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I am 34 years old and have an accident insurance cover of Rs 57 lakh, provided by my employer. I am planning to buy a separate personal accident insurance policy with a cover of Rs 25 lakh. Is it advisable? Yashish Dahiya Co-Founder and CEO, Policybazaar.com replies: It is best that you have an individual personal accident policy in addition to the employer provided insurance to secure your needs and liabilities under all circumstances. Given your age, it is advisable that you opt for a cover that is at least 10-times your annual income. Please ensure the policy also covers disabilities, both permanent and temporary, besides death. Alternatively, you can look at buying a term plan with a personal accident rider. It will provide a more comprehensive cover against both death and disabilities. I am 33 years old and my husband is 35. We have two kids aged seven and two. I want to purchase a health insurance policy that will cover my family. Please advise Raj Khosla Founder and Managing Director, Mymoneymantra.com replies: "You should buy a family floater health insurance policy with a sum insured of at least Rs 15-20 lakh. Since you will keep the insurance for several years, the cover must be large enough to meet rising medical costs. Buy a health insurance plan that has no room rent cap or disease-specific limits. Look for plans where the waiting period is not more than three years and opt for a policy from an insurer whose claim settlement ratio is over 85%. This information is available on insurance companies' websites and other third party portals."
Coverage under Car Insurance There are primarily 3 types of Car Insurance - Third Party Liability Coverage Third Party car insurance provides cover against any legal liability to a third party caused when you are at-fault driver. It covers damage/injury caused by you to another person/property. A Third Party Liability cover is legally mandatory in India under the Motor Vehicles Act. Collision Coverage Collision coverage protects the insured financially against damage of their own car. It pays the insured for damage caused by collision which is usually an accident. Damage or loss due to theft or vandalism is not included in collision coverage. Comprehensive Coverage A comprehensive coverage is extensive and includes damage of car, theft of vehicle, third party legal liability and personal accident cover. The policy coverage can be further extended by opting for add-ons like accessories cover, engine protector, zero depreciation cover, medical expenses, etc. This type of coverage is the most popular as it offers end-to-end coverage and thus less stress for the policyholder. Get More Info on Car Insurance Coverage icon Customize Your Auto Insurance Policy with Additional Coverage No Claim Bonus For every claim free year, the insured is rewarded with discount on the renewal premium. This discount is called - No Claim Bonus (NCB). It is cumulative and increases, every year. It usually ranges from 10% to 50% and can save a substantial amount of money on the premium payable for your auto insurance. Let's take an example, if a policyholder doesn't make a claim during the tenure of his auto insurance policy, he becomes eligible for No Claim Bonus, on the basis of which, a certain rebate is offered on the payable premium. Read More About No Claim Bonus Personal Accident Riders Personal Accident Rider is an optional add-on benefit that can be added to the comprehensive auto insurance by paying an extra premium. This rider provides the policyholder with the coverage of medical expenses due to a damage, personal injury or disability caused due to an accident. Cover for Car Accessories By simply opting for separate add-on policy, you can avail the coverage for your car accessories, which a normal car insurance policy may not cover. Such additions may increase the premium, but it is always beneficial and cost-effective rather fitting a new car accessory. Save Through Paying High Deductibles A policyholder can save by paying higher deductibles. At the time of filing a claim, if you choose to pay higher deductibles against your claim, your auto insurance provider manages to give you some discount on premium later on. icon What is not covered in Car Insurance? Following features are usually not covered in car insurance: Loss or damage if a policy is not in force. Gradual wear and tear of car and its parts. Loss or damage to vehicle when driven by person without a valid driving license. Loss or damage to vehicle as a result of intoxication due to drugs, alcohol etc. Loss or damage to engine as a result of oil leakage. Loss or damage to vehicle as a result of abuse of car manufacturer's guidelines. icon Eligibility/Documentation Required for Car Insurance Getting a car insured requires minimal documentation. For a new policy, you must submit the filled up proposal form and copy of the Registration Certificate (RC). For renewals, you will need copy of the RC (Registration Certificate) along with the copy of previous insurance policy. Carefully fill in your complete details. This is an important step and will save you a lot of hassle during claim time. icon How to Compare Online on PolicyBazaar? On PolicyBazaar you have to fill a few simple details like make of the car, model, variant, year of manufacture, etc. You will then get quotes from various insurance providers. To get better discounts you must fill the form carefully. This way you will get customized quotes, one which saves money (upto 55%) on premiums and is also the best fit as per your needs. You must be familiar with the following terms while filling the form: Car Make, Model and Variant This information is critical to calculate base premium. Luxurious, powerful and expensive car will attract more premiums. For e.g. a SUV car will always have a higher premium than a family car. Year of Manufacture The manufacture year of your car lets the insurance company assess its Insured Declared Value (IDV) that facilitates the underwriter to decide the annual premium for your car. CNG Fitted Car Being more vulnerable to combustion, a CNG fitted car is usually insured at a slightly higher premium than a plain petrol/diesel car. Additional Covers You need to mention whether you do or do not want to get a cover on electrical and non-electrical accessories fitted in your car. Most insurers provide a cover for your car accessories at an additional premium of 4% on its value. icon Process Steps for Acquiring a New Four Wheeler Insurance Policy: Step 1: Log in to www.policybazaar.com and click on the product icon. Step 2: If you want a fresh comparison of four wheeler insurance plans, click on ‘Begin your comparison’. In case you have searched before, you can retrieve your previous searches and continue from where you left off by clicking on ‘Get previous searches’. Step 3: Before you start the comparison, keep a few details handy such as the city of your car’s registration, make and model, fuel type, and the car’s variant. Step 4: To get new insurance quotes, key in all the above-mentioned details in the form and click on the ‘Next’ button. Step 5: On the next page, fill in your personal information such as your full name, email address, and mobile number. Click on ‘View Quotes’ to proceed. Step 6: In the quotes section, you’ll have a list of different auto insurers with discounted price, add-ons, and final price. You can view each plan details and compare it with other plans well. Step 7: To get a discount on the premium, click on the ‘Get Discount’ button on the left side of the page. After clicking the button, a form will appear where you have to fill in your details. After completing the form, click on ‘Apply Discount’. Step 8: Click on ‘Select add-ons’ to tick the list of added extras in your car such as 24*7 roadside assistance, No claim Bonus (NCB) protector, engine protector, key and lock replacement, and consumables. Step 9: If you want to include passengers under the plan, click on ‘Passenger/driver cover’. Step 10: To find the nearby motor garage, click on the ‘Garage locator’ on the bottom left of the page. Fill in these details carefully then sit back and relax for a while. You will be presented with a list of insurance plans that suits your requirement at best possible rates. icon Get Discounts, Save Money, Buy Smart A smart customer is in a constant hunt for discounts which will reduce the burden on his pocket. If you are one among them then here are a few tips that will help you get discount and save money on premium value of your car insurance. Voluntary Access Voluntary deductible is the minimum amount that you declare to bear at the time of claim. The higher deductible you opt for, the lower will be your premium. Simply put it means that the financial burden on the insurance provider is less and you will also chip in when an accident or car damage happens. icon Anti-theft Discount In case your car is fitted with an ARAI approved anti theft device, your insurer will offer additional discount (2.5% on the OD Premium). This discount is provided for the simple reason that an anti-theft device will make your car less liable to theft. Privilege Membership Members of the Automobile Association and some Professionals (Defense Personnel, Doctors and Govt. Employees) are entitled to get additional discount on their premium. So, never miss out to mention the same while searching for a quote. While getting quotes for your vehicle at Policy Bazaar, you might see for yourself how changing even minor details make a huge difference to the final calculated premium. For example, take the case of Dr. Gupta. He's a doctor by profession and needs car insurance for his brand new Renault Duster. His car is fitted with an ARAI approved anti-theft kit. While getting a car insurance quote, he neither mentions his profession nor the fact that his car is fitted with an anti-theft kit. Thus he ends up paying a higher premium. On the contrary, if he did mention about these then, needless to say, his premium could have been lower by 25%. Always fill in your correct and complete details while getting comparative Quotes from Policy Bazaar. Buy and compare car insurance quotes online easily here at PolicyBazaar. Whether you want to buy a new policy for your car or renew your policy, get it right here in a few clicks.
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