Car Insurance

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 the car being driven under the influence of alcohol or drugs.
• The vehicle being used for other purposes, like racing, speed testing or commercial use, then what was mentioned in the insurance application.
• Damage to tires or tubes.
• Loss of accessories.

Add on Covers with your Car Insurance Policy

• Zero Depreciation Cover: 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: The add-on keeps your No Claim Bonus safe even if you make a claim.

• Engine Protection: 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.

• Roadside Assistance: The cover offers you numerous valuable services, like towing, key replacement and refueling, should your car breakdown in the middle of nowhere.

Cancellation

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. The policy may be cancelled at any time by the insured on seven days 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.

Types of Car Insurance

Third-party Car Insurance

Third-party car insurance is a mandatory requirement for all car owners in India. Driving without valid insurance is punishable under law.

It offers protection to the policyholder against legal liabilities in case there is an involvement in an accident. Any damages resulting from the accident - be it damages to the third-party’s vehicle/property, physical injuries or death, the insurer will compensate for it.

Thus, third-party car insurance shields the policyholder from financial liabilities arising towards a third party.

Comprehensive Car Insurance

A Comprehensive car insurance policy guarantees complete protection against damages caused to your car due to accident, falling objects, vandalism, natural disasters, and theft. Other than damages to your vehicle, a comprehensive policy also covers third-party liabilities. It includes physical injuries and damages to the third party.

Important Car Insurance Terms

Add-on Cover

It is an additional cover that you can buy by paying an additional premium and widen the scope of coverage of your regular policy. 

Own Damage Cover

It is a part of car insurance policy coverage that protects the insured vehicle from damages due to accident, theft, natural calamities and human-made disasters.

IDV

IDV or Insured Declared Value is the maximum compensation that the insurer will pay the policyholder if their vehicle gets damaged beyond repairs or gets stolen. The IDV is agreed upon by the insurer and the insured the time of purchasing the policy.

NCB

NCB or No Claim Bonus is the reward offered by the insurance companies to policyholders for not filing a claim in the policy year. The benefit reward offered is in terms of reducing the premium amount upon policy renewal or increasing the sum assured.

Network Garage

Insurance companies have tie-ups with various garages, which are known as ‘network garages.’ Policyholders can get their vehicle repaired at any of the network garages and get a cashless claim.

Lapse

It refers to the termination of your car insurance policy due to non-payment of your premium.

Policy tenure

It is the period for which the policy is in force.

Deductible

It is the fixed part of the vehicle repair cost that you must pay out of your pocket.

What is NCB?

NCB (No-Claim Bonus) is a reward offered by the insurance company to the policyholders for not making a claim during the policy year. NCB helps policyholders get a discount on the premium amount upon renewal of the policy. The NCB keeps accumulating for every claim-free year. You can get a discount of up to 50%.

How to Calculate Car Insurance Premium?

Car insurance premium depends on various factors like:

• Age and gender of the policyholder.
• Car model and variant.
• Cubic Capacity of the engine.
• IDV.
• Fuel type.
• Year of manufacture.
• Geographic location.
• NCB

The easiest way to get an accurate estimate of the car insurance premium is to use the car insurance premium calculator. It is an online tool that calculates the premium based on the information you provide. To calculate the premium, you must provide the following details:

• Car manufacturer’s name.
• Model number.
• Manufacturing year.
• Fuel type.
• IDV.
• Policyholder’s details – name, residence address, age

Steps to Renew Car Insurance Online

Renewing your car insurance is vital to stay protected against unforeseen risks. Renewing a policy online is easy; you must take the following steps:

Choose the insurer

If you have purchased a policy from a particular insurance company, you need not necessarily renew from the same insurer. You can renew from a different insurer as per your choice.

Fill the details

Fill out the online application form with necessary information – age, address, car model, claim history, location, NCB, etc

Choose your plan

If you wish to renew with a new insurer, review their policies, and choose the one that suits your needs. You can also select add-ons as needed.

Make payment

You can pay your premium online through net banking, credit/debit card or online payment gateway.

Review the policy document

Once you complete the payment, check the soft copy of the policy document to ensure that the details are mentioned correctly.

Documents required to buy an insurance policy

While buying a car insurance policy, you must submit an identification proof. You must submit a copy of any of the following documents:

• Aadhaar Card.
• Pan Card.
• Passport.
• Election Card.

Why choose IFFCO-Tokio?

IFFCO -Tokio provides extensive coverage to protect your car from all kinds of risk. With IFFCO-Tokio, policyholders get:

• Coverage against natural calamities like storm, earthquake, lighting, landside, etc.
• Coverage against human-made disasters like theft, burglary, etc.
• 24x7 Roadside assistance coverage.
• A wide variety of add-ons to choose your specific needs.
• Coverage for CNG/LPG fuel kit.
• Coverage for damage to electrical and non-electrical accessories.
• More than 4300 network garages to choose from.

Download Forms

• Motor Claim form.pdf
• Motor Proposal Form for Private Car or Two Wheeler.pdf
  
• Private Car Policy Wording.pdf