What are the Benefits of Car Insurance?
Benefits by Reliance General|
4800 Cashless Garages
No Claim Bonus
Upto 50% Discount*
Easy Video Claims**
Claim Settlement Ratio
98% Claims Settled
7 Add-ons available
Own Damage Cover
Third-Party Damage Cover
Cover for third party property/vehicle, Cover for injury caused in accident
**Based on internal assessment for the time period : April 2019 to March 2020
What Are The Key Offerings Of Reliance General Car Insurance?
Comprehensive Package Policy / Cover
You may already be aware that Third Party Liability Car Insurance is mandatory as per law. Therefore, if you own a car, you are mandated by law to take up a Third Party Liability Cover. However, taking up a car insurance policy that doesn't compensate your own damages seems pointless, doesn't it? A comprehensive Vehicle coverage, covers against all possible damages arising from a variety of risks to the insured vehicle.
Our comprehensive car insurance policy offers protection against damages caused to your car by way of risks such as collisions, theft, fire, and so on. Additionally, a comprehensive car insurance policy also covers third-party liabilities and offers extensive protection for your car.
When it comes to car insurance, additional coverage is always better. You can enhance your vehicle insurance coverage protection further with our wide-range of add-on covers such as-
Nil Depreciation (UIN: IRDAN103RP0010V02100001/A0006V01201314)
Depreciation reduces the value of your cover drastically. This add-on cover compensates for the depreciating value of your car. Opt for this and you will not have to bear the losses occurred due to depreciation on all parts except the tyres and tubes. This add-on cover is applicable to the following conditions-
- This add-on covers private cars, with a maximum of two claims in one vehicle insurance policy period
- In case of partial loss, we will settle a claim made for the insured car only if it is repaired by/ at one of our authorised dealers or workshops
- Compulsory Excess will be applicable as per normal practice and Voluntary Deductible will be applicable if you have opted for it
NCB retention cover (UIN: IRDAN103RP0010V02100001/A0012V01200910)
No claim bonus (NCB) is a discount, given by an insurer to a policyholder for making no claims during the policy term.;NCBcan be accumulated over the years and the discount ranges from 20% to 50% on its own damage premium. This is simply a general insurance company's way to reward the customer's good driving behavior.
NCB retention cover is a great way to assure that your safe driving and hard-earned bonus stay protected even if you make a claim. Let’s understand it with an example-
Suppose at the end of 12 months of the policy, the insured did not make any own damage claim. In this case, the insurance company provides the insured with an NCB-based discount on their premium. All the same, if the insured was enjoying an NCB bonus of 45 %, and he/she makes a claim that year, the NCB will be impacted and will be reduced to 0% in the coming year. To safeguard such a scenario, an
NCB Retention Cover comes handy. This add-on cover
protects the NCB discounts in case the insured makes an
Own Damage claim.
Below mentioned are the features of the NCB Retention Cover
- Applicable for 1 OD claim
- Renewal of policy with RGI <= 90 days of the expiry of the policy
- Claim amount should not be >25% of IDV as mentioned in the policy schedule.
Subject otherwise to the terms, exceptions, conditions, and limitations of the Policy.
Consumables Cover (UIN: IRDAN103RP0010V02100001/A0007V01201314)
Sometimes, a bunch of seemingly insignificant expenses can create a big dent in your pocket. All expenses incurred on consumable items are covered in case they are damaged due to perils covered our policy. Consumable items such as nuts and bolts, screws, washers, grease, lubricants, clips, AC gas, bearings, distilled water, engine oil, oil filter, fuel filter and break oil are covered. This add-on cover is applicable to the following conditions-
- This add-on covers private cars, with a maximum of two claims in one motor policy period.
- In case of partial loss, we will settle a claim made for the insured vehicle only if it is repaired at one of our authorised dealers or workshops.
Engine Protector Cover (UIN: IRDAN103RP0010V02100001/A0009V01201314)
An engine is the heart and soul of your car. The Engine add-on cover offers compensation for expenses incurred while fixing the indirect damage done by water ingression or leakage of lubricating oil leading to loss or damage to-
- Engine Parts
- Differential Parts
- Gear Box Parts
Key Protect Cover (UIN: IRDAN103RP0010V02100001/A0008V01201314)
Let's be honest, we have all misplaced or lost our home/vehicle keys at some point in our lives. While we cannot find your keys for you, we can certainly cover the expenses you incur while repairing or replacing your car keys and/or locks and/or lockset. Here are some more details about the Key Protect Cover-
- The coverage will be available only for a maximum of two claims during your motor insurance policy period.
- A claim resulting from burglary or theft should be supported by a First Information Report (FIR) with the police.
- The replaced keys/lock/lockset is of the same nature and kind as the one for which the claim has been made.
- The loss or damage to the keys/lock/lockset is reported to us within 7 days of the loss or damage.
- Replacement of key(s) will be allowed for broken or damaged keys only.
- In case of theft or misplacement of key(s), the entire set comprising of key, lock and lockset will be replaced, subject to the handing over the other key(s) to us.
Daily Allowance Benefit (UIN: IRDAN103RP0010V02100001/A0001V02201415)
We can’t deny the fact that accidents happen! In this condition, we have to leave our vehicles in the garages and travel by our own. This add-on cover compensates for your daily travel allowance when your vehicle is in the insurer's authorized network garage for more than 3 days for repairs. This add-on cover is applicable to the following conditions-
- Triggered if >3days vehicle under repairs due to perils/OD
- Option to choose days & amount
- Allowance Limit Rs.5000/- per day (For Pvt car limit can be increased further)
- Lumpsum theft benefit, if vehicle is not recovered <=90 days
- 2 claims applicable
EMI Protection (UIN: IRDAN103RP0010V02100001/A0006V01201415)
We are concerned about financial impact of an accident. We cover up to 3 EMI’s of your insured vehicle if
it is in the insurer's authorized network garage for more than 30 days for repairs. This add-on cover is applicable to the following conditions-
- Vehicle is in repair, vehicle loan EMIs will gets paid
- Payment directly made to financial institution
- Upto maximum 3 EMI shall be payable
- Triggers if repair time > 30 days
- Applicable only for partial claims
What Are The Features Of Car Insurance?
It is important to know all the details and the nitty-gritty about any insurance policy. Following are the features of a car insurance policy:Third-Party Liability:
Third-party insurance covers accidental damage to the third party property or Death or bodily injury to a third party by the insured vehicle. So, this means that the insurance will also cover the third person who may have underwent an accident or have incurred some loss due to the accident. The policy is different in a way that it does not cover any damage which could have done to your vehicle. The law mandates that for every vehicle purchase it is compulsory to have third-party insurance.Comprehensive Car Insurance Policy or Package Policy
A Comprehensive package policy as the word signifies complete, offers extensive protection due to accidental damages to both parties involved . It provides coverage to vehicle against ,damage to the vehicle , theft , natural disaster along with coverage against third party liability for body or property injury by insured vehicle. Though this is not a mandatory policy ,however it is advised to have a comprehensive coverage for once vehicle to safe guard self from financial burden arising in case of an accidental damage to your car or to third party.
Insured Declared Value
All the vehicles are insured for a value called Insured Declared value which is based on the price of the vehicle subtracted by the depreciation faced due to vehicles age. It is the maximum amount your insurer will approve if your vehicle is stolen or is damaged beyond repair. For example, if the market value of your car is Rs. 5 lakh when you buy the motor policy, the insurer will approve a claim of a maximum amount of Rs. 5 lakh.Premium
Premium depends on the vehicle model, capacity, age, fuel type, the city you stay in, your age, profession, a modification made or accessories added. Premium saving options are also available by showing that you haven’t made any claim in the past year.
How to choose the type of car insurance that suits you the best?
Now that you understand the nuances of both types of Car Insurance Policies you must be contemplating about which one to choose. Here are some valuable recommendations to help you with your decision-
The Third Party Liability Car Insurance policy is generally chosen by individuals who want to buy car insurance as it is mandatory by law.
If you seek overall protection from the damages caused due to unforeseen accidents, opting for a
comprehensive car insurance policy is the best option. Additionally, you can pick
add-on covers for car insurance as per the risks which are more relevant to you.
Click here to know more about
Third Party Car Insurance and
own damage insurance. Also,
compare car insurance policies before buying to purchase the one which suits you the best.
What are the Important car insurance terms you should know?
Information is the key to make the right decisions. To ensure that you make an informed purchase, we have explained the essential car insurance concepts right here-
What is IDV?
IDV (Insured Declared Value) is the current market value of the car which is calculated after deducting the depreciation amount. It is a crucial component of the car insurance policy as it determines the amount of compensation. In case of theft or total destruction of the car, the IDV is offered as "Sum Insured".
What is No Claim Bonus?
When you don't file a claim during your policy period, you will be eligible for a discount on your next premium which is referred to as a
No Claim Bonus. This discount will keep increasing progressively for each claim-free year until the car insurance premium is reduced up to 50%.
What are the different kinds of add-on covers available?
We offer a wide range of add-on covers to ensure superior protection from a variety of risks. You can opt for add-on covers such as Nil Depreciation Cover, NCB retention cover (avail the NCB despite registering a claim), Personal Accident cover (covers registered owner driver of the vehicle), electrical/electronic accessories cover and many more. Refer to our add-on cover section, for more details.
How will a Nil Depreciation Cover help you?
You may already know that the monetary value of your car reduces overtime. This eventuality is a result of asset depreciation. Nevertheless, with Reliance General Car Insurance policy, you can combat the losses of depreciation by taking up a nil depreciation add-on cover along with your car insurance. With nil depreciation cover also known as
zero depreciation cover, you can be assured that the entire claim amount will be paid to you without deducting the depreciation sum.
How is a car insurance premium calculated?
Your car insurance premium is calculated based on several factors such as-
- Car Manufacturer and Model
- Cubic capacity (cc)
- Age of the Car
- Insured Declared Value (IDV)
- No Claim Bonus (NCB)
Other factors like add-on covers, discounts, purpose of the vehicle and safety features such as airbags and anti-theft devices will also be taken into consideration while calculating your car insurance premium.
Not sure if you need car insurance? Numbers Don’t Lie!
The poor road conditions and a blatant disregard for traffic regulations make Indian roads one of the most dangerous in the world.
These fatalities are only expected to rise in the future. We don't mean to scare you by these grim statistics. The statistics reflect the kind of dangers that the roads entail. Hence, It's better to be safe than sorry!
What are the Benefits of Buying and Renewing Car Insurance Online?
A Motor Insurance Policy generally has a fixed validity after which they need renewal to get the insurance going. Renewal of car insurance is possible both online and offline, however the recommended method for the renewal these days is online as there are several benefits of doing so. Apart from renewing, you can also buy car insurance online. The advantages of buying and renewing car insurance online include: Time-Saving
With the help of the internet, one could easily get his/her car insurance renewed online which would save a lot of time and struggle in going to the office and filling out various forms and details to renew the insurance. These details can be registered online and thus are used to renew the insurance. Also, the payment can be made online and a new renewed insurance paper will be generated, a copy of which would serve for the original purpose. Offline renewal requires one visit to the insurer’s office or to contact the agents which could often be tiring and a long process. The online insurance process is paperless and thus is much more efficient.
Renewal of the policy online is a secure process as you have all the details in front of you which you can read yourself at your speed. In offline insurance people generally listen to the agents and sign the paper which can cause a dispute at a later stage. Also, payment through secure payment gateways online means that the person will have protection against any kind of fraud or risks.
This is an added benefit of having online coverage. One could easily customise their coverage by taking some add-ons at any point in time. The policy premium depends on the type of coverage that you have opted for while taking the insurance. The more secure way you opt for, the more is the premium thus it is important to find a good balance between the premium you can afford which is also secure.
At the time of renewal, the features, as well as the insurance company, could be changed to a completely new one. If you feel that any specific company is providing better coverage of the policy at an affordable premium which is better than your current plan, then you are more than welcome to switch the insurance company at the time of renewal. So, at the time of renewal, it is important to do proper research to find out the best insurance which you can get.
Transparency of the process is one of the major benefits of getting motor insurance online. While getting the insurance, all kinds of details are available online which could be read by the person to make sure that there is no chance of a dispute at a later stage.
Thus, there is no better means than to buy or renew car insurance online with which you can also enjoy a lot of other benefits.
How Is Car Insurance Premium Calculated?
a lot of terms and conditions associated with a policy, there are some inclusions, some special cases but a premium rate is always told upfront to the individual and it is very clear and precise. We are used to just hearing a number when it comes to paying the premium and we know very little about the process of calculating that premium. The premium amount is not a random number generated by the insurance firm but after calculating all of the things the company arrives on the premium amount.
Factors which affect the car insurance premium
Vehicle owner's age: The individuals between 18 to 25 years of age have to pay more premium amount than the others.
Fuel Type: The premium for a CNG type vehicle is higher than that of petrol of diesel type vehicles.
Geographical Location: A lot depends on where you drive your car. An area with a higher density of traffic like cities will have higher premium rates.
IDV: Insured Declared Value (IDV) is the maximum amount to be paid to the insured person in case of any damage. This is decided by RTO details, brand, selling rice and affects own damage cover.
Cubic capacity: The cubic capacity of your car will affect the premium rate you pay to get your vehicle insured.
Finally, there are add-ons with insurance that provides a lot of different features and added benefits. All of this protection and services generally have a nominal cost. This could include engine protection due to waterlogging, roadside assistance in case your car breaks down on the middle of the road, recovery of the no claim bonus and many other things.
The three types of covers also affect car insurance premium:
Third-party Cover: In India, this is a mandatory cover and there are strict fines if a person does not have a Third-Party cover. These cover the financial losses or other kinds of losses to the third party which is involved in any kind of accident with your car. It does not cover your expenses. TPL depends on the car's capacity and is issued by the Insurance Regulatory Authority of India.
Own Damage Cover: This is the best cover which also covers your vehicle from any kind of damage even due to natural calamity. This means that it will have a higher premium. As the car grows older the IDV decreases and premium decreases too. It is calculated by the percentages of IDV. Formula to calculate IDVIDV is equal to the showroom price of the car added to any additional accessories that may have been installed in the car subtracted by the depreciation value of the car with every passing year. This makes the formula to calculate OD as IDV multiplied by premium rate decided by insurer added to any kind of add-ons which could be in the form of bonuses subtracted by the discounts and benefits like no claim bonus or theft discounts.
Personal Accident Cover: The car insurance goes beyond protecting your car and also safeguards and cover your personal injury costs as well. This is a vital part of being completely protected. With rising prices of medical health care, the insurance must cover even any basic injury caused by the accident which could ease out the financial burden. As the sum insured to the person goes higher, and the premium rate also keeps on increasing similarly. Use Our
Car Insurance Calculator to calculate your premium easily!
How to Save on Car Insurance Policy Premium?
Know Your Car's IDV
The value of your car depreciates overtime. Hence it is important to know your IDV. A lower IDV attracts a lower premium.
Claim Your No Claim Bonus
The No Claim Bonus is your rightful reward for being a responsible driver. Earn discounts of up to 50% on your premium year-on-year.
Install Security Devices
The safer your car, the lower will be the premium. Installing anti-theft devices can fetch you up to 2.5% discount on your car insurance premium.
Become AAI Member
Become a member of the Automobile Association of India and you can secure a concession on personal-damage premium.
Increase the Voluntary Deductible
voluntary deductible is the amount you agree to pay out of your pocket. The higher your voluntary deductible, the lesser will be your premium. Know what are deductibles for car insurance before purchasing.
How to Renew Car Insurance Policy If It Has Expired?
There could be many reasons that your policy could have lapsed and you need to renew the policy before the expiration date to continue driving your vehicle safely. Thus, you must keep in mind to renew expired car insurance as fast as possible to avoid any kind of legal action and also to have safe coverage for you and your vehicle. If due to any reason your car insurance has expired here are the steps to follow:
Getting in touch with the agent
In case the policy is expired the first thing to do is to get in the touch of your agent through which you got the insurance or to fill the renewal form online. The form is always available on the website of the insurance provider. An experienced agent has good knowledge of the working of insurance and things to do after the insurance has expired and may guide you through the process smoothly. Online renewal can save a lot of time if you are already familiar with the basics and don’t need an agent to renew your insurance, this process is convenient too. It is important to keep in mind that wasting time is useless as you may have to pay a high premium at a later stage and also could face a penalty while driving on the road without insurance.
Do Not Drive
While the insurance is expired and is in the process of renewal it is important not to drive the vehicle. This is the reason why it is advised to apply for renewal before the expiration of the previous insurance. Driving without insurance is like driving at higher risk and in case of an accident you would have to pay the third party for the damages. As well as for vehicular loss without any coverage from the insurer.
Driving without motor insurance is illegal thus you must renew the insurance as quickly as a possible and quickest way is renewing the insurance online. Choose an insurance policy suitable for you. You can even switch the company and the features. This will allow you to compare various insurance and make an informed decision about the product.
Keeping the documents ready
After you have decided which policy you want to go for, all the document must be kept handy and a call should be given to the insurer. The documents include the copy of the previous policy and registration certificate of the vehicle which is needed to renew the motor insurance. Additional details may also be required depending on the insurer. As fast as you provide these details faster would be the process of generation of insurance.
Expired car insurance renewal is not a difficult process. The process is easy with some basic understanding of the document and can be done online at home. Click here to
renew expired car insurance easily!
What does the Car Insurance Policy Cover?
If you suffer damages caused due to any of following reasons, we've got you covered!
- Riot & Strikes
and/or Malicious Acts
- Transit by Rail,
Road, Air & Elevator