Car Insurance

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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

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.

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.

Factors to consider before buying Car insurance

Factors to consider before buying Car insurance

What is covered in Bima Buy car Insurance

What is covered in Bima Buy car Insurance

Add-Ons Covers offered by Bima Buy 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.

ZERO DEPRECIATION

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.

Engine Protector

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.

No Claim Bonus

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.

24/7 Roadside assistance

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.

Consumables Cover

A consumable cover gives your car an additional layer of protection. It covers the cost for all your car's nitty-gritties, such as the engine oils, screws, nuts and bolts, grease, etc in a situation of an accident.

Return to invoice

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.

Car accessories cover

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.

Passenger Cover

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.

Car Key Protection cover

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.

Type Protection

A standard car insurance policy does not offer coverage for the tyres. This add-on provides coverage for the repair and replacement cost of tyres. It also provides insurance cover for accidental loss and damage/cut to the tyres. Tyre protection also covers labour charges incurred during repair or replacement of tyres.

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 driving license

The loss or damage occurred when the driver is driving without a 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

Benefits of car insurance

Why choose buy Bima Buy for car insurance

Benefits of car insurance

Why choose buy Bima Buy for car insurance

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.

Frequently Asked questions about car insurance

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.

You have to call our customer care number number ……………… . We will help you from there.

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.

Two or unlimited, depending upon the insurance company.

In case your policy is lapsed, the renewal will be done after the inspection. Post inspection, for most insurance companies, you can at the convenience of your home & we'll issue the policy to you in a matter of hours.

Yes, the car insurance policy is totally transferrable in case you buy the car from a second-hand buyer and you want to continue the same policy.

No, the insurance premium cannot be paid in instalments.

Yes, you can make endorsements.

• Signed claim form
• Registration Certificate of your bike
• Valid driving license
• Copy of your insurance policy
• Police FIR(in case of theft, accident, or third party liability)
• Original Repair bill & payment receipt
• Proof of release

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