Car Insurance For Hyundai Car

Reasons to Buy a Hyundai Car Insurance Policy

Purchasing a new car is a dream come true for many people. If you've just bought a Hyundai car, you want to take every measure possible to keep it safe. To do so, make sure you buy car insurance without fail. Car insurance offers financial protection if the insured four-wheeler is involved in an unfortunate incident, such as an accident, natural disaster, human-made calamity, theft, and the like. Here's why you should buy a Hyundai car insurance policy:

The insured Hyundai car stands a high chance of getting (severely) damaged due to natural disasters such as hurricanes, earthquakes, floods, hailstorms, and the like. Own damage insurance acts as a safety net if your vehicle suffers damage because of such unforeseen events. This insurance also protects the insured car against damages or losses caused due to human-made calamities such as vandalism, acts of terrorism, strikes, and riots. Additionally, own damage insurance provides coverage against thefts and damage due to inundation, self-ignition, fires, or explosions.

Processes following an accident, such as getting the vehicle repaired and resolving the matter with the third party involved, are time-consuming and tedious. With car insurance, you don't have to worry about negotiating with the third party involved and managing the cost of repairing your car. A car insurance policy with good coverage will also tow the insured four-wheeler to the servicing centre. Make an insurance claim, and your insurer will work on these tasks.

Damages to your insured Hyundai car due to unforeseen events can burn a hole in your pocket because of the consequential repair or replacement costs. Car insurance provides you financial protection against such expenses in return for a small amount. Moreover, several car insurance products are available in the market, so purchasing a suitable car insurance policy isn't much of a hassle. Comprehensive car insurance covers the policyholder against both third party and own-damages under a single policy. To widen the policy coverage scope, you can include add-on covers in the policy.
A car insurance policy with appropriate covers also helps you have peace of mind since you don't have to bear the burden of shelling out big bucks because of an unfortunate event involving your four-wheeler.

Types of Car Insurance Policies

You must be careful about the amount of coverage your car insurance policy provides—inadequate coverage is equivalent to not having insurance at all. The two main types of Hyundai car insurance policies available are third-party and comprehensive car insurance.

Third-party Hyundai car insurance

Every car owner must have third-party liability insurance to drive their four-wheeler legally on Indian roads, irrespective of the car make and model. This type of insurance provides financial protection to the policyholder if the insured Hyundai car causes injury to or the demise of a third party or damages their property or vehicle in an accident.

Here are some terms to be familiar with while dealing with third-party insurance:

The person who demands compensation for injury or damage caused to them or their vehicle or property.
A third-party policy, also known as an act-only or liability-only policy, only covers the financial and legal liabilities arising from the third party demanding compensation for the loss or damage caused by the insured Hyundai car in an accident. The premium of third-party insurance is affordable and uniform across insurance companies.

Comprehensive Hyundai car insurance

If you want extensive coverage with a single policy, comprehensive car insurance is the way to go. Such an insurance plan protects the policyholder from financial and legal liabilities resulting from a third party being injured or having their vehicle damaged in an accident involving the insured four-wheeler. Comprehensive car insurance also covers any damages/losses caused to the insured Hyundai car due to accidents, natural disasters, human-made calamities, thefts, fires, and the like.

The primary advantage of a comprehensive car insurance policy is the holistic protection it offers. While it may cost you more to buy this policy than a standalone third-party liability insurance policy, you also get better coverage. Getting parts of an expensive car repaired or replaced is heavy on the pocket. Comprehensive car insurance can help avoid such a blow to your finances if the insured four-wheeler gets severely damaged.

Both third-party and comprehensive Hyundai car insurance policies are typically available for purchase on an annual basis. To enjoy uninterrupted coverage, you must renew the insurance policy before the set deadline. An expired insurance plan is invalid and could lead to hefty penalties. To prevent this, the Insurance Regulatory and Development Authority of India (IRDAI) mandated that car owners have multi-year third-party policies. No matter which type of car insurance you purchase, read the policy inclusions and fine print carefully to have a clear idea of what your insurance plan covers.

Hyundai Car Insurance Policy Inclusions​​​

​​A comprehensive Hyundai car insurance policy generally offers:

Third-party liability coverage

The insurance provider compensates the third party if your insured Hyundai car damages their property valued up to Rs. 7.5 lakhs. The third-party might also demand compensation if their vehicle is damaged as a result of the accident.

If a third party suffers injuries in an accident involving the insured Hyundai car, the insurer pays their medical and treatment bills (unlimited liability). The compensation that the insurance provider must pay depends on the Motor Accident Claims Tribunal's ruling.

If an accident involving the insured car results in the death of a third party, the insurer compensates their family.

Any legal liabilities arising from an accident involving the Hyundai are handled by your insurance provider.

Own-damage coverage​

Your motor insurance provider bears the cost of repairing or replacing the components of the insured car that were damaged in an accident. The insurer will also get your Hyundai towed to an authorised network garage for repair.

Natural disasters such as floods, earthquakes, landslides, cyclones, storms, and the like, can occur anytime and severely damage your car. The insurance policy offers complete protection against any loss or damage caused to the four-wheeler due to any such incidents.

With own-damage coverage, the policyholder also has financial protection if the car suffers damage due to vandalism, riots, strikes, or acts of terrorism.

Any damage the insured Hyundai car suffers due to explosions, fires, and self-ignition is a part of own-damage cover.

If your Hyundai car gets stolen and the police can't trace it, the insurer pays you an amount equal to the insured declared value (IDV) mentioned in the policy document.

The own-damage policy compensates you for the cost of repairing or replacing any components of the insured car that are damaged while in transit by road, air, rail, or elevator.
You can further widen the policy coverage by buying optional or add-on benefits. Some such covers include:

Hyundai Car Insurance Policy Exclusions

All motor insurance policies exclude coverage for certain risks or situations. Reading through these exclusions is crucial when purchasing car insurance to avoid claim rejection later. Exclusions vary depending on the insurer. There are, however, some standard car insurance exclusions, such as:

You must have a valid driving licence to legally drive a car, which is why it's one of the first documents the insurer checks when a policyholder files a claim. If an accident occurs and the driver lacks a valid licence, the insurer won't bear the cost of repairing or replacing any damaged car components.

Your Hyundai car insurance policy doesn't include coverage for any routine losses the car suffers due to regular use, such as normal wear and tear, rusting of parts due to weather conditions, malfunctioning of components, and mechanical or electrical breakdown. The insurance provider deducts depreciation from the total claim amount for this reason.

Driving under the influence of intoxicating substances like alcohol is a legal offence. Your insurance policy does not provide financial protection for damages to the insured car caused by an accident when the driver is intoxicated. Although you could avoid paying a fine to the police for drunk driving, your insurer will almost certainly deny your claim.

The insurance provider will not cover damages to the insured vehicle caused by actions violating the policy terms. For instance, using a private insured car for commercial purposes breaches the policy terms and conditions and may result in your insurance plan becoming void.

The Hyundai car insurance policy does not provide coverage for any damage/loss caused to the car due to the policyholder entering into a contract (contractual liability) with another party. For instance, if the policyholder pledges the insured Hyundai car to someone against a loan and it is damaged while being driven by the other person, the insurer will not pay for the repairs.

Timely insurance policy renewal is necessary to continue having policy coverage. If the car gets damaged after the expiry of the insurance policy, the insurer will not pay for the repair. The insurance provider will reject any claim you file with a lapsed insurance plan.

​Motor insurance policies don't include coverage for damages resulting from war, attacks by foreign enemies, nuclear explosions, biochemical attacks, invasion, mutiny, and the like.

Add-on Covers for Hyundai Car Insurance Policy

Add-on covers provide benefits a standard car insurance policy does not, making your coverage more comprehensive. Various add-on covers are available to help you enhance the financial protection of your Hyundai car insurance policy, such as:

The value of your car continually reduces because vehicles are depreciating assets. A zero depreciation cover ensures depreciation doesn't get deducted on parts of the four-wheeler replaced under an own-damage claim. However, tyres and tubes are an exception to this. Get the vehicle repaired at an authorised network garage to benefit from this add-on.

Having an engine protection cover means the policyholder doesn't have to bear the cost of repairing any engine, differential, or gearbox components damaged due to water ingression, leakage of lubricating oil, or other such causes.

Consumable parts of a car include its nuts, bolts, lubricants, fuel filter, engine oil, screws, and the like. Repairing or replacing such components could lead to several minor expenses accumulating and impacting your finances. A policyholder with a consumables cover is not required to pay for damages/losses to such consumable items caused by any dangers covered by the policy.

Accidents involving the insured Hyundai car can take a toll on your finances. The EMI protection cover clears up to three of your car loan EMIs if a network garage takes more than 30 days to repair the four-wheeler. The insurer directly makes the payment to the loan provider.

This add-on cover gets activated in the case of a theft or total loss of the insured car. It compensates the policyholder for the expenses incurred on insurance premium, registration fee, tax, and other such charges imposed on the vehicle by the concerned government authority. The insurer pays the premium on a pro-rata basis for the unexpired policy term.

Policyholders with a key-protect cover don't have to pay for repairing or replacing their car keys, lock, and/or lockset. The insurance provider covers this expense, provided the new items are the same as the lost or damaged ones.

If your car gets severely damaged due to an accident, you must send it to a network garage for repair. However, for the duration it is at the garage, you may have to bear travel expenses. If the network garage takes more than three days to repair your vehicle, the daily allowance add-on cover compensates you for your commute expenses.

The No Claim Bonus (NCB) is a reward the insurer gives to the policyholder for making no claims during a policy year. The NCB, a discount on the own damage premium, accumulates over the years and can be between 20% and 50%. It drops down to 0% if you file an own-damage claim. However, an NCB retention cover ensures your bonus doesn't change despite you raising a claim.
Car insurance add-ons increase your insurance premium, so you must choose them wisely when buying or renewing your policy.

​ How to Buy and Renew Hyundai Car Insurance Online

Thanks to technological advancements, people can now perform the majority of their tasks swiftly from the comfort of their own homes. Most insurance companies now have an online presence to meet customer needs. As a result, customers can easily buy or renew car insurance.

Online car insurance purchase and renewal have several advantages, including:

To buy a Hyundai car insurance policy online:

How to Claim Hyundai Car Insurance and the Documents Required

Apart from being aware of your policy benefits, exclusions, and other similar details, you must also know how to claim car insurance to have a hassle-free claim settlement process. You have the choice to file a cashless claim or a reimbursement claim.

​​​Cashless claims

Cashless claims let you get the insured Hyundai car repaired at an authorised network garage without having to pay for any expenses, except the deductible, depreciation (if your policy lacks a zero depreciation cover), and other repair costs not covered by the policy. The insurance provider directly settles the repair bills with the garage. To raise a cashless claim:

Reimbursement claims

With a reimbursement claim, you can get the insured vehicle repaired at a garage of your choice, there are over 5000+ available all over India. You must pay the bills upfront, then send them to the insurer,  who will reimburse you. The steps to raise a reimbursement claim are the same as a cashless claim. To file a reimbursement claim: