurance policies are following.
The car insurance company will calculate depreciation on certain parts of your vehicle at the time of claim settlement. This procedure leads to getting less claim amount. Purchasing Zero Depreciation or Nil Depreciation cover allows you to nullify the depreciation charges on your car & its parts and allows you to get full settlement of repairs, costs during a claim regardless of any write-offs.
We all are well aware that engine is the heart of the car & probably the most expensive part of the car. Normally, its repair cost is not included in the comprehensive policy. This add-on specifically covers the damages caused to the engine & gearbox post an accident, electronic short-circuiting etc. It also compensates the cost of fixing the damages caused due to leakage of lubricating oil or water regression.
It is an additional discount rewarded on the renewal premium if no claim has been filed by the policyholder during the policy term. It can be either 10% or it can go as high as 50 % on the basis of the claim free years on your policy. This add-on can save your money on your insurance premium.
A car can break down anytime anywhere and you may not find a garage or a service station nearby. Moreover, if you are not familiar with the area, getting things sorted can be a headache. This add-on provides you round-the-clock services such as refuelling, towing, change of punctured tyre, arranging for a mechanic etc.
In case there is a damage which is beyond repair or your car gets stolen, with this add-on you are eligible to get the complete amount of the original invoice value including the registration & road tax.
The repair or replacement cost of the car accessories which make your car look unique and can enhance your driving accessories can be expensive. Opting this add-on will insure your car accessories and will reduce the burden in case of any loss or damage.
In an unforeseen or unfortunate accident, the fellow car passengers can get hurt (permanent or partial disabilities) or god forbid, in case of the death, this add-on works like an accident coverage for the co-passengers. It provides lump sum compensation.
With the advancement in car security & development of the smart keys, losing a key can be turn out to be very expensive. A local locksmith can not easily replace the key of a next generation car. This add-on will cover the costs (up to the sum insured) of key replacement. If your car has been broken into then it will also cover locksmith charges, new locks and replacement keys.
Benefits of Car insurance
Having a car insurance certainly has a plethora of benefits to offer
- Covers third party damages involving your vehicle.
- It pays for the hospitalization expenses in case of an accident.
- Offers cashless payment system. You can repair your vehicle form the network garages of your insurer and avail cashless facility.
- Compensates the costs of repairing the damages caused due to any theft, accident, fire or natural calamity.
- Reduces the financial & legal damage that can arise from a third-party liability.
What's not included in the insurance policy
Own damage of the car
In case of third party or liability cover, the damage incurred to the insured car due to an accident is not covered.Negligence
The loss or damage occurred as a result of not following the manufacture's guidelines or manual.Gradual wear & tear
Everything has an expiry date. Any damage or loss which is due to the life of the parts is not covered.Driving without valid driving license
The loss or damage occurred when the driver is driving without a valid driving license.Drunken Driving
Any loss occurred when you are involved in drink & drive are not covered.Not in force policy
If the policy is not in force the loss or damage will not be covered.
Why choose BimaBuy for Car Insurance
- Cashless garageservices
- Doorstep pickup &repair
- Quick claimservices
- 24/7 CustomerSupport
- Multiple Add-onCovers
- Instant renewal &purchase
How to file a Car insurance claim?
Our dedicated claim assistance team is there to help you with all what you need to file a claim. With the
legacy of 12+ years we have a claim settlement ratio of 97%.
Call our claim settlement team or apply for the claim by signing in into your account.
Our FAQ's
Still have question ?
Our client Success Team is always here to help
Zero dep refers to Zero Depreciation. Zero Depreciation cover allows you to nullify the depreciation charges on your car & its parts and allows you to get full settlement of repairs, costs during a claim regardless of any write-offs.
This is not fixed. The limit of filing a claim varies from one insurer company to another.
It means you need not to pay anything to the repair shops. The insurer company will pay the garage for the repair cost.
If your car policy has expired or es expiring soon, you can renew it by visiting the visiting www.bimabuy.in and opting for renewal of the car insurance. Few simple steps and renewal are done
Absolutely yes! You can transfer your NCB from your old insurer to the new insurer.
Yes! As per the Motor Vehicles Act 1988, it is compulsory to have atleast a third-party liability cover.
There are certain types of claims in which the insurer might need you to file the FIR as the copy of FIR might be need to file the claim. Cases such as theft or third party liability claim need to be reported to the police and FIR filing is mandatory.
There is no standard time for the claim settlement. Claim settlement period may vary from one insurer to other. Also, the cause of claim also make a difference in the claim settlement period.
Yes, it is 100% safe to bur or renew the car insurance policy online. Infact it is the fastest means to get your insurance done with zero paperwork.