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Buying your dream car is an unforgettable milestone. But what comes next? The essential question: “How to get car insurance?”.
Choosing the right car insurance policy with adequate coverage and features is necessary for a safe and enjoyable experience on the road. With countless options available, choosing the right car insurance plan for your car can be a difficult task.
Here is a car insurance buying guide that can help you select the most suitable and affordable policy.
Before we get into the car insurance guide, let's understand why it is important to choose the right policy.
Start by assessing key factors such as your car’s make, model, age, and specifications, as these influence potential repair costs. Consider your usage patterns, whether for daily commutes or frequent long-distance travel.
Also, understand your typical routes and risk exposure, especially if they include accident-prone zones.
Types of Car Insurance Plans
Details
Third-Party Car Insurance
Mandatory by law
Covers third-party bodily injuries, death and property damages
Does not cover your car damages
Own Damage Car Insurance
Exclusively covers your car damages and their related expenses due to accidents, theft, fire, explosions, natural calamities, man-made disasters and more.
Does not cover third-party liabilities
Comprehensive Car Insurance
Offers coverage for your own car’s damages and third-party liabilities.
It can further be customised with a wide range of optional covers for a more personalised protection.
You can choose the type of car insurance you need based on your requirements. For instance, third-party car insurance is suitable if you own an old car and use it less frequently, and comprehensive car insurance is suitable if you seek complete protection.
IDV in insurance is the maximum amount that you can receive from your car insurance claim in the event of total loss or theft. It is calculated based on your car’s current market value and accounted for its depreciation.
You can determine this value at the time of purchase and during car insurance renewal. However, keep in mind that a higher IDV leads to a higher premium, while opting for a lower IDV may result in inadequate coverage.
Now that you know your requirements, it is time to compare and choose the right car insurance plan for your financial protection. Compare different policies based on their products, coverage benefits, discounts, etc.
The next few pointers will help you understand the different factors to consider when choosing a suitable policy.
Add-ons are optional covers that can be included in your car insurance policy for additional protection. Find the range of add-ons offered and the applicable premium. Here are a few popular add-ons:
Carefully review the policy document to fully understand the inclusions and exclusions of your car insurance plan. This will help you know what is and isn’t covered and the extent to which you can file a claim.
Without this knowledge of the insurer’s specific car insurance guidelines, you may unknowingly file a claim for a benefit that isn’t covered, which may lead to its rejection.
Determine and compare the premiums across the different products. It is important to strike the right balance between the required level of coverage and affordability. Although a lower premium can seem appealing, it could mean limited protection.
Cashless repairs allow you to get your car repaired at a network garage without having to pay for the expenses out of your pocket. In case of cashless repairs, simply take your car to a network garage, and your insurer will pay the bills directly.
Deductibles refer to the percentage of claim amount that you need to pay before your insurer covers the remaining amount. A higher deductible often results in a lower premium, but it means you will pay more out-of-pocket expenses in the event of a claim. Always look out for a deductible that aligns with your financial condition.
Ensure that you check how easy it is to file a cashless or reimbursement claim and the process for quick settlement of expenses. A simple car insurance claim may essentially have the following steps:
In addition, research the claim settlement ratio, which refers to the percentage of claims settled by the insurer. A higher claim settlement ratio indicates the insurer’s efficiency and reliability in settling claims.
Also Read: Car Insurance Claims
Apart from the claim process and settlement, you also need to review customer feedback. Research customers' car insurance experiences, customer support responses, and offers and discounts to help you make well-informed decisions.
Apart from the standard discounts, such as the No Claim Bonus, look out for additional offers and discounts that can reduce your premium or offer additional protection.
Look for car insurance policies that can be purchased online. This will help you calculate the premium for the car insurance features you have chosen and compare them to make the right choice. It will also help you maintain and renew your car insurance policy in a timely manner by ensuring that your coverage remains active.
When you research car insurance products to choose a suitable policy, the main factor that people generally consider is the premium rate. However, seeking a car insurance policy at a lower premium should not be the real objective.
Here are a few reasons to consider things beyond premiums when comparing car insurance plans.
The guide to buying auto insurance can help you choose the right car insurance policy with adequate coverage and the best services. However, if you are still interested in cheaper car insurance plans, here is what you can do.
Buy Reliance Car Insurance plans and enjoy the following benefits:
Reliance Car Insurance - Key Features and Benefits
Affordable Premium
Our car insurance plans start at ₹238/Month*
Attractive Discounts
Extensive discounts for online purchases, voluntary deductibles, installing anti-theft devices and more
Online Processes
Hassle-free and user-friendly purchase, renewal and claim settlement online
Flexibility
Over 18 add-ons for non-electric and electric cars
Network of Garages for Cashless Repairs
Over 10,000
Personal Accident Cover
Coverage for accidental death and disabilities for the owner-driver up to ₹15 lakhs
Reliance Self-i App
Online claim intimation, live video calls, instant renewal, and more with our Reliance Self-i App
Claim Settlement Ratio
100% Claim Settlement Ratio for FY 2023-24
24x7 Customer Support
Dedicated customer support 24x7 to address your car insurance concerns
There cannot be one car insurance policy that is best for all buyers. The policy for your car will depend on various factors, such as its specifications (age, make, model, etc.), usage, location, and driving profile. Therefore, it is important to compare and choose the best policy that suits your specific needs.
Inspection is not required for new cars or for cars that are renewed before the policy expires. However, it may be necessary if your car insurance policy has expired and you are purchasing a new one.
Yes, you can buy third-party car insurance plans online.
You can upload the identity-related documents as you proceed to purchase the car insurance policy online.
Yes, you can switch between car insurance providers at the time of renewal.
To purchase car insurance online with Reliance General Insurance, you can refer to our Car Insurance Online page.
You can include add-ons to enhance your car insurance policy based on your specific needs for additional protection. However, it is not mandatory.
No, add-on covers can be purchased only with a base car insurance policy. It cannot be purchased separately as a standalone policy.
You can compare car insurance plans based on various factors, such as the types of policies offered, flexibility, premium, add-ons, optional covers, network of cashless garages, claim procedures, insurer’s reliability and claim settlement ratio.
Disclaimers:
*T&C Apply. For more details on risk factors, terms conditions, brochure, and exclusions, please read the policy wording and CIS carefully before concluding a sale.
This is the overall claim settlement ratio for FY 2023-24 without claim outstanding at the start of the financial year as per public disclosure of Reliance General Insurance Co. Ltd.
The premium mentioned for car Insurance excludes taxes for the private car model Maruti Suzuki Alto 800 with a cubic capacity of less than 1000 cc for a 1-year Own Damage Insurance policy for an IDV of ₹2,34,728. The premium used is 2,853/year as of 1 March 2023 and then converted into a per-month basis, which gives us ₹238/month (2,853/12).
The discount varies basis vehicle specifications, No Claim Bonus discount and Geographical location of the vehicle to be insured. Discounts have been calculated on the basis of the rates prescribed under erstwhile Indian Motor Tariff. Discounts are applicable only to the Own Damage section and discounts may vary as per the vehicle make, model, RTO, age of the vehicle and addition of add-ons like Reliance Limit Sure-Pay As You Drive.
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