Car Insurance.
Your Car, Your Coverage, Your Peace of Mind
What is Car Insurance?
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.
Why Do You Need Car Insurance?
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:
Legal Compliance
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.
Third-Party Liability Protection
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.
Coverage Against Theft
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.
Financial Protection
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.
Coverage During Natural Calamities
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.
Personal Accident Cover
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.
Benefits of Hero FinCorp Insurance.
Let’s look at the benefits that make Hero FinCorp 4-wheeler insurance better than others:
100% Digital Procedure:
In just a few easy steps, you can purchase or renew your car insurance policy from the comfort of your home. Simply enter a few details, compare different plans, select one based on your coverage needs, and make the payment to purchase your policy without hassles
Add-on Covers:
You will find a wide range of add-ons that you can use to customise your insurance plan and get more extensive coverage.
Wide Network:
With a huge pan India network, you can obtain cashless claims with your Hero FinCorp auto insurance policy.
Easy Claim Settlement:
When you want to file an insurance claim, the settlement process is pretty convenient and quick at Hero FinCorp. Simply visit the website and click the 'Claims' section to complete an online form. The claim process starts immediately with complete support and transparency.
Security:
Your insurance plan will keep your car completely protected against different types of damages, loss, or theft, even due to natural calamities and man-made disasters. No matter what kind of damage your car undergoes, your car insurance will cover the loss without hassle.
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Types of Car Insurance Plans by Hero FinCorp.
Hero FinCorp offers all three types of car insurance plans to meet the coverage needs of various customers. These include the following:
Standalone Car Insurance Policy
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.
Third-Party Car Insurance Policy
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
Comprehensive Car Insurance Policy
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.
Choosing the Right Car Insurance Policy.
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:
Insurance Type
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.
Coverage
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.
Add-ons
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.
Insured Declared Value
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.
Network
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.
Insurance Premiums
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
Claim Settlement Ratio
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.
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If You Are Eligible.
- Theft: A comprehensive insurance plan reimburses you the IDV if your insured car gets stolen and the authorities are unable to trace it.
- Damage in a Natural Disaster: A standalone and comprehensive insurance policy provides coverage if your car gets damaged in a natural disaster like a cyclone, earthquake, flood, frost, rainfall, snowfall, etc.
- Damage in a Fire or Man-made Calamity: Insurance covers damage caused by fire due to self-ignition, explosion, or lightning. It also provides coverage against a man-made calamity like a terror attack, riot, etc.
- Transit: If you move your car from one place to another through rail, water, air, or road, the insurance plan will cover the damages caused during transit.
- Third-Party Liabilities: Both third-party and comprehensive insurance plans cover death or physical injury to a third party or damage to their vehicle or property.
- Personal Accident Cover: If you opt for a Personal Accident Cover with a comprehensive insurance plan, it provides coverage against the death, major injury, or incapacitation of the car owner or driver.
A top car insurance plan from Hero FinCorp provides coverage under the following circumstances:
What Does Car Insurance Not cover?
A car insurance plan does not provide coverage under the following circumstances:
- Ordinary wear and tear due to depreciation and regular usage
- Costs for the car’s general maintenance
- Damages caused due to nuclear peril or a war-like situation in the area
- If you were driving the car without a proper license
- If you were driving the vehicle outside of India
- If you were driving under the influence of drugs or alcohol
- If the damage was caused due to your negligence while driving
- If you were using your private car for a commercial purpose
- If you were crash testing, speed racing, or driving irresponsibly
Benefits of Buying Car Insurance Online.
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:
Easy Comparison
When buying insurance online, you can compare various insurance plans and pick one that best fits your requirements and budget.
Money Saving
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.
Instant Quote
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.
Quick and Paperless
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
Customisation
You can easily add or remove any add-ons when purchasing or renewing insurance online, making customisation easier.
High Security
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.
Stepwise to Buy Car Insurance Online.
Follow the below steps to purchase car insurance for a new car or renew an existing policy:
- Visit Hero FinCorp’s website or download the app.
- Open the car insurance section.
- Click on ‘Buy’ or ‘Renew’ button.
- Enter your car registration number and previous policy details.
- Compare the various insurance plans available on the platform.
- Select any add-ons you want to purchase.
- Enter your card or net banking details to complete the payment.
- Receive the insurance policy via email.
Factors Affecting Car Insurance Premium.
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:
IDV (Insured Declared Value):
IDV is your car’s current market value after considering depreciation. It is the maximum amount you may receive if your car gets stolen or suffers a total loss. The higher your IDV, the bigger the insurance premiums will be.
Car’s Age:
Your car's age affects your car insurance price. New car insurance is costlier then old ones. Since the car's value decreases yearly, the IDV will also fall and reduce the premium with age.
Coverage:
Your premium largely depends on the type of policy you purchase. A third-party insurance that covers only third-party liabilities is cheaper than a comprehensive policy that provides more extensive coverage.
Add ons:
Your car insurance price will increase if you purchase add-ons in the package.
Engine Capacity:
Cars with higher cc engines attract higher insurance premiums.
Deductible:
A higher voluntary deductible reduces your premium cost by reducing the insurance company's liability towards your claim.
Claims History:
You may avail of a No Claim Bonus if you do not make any claims during an insurance year, reducing your renewal premium amount. For instance, at Hero FinCorp, you can claim an NCB of 20% if you do not make a claim in the last year. The NCB increases to 50% for five years of no claim period.
Other Factors:
Other factors like your car's variants, make and model, registration, location, age, modifications, security features, etc., also affect your insurance premium.
Tips to Reduce Your Car Insurance Premium.
Here are few tips to reduce your car insurance premium:
- Install Security Devices: Devices like anti-theft apparatus, parking sensors, etc., will effectively reduce your vehicle’s risk, attracting lower insurance premiums.
- Use No Claim Bonus: When renewing your insurance plan, see if you qualify for a No Claim Bonus and use one to reduce your premium.
- IDV: Reducing the vehicle’s IDV can reduce your premium cost. However, it will also reduce the amount you will receive if you need to make a claim.
- Increase Deductible: Opt for a higher voluntary deductible to reduce your premium size.
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Frequently Asked Questions.
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.
Disclaimer.
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.