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Car insurance is a type of insurance plan that provides coverage for your vehicle if it suffers damage in an accident, theft, or natural disaster. It provides financial security in case of an unfortunate event. Besides, it also covers third-party liabilities if your car causes injury to a person or damage to their vehicle or property. According to Chapter 11 (Section 145 to 164) of The Motor Vehicles Act 1988, every car must be insured to become operational on an Indian road. Hero FinCorp offers different types of insurance plans, including third-party, standalone, and comprehensive insurance plans.
A 4-wheeler insurance is mandatory to protect your vehicle and third parties from damage in various situations. Your car insurance policy provides funds to cover the financial loss whenever a mishap occurs. Here are a few reasons why you need car insurance for your vehicle:
According to the Motor Vehicles Act 1988, third-party insurance is mandatory for every car running on roads. You may get into legal trouble without an insurance policy and pay hefty penalties.
You become liable to a third party when your car causes damage to another person's, property, or physical health. You may opt for a third-party liability or a comprehensive insurance plan to receive third-party liability protection.
If your car or its parts get stolen, your insurance policy will cover the costs of the the damages. If the authorities cannot locate your vehicle after a theft, you will receive an insurance amount equal to its IDV.
If your car gets damaged, scratched, or bumped during an act of vandalism or accidental collision, a car insurance policy will provide the finance necessary for its repair.
In the case of a flood, storm, earthquake, cyclone, or another natural calamity, the cost of repairs to your car can be expensive. The best car insurance will provide finance to take care of these repairs, so even a natural calamity cannot lead to your car loss.
You can opt for a Personal Accident Cover when buying a new car insurance plan or renewing one. It protects against death, permanent disability, and major injuries caused to the car’s owner or driver in a road accident.
Let’s look at the benefits that make Hero FinCorp 4-wheeler insurance better than others:
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Hero FinCorp offers all three types of car insurance plans to meet the coverage needs of various customers. These include the following:
If your car gets damaged and suffers a loss, the standalone insurance plan covers only the damages caused to the insured vehicle. It does not cover any loss to a third party, which is a mandatory cover for auto insurance.
According to Indian law, a third-party car insurance plan is mandatory for every car running on Indian roads. It protects against financial and legal liabilities arising from damages your vehicle caused to a third-party person or their property. However, it does not cover damages to your insured car
A comprehensive car insurance plan provides more extensive coverage than other insurance policies. Simply put, it covers damages to your car and to a third party. Moreover, it also provides coverage in case of damage due to a natural or man-made disaster. However, the insurance company will not cover the damage if you were not driving responsibly or under the influence of substances.
Hero FinCorp makes the process of buying car insurance online extremely easy and fast. However, it still needs a bit of research and decision-making. You must choose a plan that caters to your needs without exhausting your budget. Here are a few points you must consider when buying a top car insurance plan:
While choosing car insurance, you can opt for a third-party insurance policies. Simply put, it covers damages to your car and to a third party. Moreover, it also provides coverage in case of damage due to a natural or man-made disaster. However, the insurance company will not cover the damage if you were not driving responsibly or under the influence of substances.
The coverage of your insurance policy largely depends on your budget and needs. Besides, it also depends on your car's make, model, and location. Read the policy details carefully to know the extent of coverage it provides and ensure it caters to your needs efficiently.
If you buy new car insurance or renew one, consider buying add-ons to enhance your coverage. Some add-ons worth considering include Return to Invoice, Key Replacement, 24/7 roadside assistance, zero depreciation, life cover, medical cover, etc. Pick an add-on that meets situations outside a basic plan’s coverage. Buying appropriate add-ons will provide all-round protection to you and your car.
Your car’s Insured Declared Value or IDV depends on on its current market value. As the car ages, its market value decreases, and so does your insurance premium. In case of a total loss, you may receive the IDV amount as compensation at the time of claim settlement. Always check the IDV carefully and ensure it aligns with your car’s market worth.
If your car needs repair, you must visit a garage in the insurance company's network for cashless claims. Although you can pay and claim the amount after getting the car repaired, taking it to a network garage will make the insurer liable to pay the repair cost directly.
Different insurance plans may have varying premiums according to the coverage and your car’s make and model. However, you must consider your budget when opting for car insurance. If you are buying add-ons, ensure they are necessary to keep the premiums under control. Use an online Car Insurance Premium Calculator to know your premiums before finalising a policy.
An insurance company’s claim settlement ratio is a significant factor affecting your decision. A high ratio indicates a better chance of timely claim settlement without hassle.
A top car insurance plan from Hero FinCorp provides coverage under the following circumstances:
A car insurance plan does not provide coverage under the following circumstances:
At Hero FinCorp, you can buy car insurance online, making the entire process much easier and faster. Here are some important benefits of purchasing insurance online:
When buying insurance online, you can compare various insurance plans and pick one that best fits your requirements and budget.
Buying your car insurance online saves you from paying additional overhead costs that the insurance provider must pay to evaluate applications offline. You can avail of these savings through special discounts and premium benefits.
When looking for car insurance online, you can get instant quotes for different policies, along with details about their coverage, premiums, suitable add-ons, etc. Consequently, you can deep dive and pick a policy best suited to your budget and needs.
Purchasing insurance online eliminates the need for paperwork. Waiting in queues, hefty documentation, and paper use are not a part of the easy and quick online process. Simply fill in a few details in an online form and get instant quotes suitable to your requirements
You can easily add or remove any add-ons when purchasing or renewing insurance online, making customisation easier.
Apart from being easy and quick, the online procedure of buying insurance is also safer. Your personal, financial, vehicle and payment details are completely safe and confidential. Hero FinCorp uses secure payment gateways to avoid fraud risk.
Follow the below steps to purchase car insurance for a new car or renew an existing policy:
Premium is an important factor affecting your policy purchase decision. It is common to compare the premiums of different insurance plans and choose the most affordable one. Therefore, knowing the factors affecting your insurance premium is essential. These include the following:
Here are few tips to reduce your car insurance premium:
While standalone and third-party liability insurance plans have limited coverage, a comprehensive insurance plan provides both along with other benefits.
Car insurance for a new car is always expensive because its IDV is at its maximum at this point. However, the IDV decreases each year, reducing the insurance premium gradually.
Third-party insurance coverage is mandatory in India under the Motor Vehicles Act 1988. However, you can skip it if you already have third-party insurance under another motor policy.
The process of purchasing car insurance online completes in just a few minutes. Just enter the required details and get your insurance document via email instantaneously.
Yes, both insurance plans are the same. The only difference is the absence of paperwork and branch visits with the online procedure.
Buying car insurance online is completely safe. Just ensure you are using the authentic Hero FinCorp website or app to make the purchase.
According to the motor insurance policy rules, you can make unlimited insurance claims in a year.
If you take your car for repair to a garage under the insurer's network, the insurance company will directly pay the claim amount, and you do not need to pay anything out of pocket. However, in a non-cashless claim settlement, you must pay the repair cost from your pocket and reimburse it later from the insurance company.
Hero FinCorp is a registered NBFC as Hero Honda FinLease Limited, operational since 1991. The article is for information purposes only. The terms and conditions may vary per the NBFC's discretion and policies. Read the product brochure carefully for complete details before making your purchase.
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