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Frequently Asked Questions

Car Insurance
What is Car Insurance?
Car Insurance is basically a contract between you and the insurance company wherein you pay a premium for a policy that will provide protection against financial losses if the insured car is damaged or stolen. Car insurance covers theft of and damage to your car or damage that your car causes, plus liability protection in case you are sued pursuant to an accident.
Is Car Insurance mandatory in India?
Under provisions of the India Motor Vehicles Act 1988, it is mandatory that every vehicle has a valid Insurance to drive on the road. Any vehicle used for any purpose, including personal, commercial or business purpose should be insured.
What are the types of Car Insurance policy?
Generally there are two types of car insurance; Liability Only Insurance Policy (Third Party Insurance) and Comprehensive Insurance Policy.
What is Liability only Policy?
Liability only Policy protects a policy holder against losses, which arise due to bodily injury/death to a third party or any damage to its property.
What is Comprehensive policy?
Comprehensive policy also called package policy covers both loss/ damage to insured vehicle and Third Party Liability. It entitles you to claim compensation in case your vehicle is stolen or damaged. In addition, it also covers additional liabilities as provided by the India Motor Tariff.
Can I cover my vehicle only for Liability;
Fire and / or Theft Risks? Yes, you can. In this case, you can cover your vehicle for the risks listed below. Liability Only Policy with Fire only cover. Liability Only Policy and Theft. Liability Only Policy and Fire & Theft.
What factors determine the premium amount?
Make and Model of the Vehicle Year of Manufacture Place of Registration Showroom price of the vehicle Whether Client is Individual or Corporate What is not included in car insurance? Car Insurance does not cover drunken driving, depreciation, consequential loss, wears and tears, mechanical/ electrical breakdown, war perils, or vehicle driven by someone else other than the driver stated in driver's clause. The insurance also does not cover failure or breakage when the vehicle is used outside the geographical area.
What are the different risks covered under the Own Damage Cover?
It covers loss or damage to the vehicle and accessories/fittings (if insured) arising out of the following risks: Fire, explosion, self-ignition or lightning Flood, Typhoon, Hurricane, Storm, Tempest, Inundation, Cyclone, Hailstorm Burglary, housebreaking or theft Riot and strike Earthquake (fire and shock damage) Accidental external means Malicious Act Terrorist Activity Whilst in transit by road, rail, inland waterway, lift, elevator or air Landslide, Rockslide.
What is No Claim Bonus?
No Claim Bonus (NCB) is a discount on the premium of the “Own Damage Cover” part of your vehicle when you renew your policy, provided you have not made any claim during the last policy period of one year. The NCB can be accumulated up to a maximum limit of 50% on OD premium. No Claim Bonus will only be allowed provided the Policy is renewed within 90 days of the expiry date of the previous policy. You can transfer the full benefits of NCB, even if you switch your insurance company.
Can the accessories be insured?
Additional accessories can be insured under the comprehensive policy for an additional amount. Factory fitted accessories are automatically insured under the policy.
What is Anti-theft Discount?
Vehicles fitted with ARAI approved anti-theft devices and whose installation is duly certified by any of the Automobile Associations of India, are eligible for a discount of 2.5% on the OD (own damage) component of premium subject to a maximum of Rs. 500/-.
What is Automobile Association Membership Discount?
If you have a valid membership of recognized Automobile Associations such as Automobile Association of Eastern India, the Western India Automobile Association, etc., a discount @ 5% of the Own Damage premium, subject to a maximum of Rs. 200/- for a Private Car is allowed.
What is the IDV?
The Insured’s Declared Value (IDV) of the vehicle will be deemed to be the ‘SUM INSURED’ for insurance, and it will be fixed at the commencement of each policy period for each insured vehicle. The IDV of the vehicle is to be fixed based on manufacturer’s listed selling price of the brand and model as the vehicle proposed for insurance at the commencement of insurance. The IDV of the side car(s) and / or accessories, if any, fitted to the vehicle but not included in the manufacturer’s listed selling price of the vehicle is also, likewise, to be fixed.
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*This is based on the difference between the highest and lowest premium's for a single person, age 25, looking for an individual health policy with the sum insured of Rs. 5 lakhs.
**This is based on the difference between the highest and lowest premium's for a single person, age 25, looking for a term plan, with the sum insured of Rs. 30 lakhs, and the premium paying term of 30 years.
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