What Is Car Insurance?

Car Insurance is a contract that you and the insurance provider agree on to protect you from financial loss in the case of an accident or theft. The insurance provider agrees to compensate you for your losses as specified in your policy in exchange for you paying a premium.

Why Should You Buy Car Insurance Online From Okbima?

You should buy car insurance online from okbima.com because-

1 Lac and more satisfied clients

With over 100,000 happy customers, we are a reliable and trustworthy business. Join our growing team to take advantage of our fantastic services, unbelievable pricing, and dedication to customer satisfaction.

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24 hours a day (dedicated relationship manager)

Through our online platform, which we are accessible to you 24 hours a day, 7 days a week, the investing process is also made more transparent and efficient.

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30+ Life Insurance Options

People can quickly and easily gain access to more than 30 insurance companies that specialize in life insurance.

 

Quick, easy & hassle-free

On our website, you can submit an insurance claim quickly, easily, and without any fuss. Simply submit the necessary paperwork to have your claim processed.

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What Are The Types Of Car Insurance Policy In India?

There are two primary types of car insurance policies: third-party car insurance and comprehensive car coverage. Let's examine each of them in order to choose the best type of auto insurance.

Third-Party Car Insurance- It is a type of liability insurance that the owner of the car, bike, or other vehicle purchases in order to protect themselves from third-party lawsuits.
The third-party insurance holder is responsible for covering any losses or damages caused by the third party in the event of an accident.
You will receive the following advantages when you purchase this kind of car insurance:

  • Cost of replacing or repairing a damaged car owned by a third party
  • Hospitalization and medical care for others' expenses
  • Liabilities brought on by third-party deaths

Own Damage Car Insurance- Own damage coverage pays to repair or replace your vehicle if it is damaged or destroyed in a collision with another vehicle, regardless of who is at fault.
That differs from liability coverage, which helps in covering costs associated with damage to another person's vehicle resulting from an accident you caused.

  • If you purchased your vehicle, you should have Own Damage Car Insurance.
  • In some circumstances, the cost of repairs will exceed the vehicle's current market worth. In such cases, the insurance provider will pay the car's current market value.
  • The collision coverage should be purchased based on the age of your car. If you are purchasing insurance for a new vehicle, make sure that collision coverage is included.
  • If your vehicle has a mortgage, you should purchase collision insurance.

Personal Accident Cover- It is an optional coverage that protects the owner-driver of an insured vehicle from any unintentional injuries.
It compensates the owner-driver of the car if he or she suffers bodily harm, permanent disability, or death as a result of the car accident.

  • The medical expenses of the driver and other passengers will be paid by personal injury protection.
  • The insurance company will pay the medical bills regardless of who is at blame.
  • As a result, you can get personal injury protection for the owner, driver, and passengers of the car to maximize your investment.

Comprehensive insurance- It covers the cost of repair or replacement. Comprehensive car insurance often covers third-party liability, damage from an accident, fire, natural disaster, theft, and so on.
The premium to be paid by the client under the own damage portion is determined by the insurance provider, as opposed to the third-party insurance rate, which is determined by the IRDA. The IRDA sets its own damage premium rates, and insurance companies can set their own premiums within those limits.

Uninsured motorist coverage-Uninsured motorist coverage protects you in the event that you are hit by a driver who does not have car insurance. Underinsured motorist policy, which is typically offered in conjunction with uninsured motorist coverage, covers you if you are hit by a driver who does not have enough coverage to compensate for the damages or injuries you sustained.
Both are required in many places and highly recommended for all drivers. If you are the victim of a hit-and-run, you can file a claim under your uninsured motorist coverage.

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Coverage Under Online Car Insurance

Online car insurance offers full coverage for your vehicles, guarding against theft, accidents, and damage caused by calamities either inflicted by nature or man.

What is Covered?

A comprehensive car insurance policy offers wide-ranging protection in a variety of circumstances. It guards against both natural and man-made disaster-related losses and damages to the insured vehicle and its accessories.

Floods, earthquakes, hurricanes, and fires are examples of natural disasters, while theft, vandalism, violence, and other human-made events are examples of man-made calamities. Policyholders are protected from a wide range of risks and uncertainties with comprehensive coverage.

By guaranteeing that any unanticipated events resulting in loss or damage to the vehicle and its accessories are covered by the insurance policy, it provides both financial security and peace of mind.

What is not Covered?

Read below to learn more about what is not covered by standard car insurance coverage.

  1. Personal belongings: While theft and damage to private property are not covered by insurance, car vandalism repair costs are. Accessories like TVs, music systems, navigation systems, and bespoke seats are not covered by typical auto insurance.
  2. If your car is stolen, you must submit a police report: Theft is covered by the insurance on your car, but in order to receive compensation, you must report the incident to the local police station. However, your car insurer may deny your claim if the theft of your vehicle was caused by a mistake on your part, such as leaving the key in the ignition or providing the key to a third party, or improperly locking the doors.
  3. Using your car for job-related reasons: Your ordinary car insurance won't cover the damages to your car if you use it for business purposes. If your vehicle is involved in an accident while transporting items as part of your commercial operation, you are not eligible to make a claim.

Benefits Of Buying Car Insurance Online

Benefits of buying car insurance online are-

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Minimum Paperwork

Buying any insurance policy offline usually requires a significant amount of paperwork. This can be a time-consuming and exhausting process. The online approach for purchasing insurance eliminates the need for lengthy and complex paperwork because you only need to fill out the details online and follow the steps provided on the insurer's website.

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No Need for an Insurance Agent

Buying car insurance from an agent is required if you are unfamiliar with insurance plans and conditions. However, purchasing online gives you access to a variety of information. Google can assist you in understanding insurer website words, removing the necessity for an agent. Insurance companies are now explaining jargon, making it easier to buy online.mIf more information is needed, get in touch with your insurance. Remember to purchase new insurance at least a week before the old one expires and to carefully study the terms and conditions.

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Convenient And Time-Saving Process

Purchasing vehicle insurance online is simple and quick because all you need to do is attach a few facts and fill out the provided form. Furthermore, the majority of insurance websites offer a user experience that makes online purchasing easier. And you'd much rather purchase the policy from the comfort of your own home than stand in a queue at the insurance company's office.

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Instant Policy Issuance

When getting insurance offline, the documentation process takes time, which includes visiting the insurance provider and waiting in a queue to have the documents examined. When purchasing online, the documents are completed more quickly, making the entire procedure easier and faster.

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Online Comparison

In the past, purchasing car insurance required a lot of work. The initial stage involved calling or visiting insurance businesses or agents, after which the policy was purchased or the process was repeated with alternative providers. It was time-consuming to compare plans, prices, and services. Fortunately, getting vehicle insurance online eliminates the need for manual comparisons. Find the best policy by going to an insurance aggregator's website, using their free comparison tool. Keep in mind that comparison is essential for locating the best coverage.

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Policy Document Backups

When you purchase insurance coverage offline, you receive actual documents that are easily damaged or misplaced. However, when you purchase insurance online, soft copies of these documents are made available to you. Your documents are therefore protected and safe.

How To Choose Four Wheeler Insurance Policy Online?

Choosing the best car insurance policy in India might be difficult due to the wide range of options available. Before making a decision, it is important to conduct extensive research and assess your needs.

Reasons to buy vehicle insurance from okbima are:

  • Understand Your Requirements
    Assess your demands and understand the two types of policies available in India before purchasing automobile insurance: third-party insurance (required, covers just third-party damages) and comprehensive insurance (covers both third-party liability and damage to your car). Choose the best plan for your needs and vehicle type.
  • Compare the Plans
    When shopping for vehicle insurance, compare policies from different companies to discover the best one. Consider the amount of coverage, insurance specifics, add-ons, claim process, and deductibles. Look for a low-cost plan that meets your needs and provides good value for the premium you pay.
  • Ask about add-ons
    Add-ons or Riders are extra coverage choices that can be added to your vehicle insurance policy for a fee. These add coverage for certain damages not covered by the regular policy. Inquire with your insurer about various add-ons and select the ones that best meet your needs. It should be noted that add-ons are only available for comprehensive insurance contracts.
  • Check the Claim Process
    When purchasing automobile insurance, it is critical to choose coverage with an easy and quick claim process. The purpose is to acquire financial assistance as soon as possible in the event of an accident. Dealing with a complicated procedure during an emergency is the last thing you want to deal with when trying to recover your losses.
  • Never provide any wrong information
    When purchasing automobile insurance, it is important to be genuine and supply accurate information. Some people try to reduce their premiums by lying about their age and driving history, but this might cause issues when filing a claim. Your insurance may be revoked if the insurer detects the lie. To avoid costly mistakes, it is preferable to be honest from the outset.
  • Beware of Policy Terms & Conditions
    Before finalizing the car's insurance coverage, read and comprehend the terms and conditions thoroughly. This will assist you in ensuring that the policy meets your needs and interests. This step is critical in order to avoid any potential legal problems when filing a claim.

Why Do You Need The Best Car Insurance In India?

There are many reasons why you need the best car insurance in India which include:

  1. Car Insurance Pays for Damages
    Car insurance offers protection against high-cost collision repairs. Without it, you would be responsible for covering damages.
    Damage of all kinds, including shattered windscreens and significant mechanical repairs from collisions, is covered by insurance. Major accident damages are paid for by your insurance company.
  2. Car Insurance Reduces Your Legal and Financial Liabilities
    According to the Motor Vehicle Act 0f 1998, third-party liability insurance is required in India.
    If you cause an accident that injures someone or damages their property, this coverage will cover your legal and financial obligations.
    Your insurance company takes care of the injured party's medical costs while also defending you legally.
  3. Compensation for the Deceased Party
    If a person is killed in a disastrous car accident, the effects can be devastating, especially if the death is the family's primary earner. In such a case, the insurance company would compensate the deceased's family members.

Best Car Insurance Companies in India 2023

In order to ensure peace of mind and reduce financial risks, car insurance companies offer legal compliance, financial protection, and coverage for accidents, damage, or theft affecting our cars.

The best car companies in India in 2023 are:
  1. Royal Sundaram General Insurance
  2. HDFC ERGO General Insurance
  3. ICICI Lombard General Insurance
  4. SBI General Insurance
  5. Tata AIG General Insurance

How to choose the best car insurance in India 2023?

Follow the steps below to find the best car insurance in India in 2023:

  1. Understand Your Requirement
    It is important to assess your own requirements. There are two forms of insurance in India: third-party (required, covers damage to others) and comprehensive (covers third-party liability as well as personal automobile damage). If the car is stolen, comprehensive insurance should cover any losses.
  2. Search and Compare Different Plans
    Always compare different policies after deciding on the type of plan. This will assist to narrow the search.
  3. Ask for Add Ons
    Add-ons are additional coverage features that can be obtained by paying an additional premium in addition to the amount that has been set. It is only available in comprehensive insurance coverage plans.
  4. Learn How to Claim
    It is important to understand how to file an insurance claim. Therefore, it is essential to always have a clear understanding of the claims process before purchasing an insurance coverage.
  5. Check the Claim Settlement Ratio (CSR)
    Before purchasing insurance, always examine the insurer's cashless claim settlement ratio. This ratio compares the number of claims settled by the company to the total number of claims received in a calendar year.
  6. Do Not Provide Wrong Information
    If the insurance company discovers that the information provided is incorrect, the policy can be canceled immediately. As a result, always provide correct information.
  7. Read the Terms and Conditions Carefully
    Before signing up for the policy, read the terms and conditions thoroughly. Each clause and condition must be understood.
  8. Be Careful of No-Claim Bonus
    The No Claim Bonus, or NCB, is a discount on premium payment granted by the insurance provider if the policyholder did not file a claim in the preceding year. This bonus is a gift from the insurance company to the policyholder for operating the vehicle. If you did not file any claims, you must check your NCB.

Documents Required To Avail Of Car Insurance Online

Documentation required when filing car insurance are:

  1. A duplicate of the registration certificate
  2. A copy of the driver's license, if any, of the individual who was in control at the time of the incident
  3. A duplicate of the FIR, if necessary
  4. If applicable, the initial repair price estimate
  5. Receipts for any payments that need to be repaid
  6. Certificate of Insurance
  7. A completed and properly signed insurance form

How To Compare Car Insurance Online?

Please contact our team of experts if you want to compare vehicle insurance online.

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What Factors To Consider While Selecting Car Insurance Policy?

Factors to consider while selecting a car insurance policy.

brand

Brand Reputation

The company's reputation as a car insurance provider in the marketplace is crucial. This can be used to assess the company's dependability. The market rating and reputation of a possible vehicle insurance provider are two aspects to take into consideration. It is not a good idea to choose a company with a spotty track record of settling claims when buying car insurance.

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Budgeting

Invest in what you can afford. Car insurance is a need, not a luxury, so as a rule of thumb, choose a plan that fits your budget.

policy-documents

Read the Policy Document

Never sign anything on the dotted line before you are sure of the conditions. Read the small print in the policy details before purchasing any insurance. It's important to read all of the policy's clauses because there may be many that are present. Asking your insurance company for clarification if there is any uncertainty is preferable to discovering an unanticipated issue later.

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Network Garages

Car insurance provides financial security in the event of vehicle damage or theft. Using cashless services helps you prevent these scenarios. Choose insurance with a large network of garages. customer service.

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How To Buy The Best Car Insurance Policy?

To buy the best car insurance policy follow the steps given below:

Self-study is Required

Car insurance is not particularly difficult. You can actually do it yourself now that we live in the digital age, as new insurance providers have completely changed how to discover the best car insurance plan.

While the showroom or agent-based approach to purchasing car insurance has long been the norm, internet insurance providers have made it simple for you to visit their website, evaluate the coverage, and make an informed decision.

Get ready before you start your search

Whether you get vehicle insurance online or use the traditional approach, make sure you have the necessary information. You will require the make, model, year, number plate number, and location of your car.

Now that you have all the necessary information, the online tool will assist you in obtaining an accurate insurance estimate for your car. Ensure that you enter all necessary and accurate information.

Compare and evaluate your options for car insurance

If you browse websites that compare car insurance and, after doing your research, choose the most affordable insurance plan, the coverage might not be sufficient to compensate for any losses.

Essential Add-ons like Zero Depreciation, Engine Protection Cover, No-Claim Bonus (NCB) protection, Consumables Cover, or Return to Invoice may not be included in the price. Consider the following factors before choosing a specific car insurance plan to help you choose the best coverage for your car:

  • Location
  • Vehicle's age
  • Use of the vehicle
  • Driving abilities
  • Essential Add-Ons

Choose the Correct IDV

The Insured Declared Value (IDV) represents the current market value of your vehicle. Furthermore, this has nothing to do with the car's resale value. IDV directly affects how much you pay for insurance. This is the maximum payout from your insurer in the event that your car is a total loss.

Selecting the appropriate IDV is crucial. Your premium will rise if you select a larger IDV, whereas a lower IDV will result in insufficient insurance protection.

Visit the IRDAI

All necessary information, including the dos and don'ts while buying car insurance, is available from the Insurance Regulatory and Development Authority of India (IRDAI). In the customer information section, there is a tonne of material relevant to your search.

Important data can be found on the IRDAI website, including a list of insurers, yearly reports, public notices, press releases, penalties, and insurance laws.You can make an informed decision about the best auto insurance by becoming familiar with the IRDAI's laws and regulations.

Compare the Policy Servicing practices of Insurance Companies

The insurance company's claim settlement ratio is among the most crucial elements of insurance. It might have been difficult to file a claim, have it authorized, and then receive payment under typical insurance.

The procedure has been greatly simplified by internet insurance providers, nevertheless. Therefore, the capacity of your insurance provider to handle an insurance claim should be quick, easy, and stress-free.

You can read consumer reviews and feedback by visiting the insurer's website and social media pages. You will gain a better understanding of the insurance company's reputation and the way they handle insurance claims as a result.

In conclusion, it's always wise to find an insurance provider who offers coverage tailored to your financial expectations after doing your research. It's crucial to understand what is and isn't covered at all times.

How To Calculate Car Insurance Premium

In order to discover the best car insurance policy based on the provided specific information, a car insurance premium calculator is a trustworthy and essential tool. Giving correct information promptly and facilitating the easy decision-making process, helps you save time. For more details, you can contact our experts.

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What Factors Affecting Car Insurance Premiums?

Factors affecting car insurance premiums are-

The cost of the car is affected by the brand, model, variants, and so on, which increases the risk on the insurance provider to compensate, affecting the premium..
It is a discount or reward granted by insurance companies for going a year without filing a claim. The benefit tends to increase with each claim-free year, resulting in a larger discount on one's premium the next year when renewing. The upcoming premium can be discounted by up to 50%.
The lower the premium, the older the vehicle.
The region in which a vehicle is registered also has an impact on the premium amount. Cars registered in Zone A cities, which are metropolises, have a substantially greater premium than cars registered in smaller Zone B cities.
The installation of anti-theft equipment approved by the Automotive Research Association of India (ARAI) reduces policy premiums by lowering the possibility of car theft.

How To Car Insurance Renewal Online?

Still don’t know how to Car Insurance Renewal Online? No worries! Follow the steps given below:

When the insurer receives your payment, he will immediately email your renewed coverage to you. The policy is usually in PDF format, which implies that no one can make modifications to the softcopy of the policy.

How To Claim Car Insurance?

Here are the steps to claim car insurance.

Steps to file a claim for damages to own car:

Step 1: Inform Your Insurance Company: To begin a car insurance claim, notify your insurer of the accident and its severity as soon as possible. Insurers often set a time limit for reporting incidents. Failure to meet the deadline may result in the claim being rejected.

Step 2: File an FIR at the Nearest Police Station: It is also important to file an FIR at a police station. The FIR is an essential document that insurers require in order to settle claims for physical injuries and vehicle damage. Police officers will investigate the accident site to determine whether or not it was caused by mechanical failure. Officials will also take notes on the driver, witnesses on the scene, and passengers involved in the accident.

Step 3: Click Pictures or Take a Video for Evidence: Stay calm and collect evidence by capturing the accident site, including injuries and car damage, during a car accident. This proof will help you with the car insurance claim. Remember to take down the names and contact details of any witnesses who are present.

Step 4: Submit all Required Documentation to the Insurance Company: After filing the FIR and getting a copy, begin the settlement process by sending the necessary paperwork to the insurance company. Make copies of crucial documents such as your car registration certificate, FIR, driving license, insurance paperwork, and any other documents necessary by the insurer.

Step 5: Ask the Insurance Provider to Send a Surveyor: Request that your insurer send a surveyor to inspect the property after you submit the claim form. The surveyor will assess the car damage and assist you in selecting a suitable garage for repairs from the insurer's network. The survey is usually conducted within 2-3 days of notifying the insurer of the claim.

Step 6: Get Your Car Fixed: Once the surveyor has completed the examination, you can begin fixing your car and filing your car insurance claim. Cashless or reimbursement ways of settlement are available. Repair your car at a network garage and the insurer will pay the bill directly. Pay for the repairs, save the original bills and receipts, and submit them to the insurer for compensation.

Steps to File a Claim for Third-Party Damages:

If you are involved in an accident that causes harm or damage to others, take the following procedures to file a claim:

Step 1: Notify your insurance as soon as possible, submitting the claim notification, car registration certificate, driver's license, and police FIR.

Step 2: Following document verification, the insurance will appoint you a lawyer to represent you.

Step 3: The insurance will pay the damages on your behalf, based on the insured amount, if you are adjudged liable for them in court.

Claim for a Stolen Car:

If your car has been stolen, you can file a claim with your insurance company by doing the following:

Step 1: First, submit a police complaint and an FIR as quickly as possible. After that, send a copy of the FIR to your insurance carrier. Send a copy of the final police report as well as the registration certificate with this.

Step 2: After the paperwork has been examined and all requirements have been completed, the insurance company will reimburse you for the sum insured.

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FAQs About Car Insurance

Yes, having car insurance is essential since the costs associated with an accident or other damage may exceed your means of support. In these unanticipated instances, car insurance offers you that financial support.

Contractor's all-risk insurance

No, car insurance does not pay for maintenance expenses. Make sure to keep your car in good repair with regular maintenance because your insurer won't pay claims resulting from wear and tear, rot, rust, or any other symptoms of negligence. Remember to take good care of the interiors as well!

Drivers sometimes want to cancel a claim, usually because they refuse to cover the deductible. Therefore, after you file a claim, insurance companies allow you to cancel it; all you have to do is get in touch with a representative.

The insurance premium cannot be paid in installments, sorry. It is required to pay the complete premium amount at once when buying car insurance coverage. No insurance company will accept a payment plan for the premium.

Owners of uninsured automobiles may face charges under The Motor Automobiles Act of 1988 that include jail time and/or other penalties. All accrued benefits are likewise lost when the car insurance coverage expires.