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:
Third-party insurance is a must-have
The Motor Vehicles Act of 1988 mandates that car owners must have a third-party liability car insurance policy. This type of insurance safeguards the insured against third-party legal liabilities. With third-party coverage, you don't have to bear the costs arising from the insured Hyundai car injuring or causing the death of a third party or damaging their property or vehicle in an accident. If it's the former, the insurance policy pays for the medical expenses of the injured third-party person. In the latter case, the insurer covers the cost of repairing the damaged vehicle or property. The insurance provider also handles any legal matters related to the accident.
Coverage against damage to the insured car
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.
Helps save time
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.
Saves you money in the long run
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:
First party: The policyholder or insured person.
Second-party: The insurance provider or insurer.
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
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
Hyundai car insurance policy generally offers:
Third-party liability coverage
Damage to third-party property or vehicle
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.
Injury to a third-party individual
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.
Death of the third party
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.
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.
Damage caused by animals
Hyundai car insurance policy covers the repair costs for the damage caused by animal attacks on the car.
Damage caused while shifting the four-wheeler
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.Personal accident cover – for co-passengers and paid drivers,
You can further widen the policy coverage by buying optional or add-on benefits. Some such covers include:
Engine protection cover – bears the cost of repairing any engine, gearbox, or differential parts damaged due to non-accidental causes,No claim bonus (NCB) retention cover – ensures your accumulated NCB remains intact despite filing a claim,Zero depreciation cover – helps you avoid the deduction of depreciation from the claim amount for repairing or replacing damaged car parts, and Key-protect cover, which pays the cost of repairing or replacing your car keys and lock.
However, some optional covers are only valid if the insured Hyundai car is less than three years old. Read the car insurance exclusions to determine which optional covers are available for your vehicle.
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:
Driving without a valid licence
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.
Normal wear and tear
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.
Car damage due to drunk driving
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.
Breach of the policy terms
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.
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.
Damage due to war
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.
If any actions by you or a third party lead to damages to the insured car, the insurance policy will not cover them. For instance, if you attempt to start your Hyundai car in a flooded area and damage the engine, you must bear the repair expenses because the damage was caused by your actions rather than by common or natural causes. The same goes for getting involved in an accident because of driving on the wrong side of the road.
Car insurance exclusions can be worrying for customers. However, some add-on covers can fill a few such gaps in coverage.
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:
Zero depreciation cover
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.
Engine protection cover
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.
EMI protection cover
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.
Daily allowance benefit
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.
NCB retention cover
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:ConvenientTime-savingEasy comparison of insurance plansNo involvement of agentsZero to minimal paperwork requiredBest deals and discountsNo delay in the customer receiving a soft copy of the policy documentGenuine insurance policies
To buy a Hyundai car insurance policy online:Select the car insurance option on the official website of Reliance General Insurance.
Provide the car-related details such as the registration number, cubic capacity, make and model, chassis number, and the like. The registration certificate (RC) book, issued by the RTO for your vehicle, contains this data. You may also have to provide personal information like your name, email ID, mobile number, driving licence validity, and qualifications.Enter your car age, and pick the type of insurance policy you want. You can choose between a third-party liability policy or a comprehensive car insurance policy covering third-party and own damages.Select your preferred add-on covers (engine protection cover, return to invoice cover, or zero depreciation cover), if any. Such optional covers add to the premium, so only purchase those that suit your requirements.To get an own-damage premium estimate, you may have to provide details like your past claim experience, NCB, among others.Use the online premium calculator to get an insurance quote.Upload scanned copies of the documents required.Pay the premium and applicable service tax using a debit/credit card, net banking, or any other online mode of payment.You will receive a soft copy of the policy document on your registered email ID.
You should ensure that you opt for is IRDAI-registered. Read the policy document carefully before paying the premium and verify whether the details in the final policy document are accurate.
Timely renewal of your insurance policy is just as crucial as purchasing an appropriate insurance plan. Here is how you can renew your
Hyundai car insurance policy online:On the official website of the insurer, click on the option to renew your car insurance plan.Provide details such as your policy number, car registration number, engine number, and the like.You can review the policy details on the next page, along with modifying your add-ons or optional covers if required.Cross-check whether the premium amount shown is correct.Go through the car and nominee details and if the information is error-free, click on the Pay tab.Make the payment via net banking, debit/credit card, or any other online payment mode.The insurance provider will send a soft copy of the renewed car insurance policy to your registered email ID.
Non-renewal of your insurance policy before the deadline results in a break-in. Moreover, you lose your NCB and policy benefits if you fail to complete the policy renewal within the 90-day break-in period. Consequently, you must buy a new plan, typically issued once the car passes an inspection and the insurance provider receives the necessary documents. You can't file claims without a valid insurance policy.
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 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
Step 1-Contact your agent to give them information about the accident. You can either call their toll-free number, email, or use the Self-i app or the website to do this.
Step 2-Collect information about the third party involved in the accident, including their vehicle number and contact number. Note down the details of the witnesses involved, if any.
Step 3-Visit the nearest police station to file a First Information Report (FIR) about the accident. Provide as many details as possible while reporting the incident (the location of the accident, the contact details and vehicle number of the third party, the witnesses, and the like). Keep an FIR copy with you.
Step 4-File the claim either online or offline by submitting a claim form, along with details of the accident and the relevant documents. Visit a branch of the insurer to initiate the offline claim process.
Step 5-Move the car to a network garage yourself for repair or ask the insurer to do it for you. At the garage, the vehicle undergoes a thorough inspection, after which the garage provides an estimate of the repair work to the insurance company. After the insurer gives the garage the go-ahead, the work begins. The insurance provider receives the bills from the garage, evaluates them, and makes the payment. The depreciation and deductible are all you have to cover.
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:Follow steps 1 to 4 mentioned above.Get the damaged car repaired at your preferred garage.Clear the bills with the garage.Let the insurer know about the repair work and submit the original bills and receipts. The insurance company verifies them before reimbursing you.
No matter which type of claim you file, submitting the appropriate documentation is crucial for claim approval. The documents required to file a
car insurance claim after an accident are:The claim form, duly filled and signed by you (the insured)Proof of insurance (the policy document or cover note) mentioning the policy numberA copy of the driving licence of the person behind the wheel at the time of the accidentAn RC copyAn RC book copyAn FIR copyMedical receipts (if you are physically injured)The odometer reading of the insured carDetails of the accident, like the location, date, and timeEngine and chassis number
The original repair invoice and payment receipt (the former suffices if it's a cashless claim)The original tax receiptA garage-issued estimate of the repair workA Claims Discharge Cum Satisfaction Voucher issued by the garage and bearing your signature across a revenue stamp (if the insurer must directly pay the garage)
Make sure these documents are easily accessible so that your claim settlement process is smooth and quick.