Private Car Motor Insurance Policy gives coverage against the unfortunate risk or damage to the vehicle is exposed to, while it is being driven or parked. In India, it is Compulsory to have a Third-party Insurance cover of vehicles that protects Vehicle from third party liability, which includes injury to/ death of a third party and third-party property damage etc.

We at EDIFS, provide you with suitable Motor Insurance solutions for your Private Car, Two-Wheeler and Commercial Vehicles, offered by various Insurance companies. We also help you renew your motor insurance policy to ensure that you are always secured

Types of Private car insurance we offer

Car Insurance policies can be categorized into the following types depending upon the extent of coverage:

• Third Party Private Car Insurance
• Comprehensive private car insurance
• Stand alone Own Damage(OD) Private Car Insurance
• Bundled Private Car Insurance
• Pay As You Drive  Car Insurance
• Motor Floater Insurance

To ensure unstopped benefits, one must renew the car insurance policy from time to time. Let us understand them in detail:

Third-Party liability: This covers the claims made by the third party like the driver of the other vehicle, passengers or owner of the other vehicle etc. This plan is designed to provide the policyholder Protection against the claims made for any bodily damage or injuries to the third party and the damage caused to the vehicle. This is a mandatory policy for all vehicles in India under Motor Vehicle Act, 1988.

Comprehensive Car Cover: This insurance policy comes with maximum protection for the vehicle insured. The main advantage of buying comprehensive insurance policy is that this policy protects the policyholder and covers own vehicle damage due to accident, fire, theft, vandalism, etc. This policy also includes third party liability cover. Add-on benefits and features are also provided under this plan which makes it one of the best plans for car insurance.

Standalone Own Damage (OD) car insurance Plan: If one already have the mandatory third-party insurance cover for their car & if they want to buy the OD cover than they have the option to go for an own-damage standalone cover. Under this plan, the damages that are suffered by policyholder vehicle due to an accident, theft or because of a natural/ man-made disaster will be covered. Policyholder also have the option of including add-ons to their policy.

Bundled Car Insurance: If an individual is looking for a long duration coverage for their car, they can opt for Bundled Car Insurance. Under this policy, their vehicle will be covered for third-party liabilities for 3 years. The own-damage plan can be renewed on an annual basis from any General insurance company as decided by Policyholder.

Pay as You Drive Car Insurance: Pay as You Drive Car Insurance is a new concept for car insurance that has been introduced recently in the motor insurance market. It can be more helpful for people who have multiple cars but do not use them regular basis. It is a kind of comprehensive car insurance, this policy is a combination of OD (Own Damage) Cover and a third-party cover. In such a policy, the premium is charged on the basis of the car’s usage or the total distance that the car covers in a given year.

Motor Floater Insurance: Owning more than one car can be burdensome for anyone as one is required to manage separate insurance policies for each of their vehicles. Moreover, it also becomes heavy on individual pocket as they have to pay a separate and higher premium for each of vehicle policies. To overcome this, insurance companies have started offering a Motor Floater insurance policy. This optional add-on allows them to purchase a single four-wheeler insurance policy for all cars they have. This way one can also save up on their car policy premium and from the tedious process of purchasing more than one insurance cover. Thus, a motor floater policy can be considered as single insurance for multiple cars.

What is covered under comprehensive car insurance?

• Damage to own car and third-party loss
• Personal accident cover
• Damage due to natural calamities
• Damage due to man-made hazards
• Car theft

Compare and save up to 80% on Car Insurance without inspection or paperwork with EDIFS.

What add-ons are available under comprehensive cover?

Picking the right set of add-ons under comprehensive cover gives maximum value for money. Some of the best-selling add-ons opted by car owners include:

• Zero Dep or depreciation/Bumper to Bumper/Nil-coverage: Zero Dep cover means a policy holder will not have to pay repair cost to the car damaged parts as the total repair cost of nylon, plastic, Fiber, Glass parts will be beared by insurance company. So if your car repair bill calculated Rs.2500 for rubber, nylon, plastic & metal parts, the claim pay-out for a standard policy will deduct this amount from the claims pay-out so that you won’t have to bear the costs.

• NCB protection: NCB i.e. No Claim Bonus are rewarded for not raising a vehicle claim in the entire year as a reward insurance company gives NCB Discount on the next year’s premium. From the first year of renewal itself, you can avail a discount of 20% that can further go up to 50% in the coming years for ‘own-damage’ premium amount. 

Now if in case, due to unfortunate events you have to raise a claim in the 3rd year than you will lose all the accumulated NCB discounts in the next year because of claim. Many insurance companies offer an NCB protection add-on that keeps your NCB applicable even if you have raised a claim in the previous year policy. It comes with a few clause as below:

• Only 1 claim allowed in a year.
• Claim should be on Own Damage only.
• Consumables: Consumables parts e.g. nuts, bolts, and screw washers are usually excluded from coverage in a normal comprehensive car insurance. However, when you add consumables add-on coverage to comprehensive policy or OD policy, you ensure that these parts are covered in the claim paid out by the insurance company. This is generally limited to vehicles that are less than 5 years old vehicles and some company offers for more than 5 year period to know more contact to our EDIFS- Experts.
• Roadside assistance: Roadside assistance will ensure that you get all the services like repairing a vehicle in case your vehicle breaks down in the middle of a lonely road. All you need to do is give them a call and they will repair your vehicle.
• Tyre protect cover: Tyre protect cover will cover damage caused due to cuts, tyre bursts, damage, or bulges on the tyre.
• Engine protection cover: The engine protection cover covers the cost of damage caused to the engine due to leakage of oil, water entering the engine, and other engine damages.
• Return to invoice cover: Return to invoice cover offers to cover the total invoice amount of your vehicle along with road tax and registering a new vehicle cost. 

Important factors of car insurance policies

Motor Floater Insurance & its Benefits:

A motor floater or a multi-vehicle insurance policy is very beneficial for policyholders who have more than one car. Below are some benefits of owning one motor insurance policy for all your cars:

Less Cumbersome: Having multiple car insurance for all your cars is a cumbersome thing to manage. You are required to keep all your policies with you which will also increase the number of documents. An easy way out of this is buying one single insurance for all your motor vehicles. It will not only reduce your paperwork but will also be very easy to carry them wherever you go in any of your cars.

Low Premium: Another advantage of having motor floater insurance for all your cars is you are required to pay one premium for all which is mostly low. Apart from low premium, you also get discounted pricing from the insurer as you are insuring multiple vehicles under one motor vehicle insurance policy.

One Policy for all: Imagine the convenience of having one motor insurance policy for all your cars. With one policy for all your vehicles, policy management will get easier and more convenient.

Easy Purchase: Purchasing multi-vehicle Insurance online is also an easy process. You can also compare the prices of multiple insurers on EDIFS and choose the policy that best suits your requirements without any hassle.

One Renewal for all: If you purchase multiple policies for all your cars, you will also be required to renew each of them separately. This will be really tedious and remembering the expiry dates of each would be difficult as well. This problem can be solved by having one motor insurance policy for all your cars. With a single policy for all, you will only renew your policy once and you are done. Easy, isn’t it?

How does Motor Floater Policy Work?

A motor floater insurance policy works just like a comprehensive car insurance policy only. It can be considered as an add-on over a comprehensive cover that covers more than one vehicle from unforeseen risks such as a road accident. However, there are some points to mark that one must know before purchasing motor floater insurance:

Under a motor floater policy, the vehicle having the highest Insured Declared Value (IDV) will be considered the primary vehicle. The remaining of the cars covered will be called secondary vehicles. When it comes to the sum insured of vehicles, the highest IDV will be the sum insured of the motor floater plan. A policyholder can also take benefit of the No Claim Bonus under motor floater policy. Thus, if one do not make a claim under their policy, than one will be eligible to receive the NCB discount during policy renewal from insurance company.

1. Can I add another vehicle in the middle of my policy tenure?

Yes, you can add another vehicle under your motor floater insurance and the coverage offered will be extended to the new vehicle as well.

1. Will my premium reduce if I purchase a motor floater policy?

Yes, by purchasing a motor floater policy for all your cars, you can get a discounted price from your insurer which will ultimately lower your premium amount.

Claims process in 4 steps for Comprehensive Private Car insurance Plan

Filing for a claim needs to be a well-thought out process. Taking care of all the points, steps, and documentation will prevent unwanted iterations, unnecessary delays, or chances of outright rejection. Check out the steps you need to take in case you want to file a claim on your comprehensive car policy when you meet with an unfortunate accident:

• Intimate insurance provider immediately
• File FIR to nearest police station
• Inspection schedule by insurance company
• Submit The Claims Form to Your Motor Insurance Company
• Settle claim – Insurer approves your claim, you will either be reimbursed or compensated for the loss accordingly.

Note- Once the insurance company surveyor has inspected the damage vehicle and got an estimate of the repair costs, company will provide approval to get the repair work done. Just check once what expenses have to bear by individual pocket from the bill so that post claim settlement, one can get back the possession of your car on time.

How does Third party car insurance work in India?

When you buy a 3rd party car insurance policy for your car, you are secured against third party liabilities that you might face if your car met with an accident with third-party. Due to unfortunate accidents if your car causes third party death, physical injury or property damage and your car are found to be liable for such contingencies, you would incur a legal liability against the third party. You would have to pay the financial damages suffered by the third party. The third-party vehicle insurance policy protect you against these financial liabilities that you face. The insurance company would pay for the financial damages that the third party has suffered due to your insured car.

Features of third party Private car insurance:

Here are some of the Key characteristics of a 3rd party car insurance plan that you should know about –

• In the case of new cars, the third party car insurance should be taken for a long term period Insurance of 3 Years. For older cars, however, third party car insurance is available on an annual basis.
• The premium of 3rd party car insurance is Decided and reviewed by the Insurance Regulatory and Development Authority of India (IRDAI). The premium can change every financial year by IRDAI.
• The car third party insurance premium depends on the engine capacity of the car.
• You can opt for a personal accident cover for the driver/owner of the car & passenger Personal accident cover with the mandatory third party cover.
• In the case of third party claims, you would have to file a police FIR simultaneously inform the insurance company for the further claim process.

Points to keep in mind while raising a third party car insurance claim

Having Basic knowledge of third party car insurance is must otherwise raising insurance claims can be a stressful process for you. However, if you have little knowledge about the details of the process, you will be able to handle any issues that may come. Basic points to keep in mind while raising a third party car insurance claim are-

1. Lodge an FIR report to the nearest police station in case of an accident, along with which you will also need to intimate the insurance company. Without these two steps, a claim settlement process won’t initiate.
2. It is suggested to settle small losses and minor damages outside court, otherwise, it takes up a lot of time in claim proceedings.
3. There is no fixed limit on the coverage of personal damage faced by the third party, while for property damages, the maximum coverage is INR 7.5 lakhs

How to make third party car insurance claims

To make a claim in your 3rd party car insurance policy, you would have to follow some steps. These steps are given below –

• Informing the insurance company: Immediately inform your insurance company whenever you suffer a third party damages. This helps you to avail of claim assistance services from the insurance company. Furthermore, your claim is also registered with the company and you get a claim reference number for tracking your claim status with the company.
• Filing a police FIR: Then, you should file an FIR with the police authorities of the area where the third-party damages has occurred. A police FIR is a mandatory document for third party claim settlement.
• Claim handled by the motor accidents tribunal: Third-party claims are then sent to the motor accidents claim tribunal that assesses the claim and then passes a judgement regarding the financial liability that you face. It might take long time for the tribunal to pass its judgement and your claim would be settled only after the tribunal’s proceedings are done.
• Claim settlement by the insurance company: Once the tribunal passes its judgement, you would have to inform the same to the insurance company. The insurance company would, then, pay the claim amount directly to the third party. You would also have to fill up and submit a claim form along with various documents to the insurance company.Documents are as following
• Policy bond
• Driving license
• Identity proof
• Ruling by the tribunal mentioned on a court document
• Medical bills and reports, in original, in the case of third party injuries
• Any other document as needed by the insurer 

Once all the steps are followed, the third-party claim would be directly settled and closed.