What is Car Insurance?
Today, a car is a necessity that allows you to commute to work, drop kids to school and enjoy weekend drives with your family and loved one. For most people, a car demonstrates financial independence and allows you take control of your mobility. However, the joy of owning a car can turn into pain if your car meets with an accident, gets stolen, gets damaged or goes missing in a flood, or ends up damaging someone’s property. The mere thought of this happening is more than enough to get you upset. That is why you need car insurance.
You can purchase car insurance from IFFCO Tokio to mitigate the expenses due to damage to your vehicle or car theft. This policy provides cover if anything untoward happens to your vehicle, and also protects you from possible financial loss.
It is easy to buy and renew car insurance online in India now. You can go online and check the car insurance policies offered by IFFCO Tokio to select one that best suits your needs. You can even avail attractive discounts to make your car policy more affordable.
Why the Right Car Insurance Policy Should Be Your First Focus?
Purchasing the best car is not enough. It is important to buy the best insurance as well, that too at the best car insurance prices. After all, any kind of damage or accident, whether major or minor, means expenses toward vehicle repairs. When you have reliable car insurance, you are at peace knowing that if disaster strikes, you are adequately prepared. Hence, it is important to choose the right insurance policy. This does not only mean choosing a steady insurer, it also means looking into the details of the online car policy. Here is why car insurance should be your primary focus, and a few ways to find the best car insurance online in India.
It is Important to Have Car Insurance
There are many reasons to have a valid car insurance policy. These reasons include: -
- The best car insurance safeguards you financially in the event of vehicle damage. A major chunk of the expenses are covered by insurance so you will have minimal out of pocket expenses, if any.
- It does not put a strain on your existing finances and you will not worry if the repair work costs a lot.
- It takes into account injuries and damages caused to pedestrians, fellow drivers and riders as well as passengers.
- Besides collision incidents, a car insurance policy can even include vandalism, storm or fire damage and theft. Make it a point to compare car insurance policy online to select an option that covers all that is mentioned above.
- Car insurance can even look after your medical costs if you sustain injuries during the accident.
Finding the Best Car Insurance Policy
Conduct a Yearly Rate Check: You can check rates offered at IFFCO Tokio before buying car insurance online. This makes sure you get the best car insurance prices along with the benefit of paying lower premiums. This is precisely the reason why you should take car insurance quotes online before you buy the policy.
Pick a Top Quality Insurer: Choose an insurer which is known for efficient claim settlement, and has all the information about its products available on its website, like IFFCO Tokio, while buying car insurance online in India. If the insurer offers benefits on car insurance renewal as well, then that’s another plus to consider. At IFFCO Tokio, we offer competitive premiums along with wide-ranging coverage for our car insurance policy.
Opt for the Best Deductible: When you pick a higher deductible, it minimizes your premiums. With a good driving record and no accident caused by your own fault, you can opt for higher deductibles.
Evaluate Your Coverage: Make sure you have enough liability coverage for damage to property and bodily injuries. Remember, minimal coverage gives you minimal protection.
Select the Best: Auto insurance basically looks into car damage and the expenses that go into repair. When checking out new car insurance (and car insurance prices), you must assess the extent of collision coverage on offer for your vehicle model.
Stay Alert When on the Road: Drivers can get ripped off by crooks staging fake accidents. This can result in an insurance claim against you. To avoid this, make sure you drive safely and follow good driving practices. If in a crash, take a photograph of the scene and call in the police to let them know about the accident.
Car insurance is a mandatory part of purchasing a brand new car. Finding the right provider for new car insurance, like IFFCO Tokio, and exploring all of the above prospects, is imperative before deciding on the best policy.
What are the Benefits of Car Insurance?
There are thousands of cars on the road as people have more disposable income today and many households across India have the ability to buy more than one car. Driving in India comes with its own set of hazards. Undisciplined driving, breaking traffic rules, and no legal enforcement of rules by road authorities are some of the perils drivers have to contend with everyday.
If you don’t have car insurance, these dangers should be enough to convince you. However, if you still aren’t, here are some benefits when you buy car insurance online: -
Payment for Damage: Let’s face it; even if you have two cars, you already know that it can be expensive investing just in one. So, should anything go wrong with your car, you will have to shell out a lot of money to get it repaired. Many a times, it can so happen that your car get damaged because of someone else’s careless or negligence. With car insurance that’s best suited to your needs, you never have to worry about paying for repairs as the policy will cover the cost. This is a huge relief for car owners.
Minimizes Liability: In case you are not aware yet, it is mandatory to have third party car insurance in India at the very least. This insurance protects you if you are the cause for an accident. In case you damage someone else’s car or injury a bystander, your third party car insurance policy will pay for the other person’s injury or car damage and also save you from legal repercussions, if any.
Foots Your Hospital Bill: If you have been able to escape a car accident with just minor cuts and bruises, you are a lucky individual. However, most drivers don’t have it so lucky. If you require hospitalization and don’t have car insurance, you could end up dipping into your life savings to pay for hospital stay and treatment. Thankfully, this will not be the case with motor insurance, as your policy will pay for treatment and hospital stay, based on the personal accident coverage it comes with*.
Death Benefits to Family: If the insured were to lose his/her life in a car accident, your family will get lump sum compensation.
With so many benefits of car insurance online in India, it is important that you get one right away. Remember, if you buy car insurance online, then the car insurance prices will be cheaper as there will be no middlemen. Also, the insurance provider has lower operating costs which are passed on to customers that help decrease the premiums. Furthermore, you are very likely to get even more benefit during car insurance renewal, be it a zero depreciation or a third party car insurance policy. Before you make the final decision, take car insurance quotes online.
Coverage Offered by Car Insurance
If you own and drive a car in India, it is a legal requirement to have third party insurance at the very least. While the coverage provided by motor insurance will vary based on the insurance policy you buy, the coverage offered by the best car insurance (with competitive car insurance prices) is as follows:
- Bodily Injury Coverage: Car insurance covers bodily insurance should a person get injured in an accident.
- Property Damage Coverage: If a third person property gets damaged in a car accident, the insurance will pay for this damage.
- Medical Cost Coverage: If you or your passengers get injured and require treatment and hospitalization, the cost is borne by the policy and insurance provider.
- Uninsured or Underinsured Coverage: This coverage is meant to protect you should you meet with an accident and the other driver is either uninsured or does not have sufficient insurance. However, it is important to note that in most states across India, this type of coverage is for bodily injury, but in a few states, it can also cover property damage.
Types of Car Insurance Policies & Important Covers
When you own a car, it is mandatory to have third party car insurance at the very least. You may not realize its importance when you initially sign up for it but after understanding the cost of even a small repair, you appreciate its importance. With the availability of various kinds of car insurance plans, finding the best car insurance at budget-friendly car insurance prices can be tricky. Here are a few types of car insurance and what you have to know about them.
Comprehensive Car Insurance: This type of online car policy protects you from financial losses if your vehicle and its accessories are damage due to natural calamities or man-made disasters. Under natural calamities, things like explosion, fire, storm, flood, lightning, hurricane, inundation, frost, typhoon, tempest, cyclone, frost, hailstorm, earthquake, landslide and rockslide are include. Under man-made calamities, things like theft, strike, riot, burglary, housebreaking, malicious act, and damage during travel by road, rail, water or air, terrorist activity are covered.
Comprehensive car insurance also includes personal accident cover that protects you or your passengers if you get injured in an accident. The insurance also offers third party car insurance cover, wherein in you get protection from any legal liability due to an accident that may result in permanent disability, death or damage to property.
If your vehicle is older than 7 years, you should choose this policy. When you make a claim, your insurance company deducts depreciation and then proceeds to pay for the rest of the repair expenses. As the age of your car increases, so does the level of depreciation. Also, the car insurance prices for this policy type are comparatively lower than bumper to bumper policies.
Third Party Car Insurance: This insurance covers injury or death to pedestrians, fare-paying passengers, non-fare-paying passengers, and driver due to an accident. It is important to note that the liability covered is unlimited in case of death or injury. The car insurance prices of third party car insurance are quite affordable, and provides coverage to third party property should it get damaged because of your car.
It is imperative for every car owner to possess third party insurance at the very least. This type of insurance covers the damages and medical expenses of any affected third party. In this case, at the time of an accident, if it is established that you are at fault, you are required to pay a certain sum. This kind of insurance is mandatory by law so the question of not opting for is a non-discussion.
Collision Insurance: This car insurance online protects you financially when your car get damaged due to a collision or accident. It is prudent to note that collision insurance policy does not cover loss or damage on account of vandalism or theft.
These are the many forms of insurance coverage and online car policies available to you, that you can pick and choose from. It is important that you compare car insurance policy online, including their features and limits to determine which policy is the best suited to your driving needs.
Zero Depreciation Cover
This cover is also known as bumper to bumper or NIL depreciation cover. If you are a person who is not comfortable with taking risks, you can have a look at this policy at the time of buying car insurance online in India. Remember, you can buy this policy from IFFCO Tokio for your vehicle that is up to 7 years old. The premium is on the higher side when it comes to this policy but all aspects of your insurance repair are totally covered here. For newer cars, this policy sees a lot of preference even at the time of car insurance renewal.
Roadside Assistance Cover
If you choose roadside assistance as an add-on insurance cover, you are covered in cases of roadside mishaps. For instance, when your tyre gets punctured or when you run out of fuel. Getting in touch with your insurance company during these situations ensures you are not left stranded on the road. You can purchase this along with a comprehensive policy when buying car insurance online.
Keys and Locks Replacement Cover
Under this cover, your insurance company arranges for the pickup and delivery of spare keys, should you lose your car keys somewhere. The cost of the spare keys is covered by the insurer although you have to know about the sum insured for the same. If there is a security issue, your insurer covers the cost of installing new locks too. For further details about this cover, you need to check with your insurance company from whom you’ve purchased car insurance online in India.
This cover completely removes the effect of depreciation on cars. The amount deducted towards depreciation on parts of the vehicle gets waived for partial loss claims under the Motor Package Policy.
No Claim Bonus (NCB) Protection
Your No Claim Bonus is protected with this benefit. An insured’s renewal NCB eligibility is unaffected by all standalone glass claims. The No Claim Bonus is earned, retained or reduced for all other claims, and is based on the existing NCB entitlement and the number of claims under the expiring policy.
Now that you know about the major car insurance policies and covers, you are in a good position to opt for the best car insurance that suits your vehicle needs and requirements. Once you have shortlisted the ideal policy, you can then apply for online car insurance. Buying the policy online ensures you get the maximum coverage while sitting in the comfort of your home.
How Premiums are Determined for Car Insurance Policies?
Car insurance is important, but you should also know how premium for car insurance is calculated. A number of factors are taken into consideration in order to derive the insurance rate and the subsequent premiums you will be paying. This is the reason car insurance cover varies from car to car, and so does the car insurance prices. Do your due research to buy the best car insurance for your vehicle.
Some of the factors that are used to determine the premium before you buy car insurance online in India include:
Model of the Vehicle: The premium that you will pay for your car insurance will depend on the vehicle’s Insured Declared Value (IDV). Using this criterion, it means that the more expensive a vehicle, the higher will be the premium. So, if you have an imported or a large car, you will end up paying more premium compared to a smaller and Indian-made car. Also, it is prudent to remember fuel type also governs insurance premiums. Generally, petrol cars have lower premiums compared to diesel vehicles. Similarly, vehicles with hard-to-get spare parts always have higher insurance premium.
Date of Manufacture and Registration: Insurance providers also look closely at the date of manufacture and registration to calculate the premium through an advanced car insurance calculator.
Purpose of the Car: You can use the car for personal or commercial use. However, if you are using the car commercially, you will end up paying more insurance premium than when you are using to go to work or ferry kids to school.
Safety Measures: Most modern cars have state-of-the-art safety measures. You can expect your car to have airbags, advanced braking system, anti-theft devices and more. If a car has safety devices that protect the driver and occupants, insurance premiums are not that high. On the other hand, if the car does not have safety measures and the chances of the driver and occupants get injured are high, the even insurance premiums build up accordingly.
Location: Your area of residence also plays a role in determining car insurance premium. If you live in the city, you will pay higher insurance for the same car that someone else owns in a town. This is because the chances of accidents, theft, and vandalism are higher. Hence, urban and large city car owners end up paying more for vehicle insurance.
Other Factors: Besides the aforementioned factors, there are a few other criteria that insurance companies look at to determine your premium. Some of these include:
- How many kilometres the car has travelled
- Whether the car gets regularly serviced by an authorized service centre
- Your car’s accident history
Based on these factors, the best car insurance companies use the following formula to calculate the premium:
Own Damage Premium – (No Claim Bonus) + Liability Premium
Understanding how car insurance is calculated is beneficial. It gives you a ballpark figure so that you can manage paying the insurance premium along with other financial obligations you may have. Basically, if you know how much will go towards paying your car insurance premium, you can plan your finances more easily and quickly.
Things to Remember Before Buying Car Insurance Policy
Even though you may not want the hassle of buying car insurance, it is mandatory and necessary for your own safety. Don’t be in a hurry to purchase the first policy you see. The right motor insurance should not just fit into your budget, but it should also meet your driving needs and ensure you are completely covered.
Here are a few things that you should keep a note of before you buy car insurance online in India :-
Don’t Opt for Minimum Premium: You need to look beyond the premium amount when searching for the best car insurance. Yes, going in for a cheap policy will save you money in the short-term, but if you meet with an accident or your vehicle gets stolen, the insurance policy will be unable to offer you complete coverage. Hence, weight the policy on cost-to-coverage benefits, be it third party car insurance or comprehensive. As a safeguard, take car insurance quotes online to understand the coverage vis-à-vis the car insurance premium being paid.
Determine the Coverage You Actually Require: It is not advisable to buy the cheapest auto coverage. It will give you sleepless nights if your vehicle is involved in an accident. At the same time, you should not opt for a policy that is too expensive, because that may pinch your pocket every subsequent year at the time of car insurance renewal. Instead, try to figure out how much coverage you really need based on the following:
- Your driving style
- Are you still paying auto loan on your vehicle?
- Where do you drive?
- Besides you, who else uses your car?
Get to Know the Different Types of Car Coverage: Insurance providers have a wide range of car insurance policies. Check out the different policies, their features and benefits before you decide to buy one. This way, you will be in a better position to compare car insurance policies to select the one that is right for you. Whether it is third party car insurance or comprehensive coverage, make sure you make an informed decision based on your needs and driving style. There are add-ons as well that you can include in your policy. It goes without saying that these add-ons may increase the premium, but also provide better all-round coverage.
Check the Deductible: The concept of deductible is present in car insurance as well. This refers to the out of pocket expense you will have to bear before the insurance becomes active and pays out compensation. The higher the deductible, the lower will be the premium. That is why don’t let premium be the guide factor when choosing motor insurance. Look at the benefits to figure out whether it is worthwhile to invest in such an insurance policy or not.
Find Out the No Claim Bonus You are Eligible for: While the IRDAI regulates the insurance industry in India, insurers can give No Claim Bonus on the policy which reduces the policy premium. This No Claim Bonus gets accumulated for every claim-free year of your car insurance policy.
Check Add-Ons Carefully: Once you decide the coverage that you need, check out the add-ons. This can be done with ease online. Read the car insurance reviews and feedback carefully from existing policyholders to ascertain which is the best policy for you. Sometimes, it pays to buy a basic policy and then adding riders to it so that you can customize the motor insurance to suit your budget and requirements. Remember, the premium for each add-on, also known as Value Auto Coverage, is calculated separately and is over and above your basic car insurance policy.
Get the Required Documents Together: Before you buy insurance, get the required documents in place. You will require identity proof and car papers, among others, to apply for motor insurance. You will also need a coloured photograph. It is best to scan and save these documents on your system so that you can upload them as and when you decide to buy motor insurance.
Get the Right Car Insurance - Commercial or Personal
Depending on whether you use your car for commercial or personal use, you can find the right vehicle insurance right here.
Commercial Vehicle Insurance: Whether it is one car or a fleet of vehicles, it is important you have commercial vehicle insurance for each vehicle that you use for your business. Here are some of the features that your commercial vehicle insurance policy will come with:
- Injury or death due to the insured commercial vehicle will be covered
- Property damage due to the insured vehicle will be covered
- Easy claim settlement process
- You can expect the insurance policy come into effect right after purchase, without any waiting period
Importance of Commercial Vehicle Insurance: This type of insurance provides peace of mind to business owners. It ensures that you have the right insurance in place to allow you to use your car for commercial purposes without any worry.
Commercial vehicle insurance offers coverage against external damage to the vehicle, personal liability and third-party liability. The insurance also has you covered in case of property damage, death or injury to a third-party. It also covers financial losses if the vehicle gets stolen or damaged.
What the Policy Covers: If you use your car for commercial purposes, here is what you can expect the insurance policy to cover:
- Death or bodily injury caused due to usage of the car. It also includes injuries and death that can occur while loading and unloading the car.
- Damage to any property when the car is in use, including while loading and unloading it.
- The insurer pays all costs and expenses that you incur as long as you have written consent.
- The insurance provider will represent you in the court of law if matter reaches the court.
- The insurer will also ensure a professional from the company is present at the inquest or fatal enquiry if a death takes place.
- The driver-cum-owner (which is you) will get personal accident cover for bodily injury or death as per the terms and conditions of the policy.
Personal Car Insurance: If you use the car for your personal use, you can enjoy many benefits when you purchase a car policy online. Things like unlimited zero depreciation cover, coverage against natural calamities and disasters, manmade causes and 24/7 road side assistance are a few things that you can enjoy with IFFCO Tokio’s online car insurance. You can also get coverage for CNG fuel kit and loss or damage of electrical and non-electrical accessories.
IFFCO Tokio has more than 2300+ garages across India in its network, where you can get work done on your vehicle in a hassle-free manner. This ensures you can opt for cashless garage service which is a major relief.
You can add riders to your basic comprehensive car insurance, like On Road Protector Coverage and Value Auto Coverage to customize the car insurance to suit your needs (this can be availed during car insurance renewal as well). Here, you have the choice between two car insurance policies, which are as follows:
- Liability Only Policy: This policy is mandatory and covers third-party liability in case of bodily injury, death or property damage.
- Package Policy: This refers to comprehensive car insurance and covers a range of things that take away the stress of driving on busy Indian roads.
What is Covered and Not Covered in your Car Insurance Policy
Four wheeler owners sometimes sign up for a car insurance policy without being aware of the terms and conditions as well as important details that the insurance cover comes with. By doing so, we let go of several benefits. Not taking the time and effort to read about a car policy and car insurance reviews for that specific policy can leave us clueless as to what is covered and not covered by an insurance policy. Read on to understand the coverage that is provided and what isn’t to get the best car insurance for it.
What a policy covers
- Primary Coverage
Every comprehensive car insurance policy consists of third party car insurance cover which covers liabilities for third party damage, and Own Damage cover to cover the costs of car repair in case of an accident.
- 24/7 Road Side Assistance
Under this inclusion, if your vehicle gets stranded somewhere in an unknown vicinity, you can take advantage of your insurance policy benefits to ask for fuel/legal assistance, car towing facilities and taxi arrangement services. IFFCO Tokio offers this cover without any cost if policy is purchased online.
- Towing coverage
IFFCO Tokio provides towing coverage, even though it is up to a specified limit. It can be claimed when you take your four-wheeler to a remote place and the chances of finding a mechanic are low, especially in cases of an accident.
- Add-ons for accessories
Other than covering up for the damage costs, if the policyholder wishes, IFFCO Tokio covers the cost of car accessories as well.
What a policy does not cover
- Damaged that is caused out of country
Whether you buy car insurance online or in person, you need to be aware that it does not offer coverage for any kind of damage that is caused outside the country. The policy you pay for only holds validity inside that particular country.
- Everyday wear and tear
Car insurance is designed to safeguard your vehicle against major unforeseen accidents. It does not take into account normal wear and tear. According to this exclusion, electrical breakdowns and general repair costs are not taken into consideration by your insurance company.
- Specific losses
There are certain times your accidental losses are not covered by third party car insurance online in India. For instance, if it is a case of drinking and driving, if loss has occurred due to war or mutiny Also, in cases when there are drugs involved or if the driver is driving the car without an effective driving license, the insurance company does not offer coverage.
Although this a broad view on the kind of aspects an insurance policy does and does not cover, the particulars can vary depending upon the insurer and the policy. This is why purchasing an online car insurance policy is not enough, you should read the Policy Wording carefully
Here is a more detailed look at the inclusions and exclusions for your car insurance policy:
Inclusions in Comprehensive Car Insurance
When you buy comprehensive car insurance or Package Policy, the following are included in the policy:
- Loss or damage of the car because of:
- Fire or explosion
- Flood, inundation, storm, cyclone, typhoon, hailstorm, lightning, earthquake and other Acts of God
- Burglary and theft
- Riot, civil disorder, strike
- Malicious or terrorist acts
- Damage the vehicle sustains during transit by rail, road, air, and inland waterway
- Legal liability to third-party in case of injury, death or property damage. The liability is unlimited in case of death and up to ₹7,50,000 for property damage. The coverage encompasses compensation, costs incurred by the claimant, and defence expenses, if any.
- Personal accident cover offers compensation of up to ₹2,00,000 to the owner if they get injured while getting in or out of the vehicle or while traveling. The compensation is payable for permanent disability or in case of death.
- If the insured vehicle meets with an accident, the owner gets reimbursed up to ₹1,500 for towing, protection and redelivery of the vehicle.
- On payment of additional sum, certain add-ons can be included as a part of the policy. These include:
- Loss or damage of CNG or LPG fuel kit
- Loss or damage of electrical or non-electrical accessories
- Personal accident cover for passengers
- Broader legal liability coverage for the driver
- Insured vehicle can participate in rallies
Exclusions in Car Insurance
When you purchase car insurance at the prevailing car insurance prices, there are certain things that are not covered by the policy. As an informed buyer, you should be aware about what the policy does not include. While exclusions can vary from policy to policy, generally the following are excluded from a majority of car insurance:
- Consequential loss
- Contractual liability
- Depreciation and wear and tear
- Mechanical or electrical breakdown
- Accident or damage due to car being driven under influence of alcohol or drugs
- Accident or damage due to car being driven without a valid license
- Vehicle being used for other purposes, like racing, speed testing or commercial use, than what was mentioned in the insurance application
- Damage to tyres or tubes
- Loss of accessories
Customizing Car Insurance
Just like everything else in life, one size does not fit all. Since your car is a reflection of your personality and status and meets your conveyance needs, you should always ensure that your insurance policy also meets your needs, including the premiums. For this last purpose, you can use a car insurance calculator to estimate the car insurance prices.
If you opt for a basic car insurance policy, it may not offer the coverage you are seeking. Hence, you will not get the required financial protection. That is why IFFCO Tokio offers you a number of add-on covers that you can make a part of your main policy at the time of renewal as well as when you buy car insurance online in India.
Some of the ways to customize your motor insurance to suit your needs include the following:
- Zero Depreciation Cover: As a car depreciates, it has an effect on the claim settlement. The depreciation value is deducted at the time of settling the claim. When you opt for Zero Depreciation Cover, the entire claim amount will be paid out to you.
- No Claim Bonus Protection: If there are no claims the previous year against your car insurance, you will receive No Claim Bonus. However, if you make a claim, you lose the bonus. Hence, you can choose a rider that keeps your No Claim Bonus safe even if you make a claim.
- Engine Protection: If your vehicle develops engine problems, you will have to incur the repair expenses out of your own pocket, as this repair is not covered by the insurance. However, if you buy Engine Protection, the policy covers the repairs without you having to spend anything.
- Return to Invoice: This add-on helps you get the original invoice price of the vehicle, including road tax and registration charges, should your vehicle be deemed a total loss. This can help those individuals who live in places where instances of car thefts are high.
- Roadside Assistance: If your car develops a mechanical fault, engine problem or has a flat tyre, you will be stranded. Roadside Assistance offers you numerous valuable services, like towing, key replacement and refuelling, should your car breakdown in the middle of nowhere.
- Garage Cash Cover: In case your car is at the garage for repairs, you will have to hire another vehicle to move around. Under such circumstances, the Garage Cash Cover pays for hiring another vehicle.
- Key Replacement Cover: If your car gets burgled or you lose or misplace the car key, you can use this rider to pay for the cost of replacing your car lock.
- Windshield Glass Cover: Replacing a broken or cracked windshield can be cost prohibitive. However, with Windshield Glass Cover, you can get it replaced with ease. This cover ensures your No Claim Bonus is not affected when you use the insurance to pay for the replacement of the windshield.
- Loss of Personal Belongings: This add-on offers coverage in case of loss or theft of any personal belonging from the vehicle, as long as you have take precautions to lock and secure your car.
- Consumable Cover: If you meet with an accident, you will need to spend money on nuts, bolts and engine oil. This cover can compensate you for the amount you spend on replacing consumable parts and components.
- Ambulance and Medical Expense Add-On: If you or another party gets injured in an accident, this rider can take care of the expenses involved in getting the ambulance and subsequent medical treatment.
- Personal Accident Cover: If you get disabled or die in a car accident, Personal Accident Cover can protect your family’s financial future. Your family will receive a lump sum amount in either case.
- Accident Cover for Car Passengers: If a passenger in your car sustains debilitating injuries or dies, they will receive a lump sum compensation amount.
Be proactive in reading car insurance reviews that specifically focus on the effects of these add-on covers.
Steps to Buy Car Insurance from IFFCO Tokio
IFFCO Tokio has made the process of buying the best car insurance extremely easy, quick and hassle-free. It offers a one-stop web portal to educate car insurance buyers, who can then use the same portal to buy the policy online from anywhere at the most viable car insurance prices.
Here are the steps to buy the best car insurance from IFFCO Tokio:
- Step 1: Get onto IFFCO Tokio website
- Step 2: Create an account on the website
- Step 3: Log onto your account using your credentials
- Step 4: Browse through the different car insurance policies and riders
- Step 5: Select the policy and riders that best suit your needs
- Step 6: Fill in the form and initiate payment through credit card, debit card or net banking
- Step 7: The car insurance policy is sent on the go to the email ID you have shared
You can use the same procedure to renew your car insurance online in India. IFFCO Tokio will send you reminder emails and SMS-es to alert you when the car insurance renewal period is nearing. Pay heed to these reminders and renew the policy before expiration to keep your No Claim Bonus intact.
How to save more on your Car Insurance
IFFCO Tokio makes it affordable for consumers to buy the best car insurance by offering them a range of discounts to save money on their premiums. Here are a few that you can use to bring down the premium costs on your comprehensive and third party car insurance plans:
a. Increase Voluntary Deductible
Deductible refers to the amount that you pay from your own pocket for repairs before your car insurance policy kicks in. When you buy or go for car insurance renewal, you can select the voluntary deductible amount. Remember, the higher the amount, the lower will be your premium. This said, do not increase the deductible too much as you will not be able to afford it should the need arise, and it will also defeat the purpose of having car insurance.
b. Avoid Claiming for Small Car-Related Expenses
If you don’t have claims on your car insurance, the No Claim Bonus can add up, allowing you enjoy a discount on your car insurance prices. If you are prudent, this discount can be as much as 50% which can save you a lot of money. So, refrain from making claims on minor repairs as you will forfeit your No Claim Bonus. If you want, you can always opt to protect the bonus with an add-on so that it is safe even if you make a claim.
c. Always Transfer Your No Claim Bonus
If you intend selling your car and buying a new one, don’t forget the No Claim Bonus. Transfer the bonus from your old car to the new one. This is possible as the bonus is linked to you and not your policy or vehicle. So, make sure you let IFFCO Tokio know that you need to transfer the No Claim Bonus, and the company will issue you a certificate to facilitate seamless transfer.
You should do this even if you don’t intend buying a new car right away. In India, it is possible to reserve the No Claim Bonus for a period of three years, post which you would need to buy new car insurance.
d. Declare the Right Insured Declared Value of the Car
Remember to always declare the correct Insured Declared Value of your vehicle, regardless of whether it is for third party car insurance or comprehensive. This value is calculated by subtracting depreciation from the original market price of the car. If your car is stolen or written off as a total loss, IDV is the amount that the insurance company will pay you. If you declare the IDV correctly, you may be entitled to benefit in premium. Additionally, this also plays a huge role at the time of car insurance renewal.
e. Take Membership of AAI or WIAA
AAI stands for Automobile Association of India, and WIAA stands for Western India Automobile Association. These associations are empowered by the Motor Vehicles Act, and if you have a membership of one of the associations, you will be able to get a discount on your premium. The reason for this is very simple. Insurance companies deem members of these associations as safe drivers. Hence, as a safe driver, you get a discount.
f. Mention Your Details Accurately
When you apply to buy car insurance online, your profile is minutely checked. They take into account your age, profession, the mileage of the vehicle and how you use the car. If your profile comes across as someone who drives responsibly, you could get a discount on your premium. It is of course necessary to note that discount for correct details is at the discretion of the insurance provider and not mandatory.
g. Always Renew Your Policy on Time
If you let your car insurance policy lapse, you will have to start from the beginning and compare car insurance policies online, all over again. Not only will you have to get your vehicle inspected, the insurance company will have to calculate your premium afresh, an amount which you can near about estimate using a car insurance calculator. In addition, you will lose your No Claim Bonus.
So, to avoid this from happening, always ensure car insurance renewal before the policy lapses. You can do this online with ease on the IFFCO Tokio website. This way, you will not have to worry about increased premiums for both comprehensive and third party car insurance policies.
h. Don’t Add Riders without Thinking
Make sure you check out the add-ons carefully and understand what they offer. Opt just for those add-ons that genuinely benefit you. For instance, if you always park your car in a close area at home and workplace, then you don’t need Return to Invoice cover as your car will be protected.
Check the add-ons and do away with the ones that are superfluous as that can go a long way in helping to reduce your premium. This way, your car insurance will be ideal for you and your driving needs.
Hassle Free Online Car Insurance Renewal at IFFCO Tokio
At IFFCO Tokio, you can renew your car insurance online with relative ease.
IFFCO Tokio has a simple and hassle-free process of car insurance renewal. Just login to your account and click on the Renew button. Then using credit card, debit card or internet banking, you can renew the policy without any hassle.
This method of car insurance renewal helps in saving you time, effort and money. You can do it from the comfort of your home, even in the middle of the night, and you will immediately get a digital copy of your renewed insurance policy. The hard copy will be dispatched within a few days. So, you have no reason to worry.
IFFCO Tokio ensures you enjoy a seamless online experience during car insurance renewal. If you have questions regarding your insurance policy or want to clear doubts regarding policy renewal or car insurance prices, you can get in touch with IFFCO Tokio customer care 24/7.
Toll Free Number: 1-800-103-5499
Alternatively, you can send an email to firstname.lastname@example.org or fill out the online Contact Us Form, and IFFCO Tokio representatives will get in touch with you at the earliest.
Moreover, you can renew your car insurance at IFFCO Tokio through our integrated Chatbot as well.
Tips to Save Money While Renewing Car Insurance Policy
Everyone loves the feeling and sense of satisfaction you get when you save money. This joy knows no bounds when you save big on things that cannot be avoided. Take for instance, car insurance. When you purchase a four wheeler, it is also mandatory to sign up for a car insurance policy, and also ensure timely car insurance renewal if you already have a policy in place. You can do this and save money too. Here are a few ways on how you can do so.
Become familiar with your car’s value
When you know the value of your car, you can save in a big way since you won’t have to pay huge motor premiums. The car owner has to calculate the market value of the vehicle prior to renewing the policy. This helps you understand the depreciated value of your vehicle. You can use this information to negotiate with your insurer when it comes to the premium amount you have to pay. This inevitably helps you save on the premium amount you pay towards your car insurance policy.
Compare car insurance policy online
You can utilize the power of the internet to evaluate various insurance policies that are offered by different companies. Read car insurance reviews. You can accordingly select the best third party car insurance online in India, like IFFCO Tokio that offers you maximum benefit. It is important to weigh the pros and cons, the kind of premiums that are needed to be paid, the add-ons offered, and the inclusions and exclusions in the cover before agreeing to one. Therefore, to do all this, ensure that you take car insurance quotes online. As a forward practice, make it a point to do this during car insurance renewal as well.
See that you renew the policy before the due date
It is best that refrain from waiting until the last minute to renew your policy. In fact, it is ideal to renew at least 45 days before the expiration date because if a price hike occurs during that particular period, your price is fixed. Under these circumstances, you won’t have to pay any extra amount.
Insist on high deductibles
You can effectively decrease your premium amount if you ask for a higher deductible. When an individual goes in for a higher deductible at the time of an insurance claim, s/he can save significantly on the premium amount. You need to be careful as it can have its fair share of consequences too. Make sure you increase your deductible to an affordable amount.
Take advantage of the No Claims Bonus
Whether you purchase an online car insurance policy or go personally to an insurance company to do so, see that you take advantage of the No Claims Bonus. This bonus is applicable if you have not made any claims in the previous year. It gives you a discount on the premium you pay. Ensure that you claim this benefit during the policy maturation period. This helps to save money in a big way since it can reduce the premium amount to a great extent through the years of policy renewal.
Read the fine print carefully
Rather than purchasing the cheapest policy you find, it is better to go through all of the terms and conditions first. This helps you gain adequate coverage for a good price. Understand the fine print well so that you become aware of the hidden clauses. This helps you avoid any unnecessary troubles in the future.
Now that you are aware of ways in which you can save money even as you go to renew car insurance online, be sure to put these into practice; start with keeping a tab on the car insurance prices. In that regard, IFFCO Tokio can help you enjoy a seamless car insurance renewal experience.
Steps Involved in Filing a Car Insurance Claim
When you make a claim against your car insurance, there are certain steps that you and the insurance company will follow. You should be aware of these steps so that you know what to expect during the process.
a. For Own-Damage Claim:
If you have met with an accident and managed to damage your car, you can claim for own-damage against your car insurance.
Quick Claim Settlement Method
In an effort to make the car insurance claim process as easy as can be, IFFCO Tokio has devised Quick Claim Settlement (QCS) wherein the claim is settled as soon as the car reaches the workshop for repair. Customers can make their whole process seamless and convenient by downloading the QCS app that’s available for both Android and iOS platforms.
- Both Private Cars or Two Wheelers claims can be made under QCS.
- Limit of ₹50,000 available for Private Car Policies.
- IFFCO Tokio’s QCS officer will ensure that your vehicle gets moved to a workshop for necessary repairs, so that the Customer doesn’t have to visit the workshop himself.
- QCS claims are settled within the same day i.e. once your vehicle approaches Workshop and the repair work begins.
- With QCS app, customers can register their claims from the comforts of their home/office.
Once you contact IFFCO Tokio, you can expect the following:
- IFFCO Tokio will assign a representative to work on your case. This claims professional discusses with you about the damage that has incurred to your vehicle and the coverage your car insurance policy offers.
- Thereafter, the claims professional will inspect your vehicle and check the evidence for injuries.
- Your vehicle will be towed to the partner garage where a qualified mechanic will check your car and assess the damage it has sustained.
- The garage will furnish an estimate for the repair.
- After the repair cost is approved, IFFCO Tokio will send a confirmation letter to you and the approved garage. It is only after this letter is issued and received that the garage will start the repair work.
- The claim case will be closed after the garage receives its payment. Based on the coverage the policy offers you, you may have to pay out of your pocket a part of the cost of the repair. Once this is done, your case is marked as settled.
b. For Third Party Liability Claim:
While for own-damage claim, the process is simple and straightforward, for third-party liability claims, it is slightly complicated. If the accident was your fault, the other vehicle owner can claim from your insurance company.
Here is the process for third-party liability claims:
- The other car owner has to file an FIR at the police station where the accident took place.
- Share your car insurance details with the other vehicle owner so that they can file a claim with your insurance provider.
- The other car driver will have to file a case with the Motor Accident Claims Tribunal. In India, the claims by third party are settled at this tribunal.
c. For Stolen Car Claim:
Even if you make an effort to keep your car safe, there can be an instance when it gets stolen. Should this happen, here are the steps that you need to follow to claim for a stolen car:
- File an FIR with the local police station without delay
- Get in touch with IFFCO Tokio and let the representative know about the theft. Make sure you submit the following documents:
- Copy of the car’s registration certificate
- Copy of the driver’s licence
- Copy of the FIR
- Copy of the first two pages of your car insurance policy
- Letter address to the RTO
Once you file an FIR, the police will try to locate and recover your vehicle. If after six months your car is not found, the police will issue a Non Traceable Report, and thereafter handover the registration certificate of the stolen car to IFFCO Tokio. In addition, a letter of subrogation will be submitted to the company. After IFFCO Tokio receives the necessary documents from the police, it will settle the claim against your online car insurance policy for the stolen car.
Here is a quick guide to applying for a car insurance claim that will help you immensely when you file a claim with IFFCO Tokio
A quick guide to applying a motor insurance claim
If you have had the unfortunate experience of meeting with a car accident, you need to begin the motor insurance claim process immediately after the accident. Whether the accident involves collision with another vehicle, property damage, knocking over a pedestrian or even death, it can be extremely stressful and traumatic. However, you need to keep your emotions in check, and begin the claim filing process so that at least part of your woes can be addressed.
Steps to Make a Claim After An Accident
Any advice about car insurance claim will tell you to take the following measures if you want to file a claim against your motor insurance policy:
Collect the Details
Take down notes of all the relevant information that you see at the accident site. Even if you observe something minor, don’t neglect it. Jot it down. Click photographs with your mobile phone of your car and the other vehicle. Also, click photographs of the accident site. Remember, it is important to record, and note minute details as they can make a huge difference to your claim application being approved or denied.
Get Details of the Witnesses
Ask eye witnesses for their respective phone numbers and addresses. These witnesses will corroborate your story if it was not your fault. Basically, the insurance company will get in touch with them if they want to find out the actual cause of the accident.
Record the Nature of Your Injury
In case you were injured in the accident, record the nature of your injury. If possible, click photographs of the injury and make sure you keep all treatment and medical records related to the injury carefully. You will need it for the claim.
Get the Case Number from the Police
If the police was called to the accident site and they register a case, get the case number and a copy of the FIR from the police. This is important so don’t forget about it.
Get Insurance Details of the Other Party
If you have had a collision, get the insurance details of the other vehicle owner. This will allow your insurance provider to get in touch with the other person’s car insurance provider to amicably sort out the problem.
Remember, it is important to stay calm after an accident. Otherwise, you will forget to note down important details. Once you have the information listed above, get in touch with your insurance provider and let them know about the accident. Follow the claim’s procedure of your motor insurance policy to the tee, to ensure the chances of denial are minimal.
Checklist to Follow for Quicker Car Insurance Claims Settlement
You can make sure that there is no back and forth correspondence and phone calls when you file a claim on your car insurance online, as that can be a nuisance and frustrate you quite a bit. By ensuring that you submit the required forms and documents from the outset, it will ensure that your car insurance claims are settled quickly.
Here are the documents that you would need in case of making an accidental claim on your car insurance bought online: -
- Claim form duly filled and signed
- Copy of the car’s registration certificate
- Copy of the driver’s licence
- Copy of the first two pages of the car insurance policy
- Copy of the FIR filed with the local police station
- Original estimate from the garage
- Original invoice and receipt in case payment was made to the garage
In case your car gets stolen, here is the list of documents that you should furnish to IFFCO Tokio to process your claim quickly:
- Claim form duly filled and signed
- Copy of the car’s registration certificate
- Original car keys
- Copy of the driver’s license
- Copy of the police FIR
- Copy of the first two pages of your car insurance policy
- RTO transfer papers (Forms 28, 29, 30 and 35)
- Final report from police station that your car cannot be traced
In case of third-party claims, here are the documents that you would need to furnish to the insurance provider:
- Copy of the FIR
- Copy of the driver’s license
- Copy of the first two pages of the car insurance policy
- Copy of the car’s registration certification
As you will see that for all claims, most documents are common. Hence, make sure you always file an FIR if your vehicle is involved in an accident or gets stolen. This way, you can prove to the insurance company that your claim is authentic.
How Does Car Insurance Work When You Get Into an Accident?
If you have had the misfortune of being involved in a car accident, not only will you be upset but also shaken up. However, you should try and clear your thoughts as it will not pay to get worked up. Instead, you should do the following right away:
Check for Injuries
Check the injuries you or the other driver has sustained. If the injuries are serious, call for an ambulance right away. Do not leave the scene of the accident. See what you can do to help the other driver.
File an FIR
Call the police right away and report the accident. The police will come to the scene and help you and other people involved in the accident. Also, make sure you file an FIR, as you will need it to process claims, especially third-party liability claims.
Take Details of the Other Car
Speak to the other driver and get the following details of the vehicle:
- Vehicle registration details
- Name of the car owner
- Insurance policy number
- Insurance provider
You need the insurance details of the other vehicle owner if they were at fault, resulting in the accident.
Get Witness Statements
Speak to people who witnessed the accident. Get their name, contact number and address so that you can use these details, if the need arises, in the claim settlement process.
Record Details of the Accident Scene
Use your smartphone to click photographs of the accident scene. Make sure you get photos of the both the vehicle and/or property that was damaged during the accident. Also, take photograph of the other car owner and passengers, if any.
Inform Your Insurance Provider
Get in touch with IFFCO Tokio right away and let them know of the accident. Make sure you get a case number from the helpline executive for future reference.
Don’t Make Decisive Statements
Don’t give any statement to the police if you are unsure of what happened. Remember, anything you say will be noted down. The same also applies to your insurance provider. This basically means that you should not accept that the accident was your fault if you don’t believe it was. Also, don’t get angry or argue with the other car owner. It will make matters worse.
Get Your Car Towed
Speak to IFFCO Tokio to find out which garage is the closest to your present location and arrange for your vehicle to be towed. If you opt for a network garage, the garage will take care of the repairs and directly deal with the insurance company for payments. Otherwise, you can choose your own garage and make the payment and then file a claim against your insurance policy.
File the Claim
If you are filing a claim with IFFCO Tokio, you will need the following documents:
- Copy of the car insurance policy
- Filled and signed claim form
- Copy of the vehicle registration
- Copy of your driver’s license
- Original estimate of repairs
- Original medical bills and receipts
One you file the claim, IFFCO Tokio will examine the documents and your claim. If your claim is approved, the company will make the payment without delay. Usually, this is done quickly and without wasting a lot of time. So, you can rest easy knowing that there will not be any delay in your claim settlement process.
When Should You Not Raise a Car Insurance Claim
The basic aim of getting the best car insurance policy online is to feel safe and secure knowing that when on the road, you and fellow passengers and the general public are protected against damage, injury and unforeseen accidents. Having the convenience to make a car insurance claim whenever you want to can act as a safety net against potential financial liabilities that arise as a result of damage to your vehicle, however raising a car insurance claim whenever you meet with an accident is not always the wisest thing to do.
Although refraining from filing a claim usually results in the car owner, that is you, shelling out from your own pocket, it comes with its fair share of long term advantages. It is always best to calm down, analyze the situation and understand whether the problem requires your insurance company’s involvement. All said and done, you must stay away from raising a claim on your insurance policy during these times.
In cases when the repair is minor and can be easily fixed
A broken headlight, a scratch, a minor paint job, mirror damage, or any other such simple issue can easily be attended to and fixed quickly by yourself without involving your insurance company in these proceedings. These problems require little monetary inputs which you can fund for all by yourself. Your insurance company keeps a close watch on the number of claims you make.
In short, the lesser the claims, the better it is for the insurance company to label you as a responsible driver. This ensures that all of the associated standards of measurement work in your favour. This also ensures that the premium rates remain the same and do not fluctuate drastically.
When you are not responsible for the accident or harm caused
During the times when your vehicle is part of an accident and has suffered immense damage and destruction, you are left with three alternatives. One, you can make a claim on your own insurance policy. Two, you can pay for the damages caused from your own pocket or three; file a third party car insurance claim. The first two alternatives require you to sacrifice your own money or perks provided by your insurer. On the other hand, if another driver is responsible for the accident caused, the third alternative comes into play.
Having a third party car insurance policy makes it certain that the financial liability does not fall on you. It continues to keep your existing flawless track record with your insurance company spot-free while your vehicle’s repairs are paid for by a third party’s car insurance policy.
Take into account the No Claim Bonus
Your four wheeler insurance company offers you a No Claim Bonus (NCB) when you do not raise a car insurance claim during the entire term of your existing policy. If, during this time, you do meet with an accident, you need to draw out an estimate of the total repairs that have to be conducted on your vehicle.
If the cost of the repairs conducted is substantially less than the applicable NCB amount, it is better to refrain from registering a claim as it helps you avoid losing a large portion of money in the form of NCB at a later stage. The benefit of doing this will reflect at the time of car insurance renewal.
When to make a car insurance claim, and when to skip it?
Although there is no hard and fast rule that differentiates between the two, you need to make sure you conduct the right kind of calculations and keep a few basic facts in mind when coming to a conclusion on whether you want to make a claim or not. After all, insurance is based on the concept of risk. It is always better for an individual to assess the quantum of loss, whether it can greatly affect NCB and future premiums as well as applicable deductibles. Only after considering these factors, you can go ahead and make your decision.
Many of the existing car policies specify an amount called ‘deductible’. It is the portion of any claim amount that the insurer has to mandatorily take upon themselves. When you make a car insurance claim, only the balance after removing the deductible amount is payable. This balance is also subject to other deductibles, for instance, depreciation. It so becomes foolish to file for claims that involve small amounts or amounts that are less than the deductible amount. This is because, you eventually gain nothing significant.
So, NCB is earned by a policyholder after s/he renews his policy at the end of a claim-free year. NCB begins at 20% and with every claim free, the percentage rises until it reaches a maximum of 50%. Even if you make a single car insurance claim, your NCB goes back to zero. This is why; you need to avoid making claims, when the estimate for the same is comparatively smaller. You need to remember however, that NCB discount is not offered on the liability portion but only provided on the Own Damage portion of the total premium.
The increase in the premium rate for car insurance renewal also depends on the terms and conditions of every insurer, the nature of the claims, and how repetitive you are in making claims. Therefore, it is imperative that you take car insurance quotes online.
Nature of the claim generally refers to whether the damage caused is your fault or as a result of a third party’s blunder. If a person collides with your car from behind, you can file a claim without worrying about your rates being raised. However, if the fault is yours and this tends to happen frequently, it is cumbersome to get out of an increase in rate.
It is a safe bet to raise a claim in the event of a big incident or damage. So if you can help it, as in the case of small mishaps and accidents, it is better to refrain from filing a car insurance claim. See that you speak with your insurance company about the same, in advance. Getting to know their policies before you file a claim also helps in a big way. Even if you have read the terms and conditions at the time of buying, do it again at the time of car insurance renewal; being well-aware lets you benefit from your car insurance in the best possible manner.
How to Renew an Expired Car Insurance Policy
Car insurance is mandatory in India. The Motor Vehicles Act stipulates that all car owners should have insurance, and if you are caught without insurance, you could face penalties. While you may be aware of the need to have insurance, especially third-party car insurance, you can forget to renew your motor insurance due to unforeseen circumstances. To ensure that such a scenario doesn’t occur, set mail reminders and renew your car insurance online in India at a time and place of your convenience. That way, you won’t miss the car insurance renewal deadline.
By not renewing, you also risk losing your No Claim Bonus.
You are eligible for No Claim Bonus if you don’t make a claim during the policy year. This bonus helps to reduce the premium the subsequent year. As the claim-free years increase, so does your No Claim Bonus. This can help minimize your premium by up to 50 per cent in certain cases. However, you can retain your No Claim Bonus for a period of 90 days after your vehicle insurance lapses. Thereafter, you lose the entire amount of the bonus and have to begin all over again.
So, even in a scenario when you have forgotten to renew your car insurance online, here are the steps for car insurance renewal and to retain the No Claim Bonus:
- Let IFFCO Tokio Know: As soon as you realize that your motor insurance has expired, get in touch with IFFCO Tokio. This will allow you to begin the car insurance renewal process immediately and also safeguard you from possible premium hike.
- Don’t Drive Without Insurance: Be a responsible car owner and ensure you don’t take your car on the road without valid car insurance. If you do, you risk substantial financial loss should you get caught or meet with an accident. Wait until your car insurance renewal is successful, to drive without worries.
- Determine the Cover You Need: If you are in the midst of renewing an expired policy, revisit the old policy to see the features and coverage it offered you before renewing your car insurance online in India. Make sure you take just those covers that offer you maximum benefits at minimal costs. It is a good time to do away with unnecessary add-ons that you may have bought with the older policy.
- Keep Your Documents Ready: Once you decide the coverage and the add-ons, check with IFFCO Tokio representative the documents that you would have to submit for car insurance renewal. Some of the documents that you will have to submit include the following:
- Copy of car registration
- Details or copy of the previous car insurance policy
- City of registration
- Address of your local RTO
- Date of registration of vehicle
- Car model and make
- Buy Insurance: In IFFCO Tokio, customer can purchase the car insurance directly from website. Once payment is done, IFFCO Tokio will send a surveyor to inspect the car to ascertain its condition. The surveyor will note the pre-existing damage to the vehicle and submit a report based on which it will be decided whether your car qualifies for the insurance.
Once the inspection is done and the surveyor submits their report, insurance policy copy is shared with insured (if car is recommended) else money is refunded to customer.
Buying car insurance online helps save you time, effort and money.
How to Transfer Your Existing Car Insurance to Your New Car?
If you are buying a car from used car dealer, getting the best car insurance is a must. The good news is that you can easily transfer the existing car insurance to your new car. So, you don’t have to worry about car insurance if you want to buy a used vehicle.
The first step is to find out if the used car that you intend to buy has valid insurance. If this is the case, you can get it transferred to your name and then thanks to insurance portability, you can easily switch to a new insurance provider, in this case IFFCO Tokio.
The process to transfer insurance from one owner to the other is as follows:
Once you finalize the sale, pay the previous car owner, and transfer the registration of the car to your name. At the same time, request the car owner to get in touch with their insurance provider and request for transfer of insurance. This is a must as the moment the car is on your name the policy will cease to be valid.
Remember, it is mandated by the IRDAI that the name and address on the insurance policy should be the same as the registration certificate of the car. This primarily to ensure that the new car owner can recover any incurred expenses due to an emergency without any problem.
You will need the following documents to transfer car insurance from the old owner to you:
- Copy of the registration certificate, also known as Form 29
- The previous car insurance policy
- A No Objection certificate duly signed by the previous car owner
- A new car insurance application form duly filled and signed
In addition, you will have to submit the inspection report that the insurance company will provide after its surveyor inspects the car. Once you submit these documents, all you have to do is sit back and wait for the insurance policy to be transferred to your name. Make sure until this happens, you don’t drive the car. You can incur heavy fines and penalties for driving without valid car insurance. Also, if you meet with an accident or damage someone else’s property, you will not have the necessary protection and will have to pay from your own pocket. If you are renewing the policy, take care of this at the time of car insurance renewal.
Car Insurance Transfer and No-Claim Bonus
Whether you are buying a new car or selling your old car, you should know more about car insurance and No Claim Bonus transfer. If you have not raised a claim during the policy year, you will receive No Claim Bonus that can help in reducing your premium amount.
Here is some information related to transfer of car insurance (including new car insurance) and No Claim Bonus:
- It is prudent to remember that No Claim Bonus cannot be transferred to another individual. This is because the bonus is linked to the individual and not the policy or car. Hence, when you decide to sell your car, you will retain the No Claim Bonus. However, you can transfer the insurance of your car to the new owner without any worries. And, when you buy a new car, you can use the No Claim Bonus for the new car insurance you buy. Just make sure you get in touch with IFFCO Tokio to get retention letter so that your No Claim Bonus is kept safe.
- If you don’t intend to transfer the insurance to the buyer of the car, you can retain it and then transfer the insurance to your new vehicle. You don’t need a retention letter in this case to keep your No Claim Bonus intact as there is no transfer or change in ownership of the car or policy.
- If you have managed to accrue No Claim Bonus with another insurance provider and would now like to buy car insurance through IFFCO Tokio, you can do so with ease. Thanks to insurance portability, you can transfer the No Claim Bonus to IFFCO Tokio via the retention letter provided by your previous insurance provider. This will allow you to get a discount in the premium of your new auto insurance policy.
As per the Motor Vehicles Act, you can preserve the No Claim Bonus for up to three years. So, even if you don’t buy a new car immediately after selling your old one, you can rest easy knowing that your hard-earned bonus will be preserved and you have ample time to buy a new car without worries. And when you do make the purchase, prefer the same insurer to buy car insurance online for the new car. At that juncture, be certain about the premium amount by reducing the NCB from it, and calculating it beforehand using a car insurance calculator.
Documents Required to Get No Claim Bonus Retention Letter
If you transfer the car insurance to someone else, make sure you get in touch with IFFCO Tokio to preserve your No Claim Bonus. This, as stated earlier, is done via a retention letter.
Here is what you need to do in order to request IFFCO Tokio to issue a retention letter:
- Written request to cancel your car insurance (whether bought online or offline)
- Original copy of the policy and certificate of insurance, also known as Form 51
- Notice of ownership transfer vide Form 29
- Application for transfer of vehicle ownership vide Form 30
- Copy of the registration copy of the vehicle. It should be in the new car owner’s name
- Proof that the new car owner as received the car and is using it. This is no always required by IFFCO Tokio has the discretion to ask for proof, if required
Once you provide the necessary documentation, IFFCO Tokio will issue the No Claim Bonus retention letter so that you can relax knowing that your bonus will be safe until you decide to buy a new car insurance policy.
What is an Endorsement for Car Insurance?
If you want to make amendments or addition to your existing car insurance policy, it can be done through an endorsement. This helps to improve the scope of the policy. IFFCO Tokio allows car owners to make changes to their existing car insurance policies.
Here are some details about car insurance endorsement:
- You can use car insurance endorsement to delete, add, change or exclude coverage offered by the existing policy
- IFFCO Tokio issues endorsements when the policy is purchased, during mid-term of the policy, or at the time of car insurance policy renewal. You can always check the different types of coverage, and if you feel you need it as a part of your existing policy, IFFCO Tokio will issue an endorsement so that it is part of your policy
- The endorsement will stay in force until it expires. However, you have the freedom to renew the endorsement under the terms and conditions of the basic policy. To learn more about this, you can get in touch with IFFCO Tokio and a customer service representative would be more than happy to explain the details
- It is prudent to remember that endorsements have an effect on the premium. If you add to the coverage, your premium will increase. On the other hand, if you delete or restrict coverage, your premium will reduce.
- Usually, endorsements are issued by IFFCO Tokio in the following cases:
- You have a life change, such as change in geographical location or car ownership
- Your budget has undergone a shift
- You have installed a CNG/LPG kit in your car
- You are using a rental car and would like insurance for the vehicle
- If an endorsement is made to your existing car insurance policy, IFFCO Tokio will issue a new page, which is known as Endorsement Certificate. This page will highlight the changes made to the coverage. The original policy will remain unaltered.
To learn more about endorsements and whether you should opt for them, get in touch with IFFCO Tokio. You can connect with us through our toll-free number to understand the specifics of our car insurance available online.
Types of Endorsements in Car Insurance
There are primarily two types of endorsements. One is premium-bearing endorsement and the other is non-premium bearing endorsements. If you are opting for premium-bearing endorsement, you will have to pay an additional amount and this means that your premium will increase. On the other hand, if you go with non-premium bearing endorsement, it will reduce your annual premium.
Premium-Bearing Endorsement: If the car changes ownership and you install electrical accessories or add Personal Accident Cover to your policy, you will have to pay for premium-bearing endorsement.
Some of the events that necessitate premium-bearing endorsement include the following:
- Transfer of car ownership
- Correction in the ex-showroom price if it is incorrectly mentioned in the car insurance policy
- Adding CNG/LPG kit to your car
- Adding Personal Accident Cover to ensure coverage to passengers
- Removing anti-theft device from the car, one that has been approved by the Automotive Research Association of India
- Installing or removing electrical accessories
- Installing or removing non-electrical accessories
- Becoming a member or cancelling your membership of an authorized automobile association like AAI or WIAA
- Taking part in a rally
Non-Premium Bearing Endorsement: In events like changing the details of the nominee, changing your contact number in the policy or correcting the car registration number in the policy, you will have to go in for a non-premium bearing endorsement. Some of the events that come under this category include:
- Correcting registration, chassis or engine number if it is mentioned incorrectly on the car insurance policy
- Make changes in the type of customer if the same is mentioned incorrectly in the car insurance bought online
- Correcting the name of the policyholder if mentioned incorrectly in the policy
- Correcting the policyholder’s address, gender or city
- Changing the name of the nominee in the policy
- Changing the mobile number and/or contact details of the policyholder
It is best to remember that for premium-bearing endorsements, you have to pay an additional amount, over and above the already paid premium with your car insurance online in India.
If you want changes in your existing policy or you want to extend the coverage, get in touch with IFFCO Tokio. The customer representative will let you know whether you will require a premium-bearing endorsement or a non-premium bearing endorsement. The process of getting the endorsement will be explained to you as you will need to furnish certain documents without which it would not be possible to issue the endorsement.
What are Consumables in Car Insurance?
Consumables, a term you across often when buying car insurance online, refers to components and goods that are used in a car and have to be replaced on a regular basis as they get used up or undergo wear and tear. So, things like engine oil, oil filter, lubricants, nuts, bolts, brake oil, ball bearing, air conditioner gas, grease and washers come under consumables.
When you buy the best comprehensive car insurance online in India from IFFCO Tokio, consumables are not covered under the insurance. So, if you want to cover these consumables, you will have to buy a rider that extends coverage to consumables.
As with any add-on, buying a consumable cover will increase your premium rate, which can be assessed through a car insurance calculator. Also, you should be aware if you are making a claim for consumables, it should be in accordance to the terms and conditions stipulated in the own-damage section of your comprehensive car insurance plan. That is why it is important that you read and understand this section thoroughly.
You should also be aware that if you are making a claim for consumables, ensure that the repair work is undertaken within three days from the date of loss or theft. Otherwise, you cannot make a claim.
Auto Insurance Loyalty Rewards
There are many insurance providers that offer low premium rates to attract customers. However, if these low rates are attractive, you should take a second look at what you already have. Staying with IFFCO Tokio entitles you to car insurance loyalty rewards which can outweigh the lower rates that other insurance providers are offering.
Here are some of the advantages of the car insurance loyalty rewards by IFFCO Tokio that you should be aware of:
- If you stay with IFFCO Tokio for extended period of time as a car insurance customer, you will receive loyalty discounts. This will allow you to enjoy rebate on your premium amount, thereby saving you money.
While IFFCO Tokio offers customers with loyalty rewards to stay with the company, it does not advocate using these rewards as a basis to purchase car insurance. Instead, you should ensure you look at the car insurance reviews, features, coverage, and benefits when purchasing car insurance so that you end up making an informed decision and get a policy that best suits your needs and budget.
How Does an Auto Insurance Claim Affect Future Premium?
When you make a claim against your car insurance policy, it has a profound effect on your premium. So, based on this premise, it is safe to say that if you have a high number of claims, you can expect the premium rate to increase. In certain cases, IFFCO Tokio reserves the right not to renew the policy if it deems that you have raised too many claims during the policy term.
With that said, you don’t have to infer that raising a claim will automatically cause your premium to shoot up the following year. This is not the case. IFFCO Tokio takes into account different aspects and factors to determine whether you will have to pay higher premium if you have made a claim during the policy term. Some of the factors are as follows:
- The Gravity of the Accident:
- Other Driver at Fault:
- Driver’s Value:
IFFCO Tokio reserves the right to increase premium rates based on the existing regulations and its own policies. The fact remains that if you have fewer claims, you don’t need to worry about increase in premium rate. That is why it is prudent not to file a claim for minor damages that your car sustains. This will keep your No Claim Bonus intact and you can use it to reduce your premium during car insurance renewal.
Cancelling Car Insurance Policyl
IFFCO Tokio allows you to cancel your car insurance Policy in an easy and hassle-free manner. It is prudent to remember that you need the best car insurance for your car. It is mandated by law. Hence, in order to cancel car insurance renewal, you will necessarily have to show your new car insurance policy.
- As required by law, IFFCO Tokio provides an option to cancel the policy during certain time period. During this time, you can carefully go through the terms and conditions of the policy and ensure everything is in order and in accordance to your needs.
- If, for some reason, you are unhappy with the policy, you can get in touch with IFFCO Tokio and cancel the policy.
- You would have to be specific about why you are cancelling the policy when you put in a request for cancellation. For the cancellation request, insured can contact to our Toll Free number or generate the service request ( Contact Us --> Contact Us Form -> Service Requests).
- You will also have to return the original car insurance policy that was issued to you.
After receiving your request, IFFCO Tokio will examine your case. If your reason is found valid, IFFCO Tokio will cancel the policy
It is prudent to remember that if you cancel the policy it will attract cancellation charge as per the guidelines. As a principal, IFFCO Tokio does not entertain cancellation requests after you have had the policy for eight months.
The Company may cancel the policy by sending seven days notice by recorded delivery to the insured at insured’s last known address and in such event will return to the insured the premium paid less the pro rata portion thereof for the period the Policy has been in force or the policy may be cancelled at any time by the insured on seven day’s notice by recorded delivery and provided no claim has arisen during the currency of the policy, the insured shall be entitled to a return of premium less premium at the Company’s Short Period rates for the period the Policy has been in force.Where the ownership of the vehicle is transferred, the policy cannot be cancelled unless evidence that the vehicle is insured elsewhere is produced.
Importance of Insured Declared Value
Since the law makes it mandatory for every driver owning a four wheeler to possess a motor insurance policy that consist of at least third party car insurance, it is important to acquaint yourself with all of the aspects, concepts and elements that can affect the insurance premiums you have to pay. One such important concept you need to lay particular emphasis on is Insured Declared Value (IDV) of the vehicle.
Understanding the IDV of a vehicle is the first step that goes into learning how premium rates for a specific four wheeler are calculated using a car insurance calculator.
If you do not possess the right amount of insurance, major car break downs, accidents and repairs can result in major out-of-pocket expenses. It is imperative to be appropriately protected, and to do this, you require a comprehensive car insurance plan online that comes with an affordable premium. In order to stay thoroughly protected and pay a premium that is feasible as per your budget, you need to understand IDV of a vehicle. One of the ways to do that is by taking car insurance quotes online.
The Significance of IDV
In simple terms, IDV generally refers to the current market value of your vehicle. It pertains to the highest sum that is payable by the insurer for an online four wheeler insurance policy. In other words, it is the maximum amount you can make a claim for, when total loss or total constructive loss to your vehicle occurs. The sum insured that you are liable to obtain is equivalent to the IDV of the vehicle.
This ensures that if your vehicle is stolen or damaged in an accident and is beyond repair, the insurance company makes certain that you are at least paid the current market price of the vehicle. You need to make sure that IDV only refers to the current market value of the vehicle and does not include the depreciation on its parts. So, the insurance premiums and cost of registration of the vehicle are not included in the IDV. The IDV of the accessories and parts in the car that are not factory fitted are also not calculated in the same.
How is IDV calculated?
To obtain the IDV of your vehicle, your insurer makes use of essential data and then adjusts it with the standard depreciation rates that are set by the Indian Motor Tariff. The data that is required to calculate IDV using the car insurance calculator includes the following:
- Car registration details
- Car make
- Car model
- Manufacturer of the car
- City where the vehicle is registered (as mentioned on the registration certificate)
- Current registration type (that is whether the vehicle is company owned or individual owned)
- First purchase of the registration date (this is also mentioned on the registration certificate)
- Vehicle description (auto populated according to manufacturer and model details)
- Cubic capacity (auto populated according to manufacturer and model details)
- Ex-showroom price (this refers to the real price of the car in addition to the state tax, auto populated from a database)
As you can see that numerous things are considered in order to determine the Insured Declared Value of your car. IFFCO Tokio will take into account the manufacturer’s listed selling price of the insured car’s model, age and brand. Then it adjusts the price for depreciation.
As a car owner, you should know your vehicle’s correct IDV. Otherwise, you could end up receiving inadequate or insufficient compensation if your vehicle is a total write-off. Also, you should never understate your car’s IDV. Some customers believe that by doing this, they will save on the premium. While you may save on the premium, you will also get less insurance cover. So, it is not worthwhile to state a value which is lower than the actual Insured Declared Value of your car.
At the same time, IFFCO Tokio also advises customers not to overstate the Insured Declared Value with the hopes of getting higher claim amount in the future. By quoting a higher IDV, it does not mean that you will get a higher price when selling your car. Also, it does not necessarily mean that you will get more compensation. When IFFCO Tokio calculates the claim amount, it not only looks at the IDV, but also takes into account the type of damage or loss that the car has sustained. So, you could end up with a differentclaim amount even though you paid a high premium. To have a ballpark understanding of the same, it is advisable to declare the correct IDV
Car Insurance Myths You Should Know About
As there are certain misconceptions when you first learn to drive a car, the same holds true when you are signing up for the best car insurance in your opinion. Not having the required understanding and not being able to distinguish between fact and fiction can cause you to believe many false theories that are related to comprehensive and third party car insurance. Here is everything you need to know about these myths and truths.
Myth: An old four wheeler does not require insurance
Fact: The Indian Motor Vehicles Act of 1961 makes it mandatory for young as well as old cars to have third party car insurance. It is your duty to safeguard your vehicle even if you hold an opinion that the replacement value of your old car is low. You need to remember that old cars are easy to steal from. Moreover, their parts are more in demand so the chances of thefts taking place are higher. It is always vital that you purchase online four wheeler insurance, regardless of whether your vehicle is brand new or very old.
Myth: Purchasing car insurance is time consuming and tiresome
Fact: In today’s times, finding and purchasing the best car insurance for you is not at all cumbersome. In fact, it has only become easier. All you have to do is fill up some standard details about your vehicle. After this, you obtain a standard quote regarding the amount of the premium and how much it will cost you. After a few more easy steps, you have successfully purchased the best car insurance online in India within your budget.
Myth: If there is an accident, I have to first pay from my own pocket. After this I have t go through the rigmarole and problems associated with claim processing.
Fact: In reality, you do not have to go through this trauma. You are given a choice, either you do not pay at all or pay and then receive reimbursement afterwards. In the world of online insurance, when you visit a networked garage, your insurer directly takes care of the amount with the garage. This ensures you do not have to go through the tiring process of paying for the expenses yourself. If you cannot take help from a networked garage owing to certain reasons, you can also claim reimbursement from the insurer later on.
Myth: It is not possible to shift my insurance policy from one insurer to the other as my No Claim Bonus will become inapplicable
Fact: Your No Claim Bonus does not leave your side, even if you shift to another insurer. For the uninitiated, a No Claim Bonus is basically a reward you obtain for every claim-free year. It acts as incentive for handling your vehicle properly. It is a payment you obtain if you have not filed for insurance during the entire length of the policy. The percentage increases for every claim-free year. If you want to change your insurer, you can do so without ruining your No Claim Bonus record. It is transferable from one insurance company to the other. However, you have to make sure that you file it within 90 days of the expiry of your old insurance plan. To do this, it is important that you undertake your car insurance renewal on time.
Myth: Four wheeler insurance only has your back when the accident you are in is not your doing
Fact: Motor insurance does not only cover the accidents where you are not at fault. As long as you have a valid driving license, owning a good policy ensures you are well protected against all kinds of accidents and mishaps. Having a comprehensive insurance plan ensures you are covered against mechanical faults, riots, theft, terrorism, damages as well as floods. You are however, not covered, if you are driving under the influence of drugs or alcohol. You also need to make sure you are using the vehicle in a manner that is put forth in the insurance policy document.
Myth: It is hard or impossible to change your insurer after you have bought a policy from one
Fact: You can change an insurer once you purchase a policy. You just have to wait till your existing policy expires. Insurance policies are generally valid for one or two years. This does not take into consideration multi-year plans. You can change your insurer at the time of car insurance renewal and still obtain the entire benefit attached to NCB that you have earned from the previous insurer.
Myth: The claiming procedure is detailed and filled with inconsistencies
Fact: It is not at all tedious to file a claim. Simply log onto you insurer’s website, fill in the required details mentioned in the claim form and submit the application. After your claim is registered online, customer care will contact you within 24 hours. They will then begin to help you out with other necessary formalities. So also, if your four-wheeler is taken to a garage, the insurer handles the car insurance claim directly. In this way, you do not have to pay a single penny from your own pocket.
Myth: In a car crash, the car insurance claim amount that is equal to the amount of a new car is provided
Fact: This is not true at all. New car insurance amount depends greatly on the principle of indemnity. According to this principle, after you obtain a claim, you go back to the same financial position that you previously were in, prior to the occurrence of the damage. You cannot improve upon that position. Depreciation is deducted on your existing four-wheeler after calculating the value of your loss. This also holds true when calculating the vehicle’s market value.
Myth: Third party car insurance is more than sufficient if my car is old
Fact: You need to remember that third party car insurance only looks into the damages that occur to a third party. It does not offer coverage for the damages that end up on your four-wheeler. Even if your car is old, the damage will need to be paid from your pocket. This is why it is important to go in for a plan after taking into account the age and condition of your vehicle.
Although you may be uncertain when it comes to purchasing a comprehensive online four wheeler insurance plan, uncovering these myths is sure to help you clear your doubts about the same in a successful manner.
Car Insurance FAQs
When looking for the best car insurance, there are many frequently asked questions going around in the heads of a first time car policy buyer. Here are a few FAQs pertaining to online four wheeler insurance and the answers to them.
1. What kinds of coverage exist?
There are many types of car insurance coverage. However, there are some policies that are mandatory by law while the others are optional. The Government has made third party car insurance coverage, which covers property damage and injuries you cause to another person, mandatory. This car policy does not cover your own injuries and property damage. In certain states, personal injury protection coverage is another plan that is made mandatory. It offers coverage to pay for medical expenses that are associated with an accident, no matter who is at fault. Some of the optional coverage plans include comprehensive coverage, collision coverage, rental reimbursement coverage and towing and labour coverage. You can purchase such a car insurance policy online these days.
2. What if someone else is driving my vehicle and an accident takes place?
The insurance on a vehicle is applicable even if another person is driving the vehicle, with your permission. This is because liability follows the vehicle. Generally speaking, the liability insurance of the person driving your vehicle needs to pay should the amount of the loss go above your car policy limits.
3. What documents are required to file a car insurance policy claim?
In case of accidents and damage to the vehicle, you have to present the following documents to make a car insurance claim. This includes the copy of online car policy, claim form duly signed, original repair bill, proof of release and cash receipt, valid driving license copy, valid RC copy of the vehicle, FIR (if necessary as in the case of highway accidents, theft and major third party injury or damage) and any other document that is required by the insurance company to ensure seamless settlement of claim.
4. I am a careful driver. Do I really need car insurance?
Regardless of whether you are careful on the road or not, four wheeler insurance is a perquisite after all, it is made mandatory by the law. So if you are driving without any car insurance (third party car insurance at the very least), you need to know that you are doing so illegally. The absence of a four wheeler insurance policy means you cannot tax your vehicle. It offers coverage for you, other vehicles on the road and the general public. Use a car insurance calculator to understand how much car insurance would cost you, before buying.
5. Is it cheaper to pay monthly or annually? Also, will my premiums get cheaper if I stay with one insurer itself?
It is always cheaper and cost effective to pay up front annually. When it comes to premiums getting cheaper if you hang on to a single insurer, this is unlikely, particular in the long run. If a customer does not look around for better and most effective deals, the insurer can take advantage of the situation and may charge you higher renewal premiums.
6. What happens if I decide to change my car in the middle of the year?
If an insurance policy is already covering your existing vehicle and you decide to change your vehicle in the middle of the year, you can transfer the existing online car policy onto your brand new vehicle for the balance period of the car policy, provided the new vehicle is of the same class. If your vehicle isn’t of the same class, adjustment of the premium is made. It is better to get in touch with your insurance company and inform them about this situation. They can give you an accurate description of how this is going to impact your existing premiums.
7. What is NCB and in what way does it benefit me?
The full form of NCB is No Claim Bonus. It is presented to the owner of the vehicle, who is also the policy holder. In cases when not even a single claim is made during the entire term of the policy, you are entitled to a discount on your premiums. You can avail up to 50% discount on your premiums if you consecutively do not make any claim every year. In case you do make a car insurance claim, NCB does not come into action. You can transfer NCB to your new vehicle, if the vehicle is of the same class.
8. Should I make a claim for every accident or damage occurred?
It is wiser to refrain from making small claims. During the times when your vehicle is damaged, it is better to get an estimate for the repairs required. If the No Claim Bonus you have to let go of in the forthcoming year goes beyond the estimate, it makes sense not to raise a claim and pay for the damage yourself.
9. What is a third party risk policy?
This car policy is made compulsory by law. It covers the vehicle’s owner against risks according to Section 146 of the Motor Vehicles Act 1988. The main aim of this third party car insurance policy is to safeguard any third party. This insurance policy pays compensation for the damage caused to the property of a third party or death caused owing to bodily injuries of a third party. It does not include damage to your own vehicle.
10. What is IDV and how is it decided?
IDV refers to Insured Declared Value and is the maximum sum assured fixed by the insurer that is offered in case of theft or total loss of a vehicle. In short, IDV is the current market value of your vehicle. It is usually estimated based on the manufacturer’s listed selling price of the model and variant of the vehicle (including additional accessories) at the beginning of the car insurance policy. It is determined after adjusting depreciation for every year. In case your four-wheeler is stolen or ends up badly damaged to an extent that it is beyond repair, the car insurance claim amount payable is calculated based on IDV. This is why it is very essential that your vehicle is insured for the right IDV. One should utilize a car insurance calculator for the said purpose.
11. Can I renew my four wheeler insurance policy online?
Online car insurance renewal for your four-wheeler is very easy and time-efficient. You can begin 60 days before the existing car policy expires. If your existing insurance plan has already expired, simply get in touch with your insurer. A supervisor comes to inspect your vehicle before you issuing an online car policy again. A policy is only issued after you submit all of the required documents and the supervisor knows for a fact that the inspection carried out is satisfactory and complies with the required standards.
**To understand exactly about the policy coverage, exclusions etc, please read the Policy Wording carefully.**
Drive on road with an online car insurance policy from IFFCO Tokio, and get benefits that are much more than the price of the policy. Renew or buy cashless car insurance online from the convenience of your home or office, and pay through our secured electronic payment gateways.