Car insurance offers protection against any financial losses arising due to accident, be it with another vehicle or against any object, theft of the vehicle or parts of it, water or fire damage etc.
Having a comprehensive car insurance helps you protect against any liability arising out of an accident that involves a third party, person, or property. It also covers all kinds of natural and manmade calamities. According to the Motor Vehicles Act, India, it is mandatory to have a third-party insurance cover for your car.
What is Car Insurance?
Car insurance is also popularly known as motor insurance or auto insurance. It is usually done to protect your car or vehicle, from unexpected or accidental risks. It mainly gives you protection against the losses that you incur in case of unavoidable instances. It helps you get cover against financial losses caused by accidents, liabilities & in some cases, even losses caused by theft. The premium of car insurance depends on certain factors like; the value of your car, type of coverage, voluntary excess & vehicle classification. Car insurance gives you the confidence to drive without worries. In case of emergencies, it acts as a life-saving toolkit for the insurance holder. The premium of car insurance depends on certain factors like; the value of your car, type of coverage, voluntary excess & vehicle classification. Car insurance gives you the confidence to drive without worries. In case of emergencies, it acts as a life-saving toolkit for the insurance holder.
Types of Car Insurance Policy You Can Buy From Coverfox
Comprehensive Car Insurance
A comprehensive car insurance plan provides complete cover against third-party/person/property liability and for damages (collision, theft, accident, and more) caused to your own vehicle. You can also avail of a wide range of rider options such as zero depreciation, roadside assistance, personal accident cover, and more at the cost of an additional premium. This type of plan is a 360-degree car protection plan; ideal for all car owners.
Third Party Car Insurance
A third party car insurance only provides cover (death, disability, injury, and more) against damages incurred to a third person or property. It does not provide cover for you and your car. The premium of third party car insurance is determined by the Insurance Regulatory and Development Authority of India and is revised on an annual basis. A third party cover is mandatory for driving a motor vehicle in India according to motor vehicle act of 1988
Comparison Between Comprehensive VS Third Party Car Insurance
Here is a comparison of Comprehensive vs Third Party Cover Car Plans:
Invoice CoverKey Features of Car Insurance Policy
Why Is Car Insurance Important in India?
Protection from Repair expenses for your car resulting from an accident.
Protection from Legal Liability arising from death or disability of third-party due to an accident with your car.
Protection from Third-party Property Liability arising from damage or destruction of property due to an accident with your car.
Not just your vehicle, the third-party and third-party property you are also protected. You get an accident cover of Rs. 15 lakh.
Protection from Steep Traffic Fines and a Free 3 Month Trip to Jail. It helps you comply with the Motor Vehicles Act, 1988
Now no more worries while enjoying those long road trips. You are completely safe and secure from financial losses.
Be it Flood, Earthquake, Lightning, Storm, Landslide or anything else.
Be it Theft, Burglary, External Damage to Car due to an Accident.
Damage or loss to Electrical and Non-Electrical Components and Accessories
Get Cashless Service at more than 10,000+ Network Garages for a worry free repair
Benefits of Buying Car Insurance Policy Online on Coverfox
As per the Indian Motor Vehicles Act, 1988, it is mandatory for all car owners to have a basic third-party car insurance coverage policy. However, comprehensive car insurance is highly recommended if you want to cover you and your 4-wheeler. Before you make the final decision to buy a car plan, it is important to compare different plans and insurers. The insured declared value has a significant impact on the premium payment amount (Higher the Insured Declared Value (IDV), more the premium, and vice versa). Here is why you should buy car insurance plans online on Coverfox.
We provide concrete and reliable information which helps you make the right decision.
Application is filed digitally along with a scanned copy of required documents with minimal to no paperwork
Eliminates the need for an agent which reduces any commission costs along with frequent discounts.
You are not limited by working hours branch & agents. Buy policy in your convenient time.
Our mobile app sends reminders at frequent intervals. So you never miss a due date.
Digital payments is the new choice & our platform supports all digital payment channels
As easy as submitting a self-declaration and verification of the amended information to your insurer.
Receive digital copy of your insurance policy via email & mobile app.
Top 8 Car Insurance Policies on Coverfox - Premium Breakup in 2021
List of Cheapest Car Insurance Plans
Disclaimer: The above mentioned prices are for a Honda Civic, V CVT (1799 CC), Petrol,, registered in Mumbai & previous policy has not expired.
20 Best Car Insurance Companies in India 2021 (IRDAI Approved)
Below is a list of 20 best car insurance companies in India with their network garages and claim-settlement ratios 2019 - 2020:
Disclaimer: *The above information on Incurred Claim Ratio has been sourced from IRDAI’s Annual Report (2019-20).
Points to Consider While Selecting Car Insurance Policy
What is Covered?
Loss or Damage to the insured vehicle
Personal accidental insurance cover
Damage or loss of the vehicle due to theft, lightning, riot, explosion, accident, self-ignition, strikes, natural calamities or acts of terrorism
Liability arising out of the death of the third party or damage caused to their vehicle
Compare Car Insurance Online
You can now compare various car insurance plans and choose exactly the one meeting your needs. You can easily compare quotes from different car insurance companies online and can compare the best car insurance plans in India from the table above.
Incurred Claim Ratio
Higher Incurred Claim Ratio indicated higher satisfied customers. More the ICR, higher the chances of your claim getting settled.
Add-on Covers
It is beneficial to consider add-ons when you buy car insurance online. Add-ons like No Claim Bonus, Zero Depreciation Cover, Engine Protection Cover are additional benefits that improve your comprehensive car insurance policy.
What is Covered in Car Insurance Policy from Coverfox?
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