Long-Term Car Insurance

Tired of the continuous hassle of car insurance renewals? Want to find a solution that offers comprehensive coverage and a stress-free experience? Invest in Long-Term Car Insurance!

Securing your car from unexpected damage and loss is crucial to protecting your savings and is also mandatory as per Indian traffic rules and regulations. Among the various types of car insurance policies, a long-term motor insurance policy provides continuous coverage without regular renewals.

Reliance General Insurance offers comprehensive long-term motor insurance to provide additional peace of mind and convenience of vehicle protection without additional annual renewal hassle.

What is Long-Term Car Insu​​rance & How Does it Work?

A long-term car insurance policy, also known as a multi-year car insurance plan, offers extensive coverage for your car for longer periods.

Standard 1-year car insurance plans offer an annual renewal facility. In contrast, a long-term motor insurance policy provides continuous coverage for your vehicle for multiple years, between 3-year car insurance and 5-year plans, for convenient car protection.

Thus, with a long-term car plan or vehicle insurance for 3 years or 5 years, you reduce the risk of losing insurance coverage in times of need due to delayed policy renewals. Moreover, you avoid the hassle of annual renewals.

How Does Long-Term Car Insuran​​ce Work?

• Choose a Plan - Assess and select a car insurance long-term policy, depending on the number of years for which you want continuous coverage for your car.
• Pay the Premium - You pay the entire 5-or 3-year car insurance policy price upfront at the time of purchase.
• Benefit from Continuous Coverage- The policy covers your car against unforeseen circumstances included in your policy. This can include either a 3-year third-party coverage or a 3-year own damage plus third-party coverage based on the individual preferences of car owners.
• Raise Claims - In case of accidental damage or loss to your car, you can raise claims to receive financial support.
• Get Claim Settlement- Get claim approval and benefit from necessary financial protection to cover repair and replacement costs. You can file a cashless claim for direct settlement between the insurer and the authorised garage or a reimbursement claim to have the expenses reimbursed to your bank account.

Also Read - Benefits of Long-Term Car Insurance

Reliance General Long-Term Car In​​surance Policy

Key Features of Reliance Lo​​ng-Term Car Insurance

Customer Review on Reliance Long-Term Car Insurance

Reliance General Long-Term Car Insurance - Inclusion & Exclusion

Inclusions of Long-Term Car Insurance Cover

• Accidental damage due to collision or other uncontrollable situations.
• Damages caused by natural disasters such as cyclones, floods, earthquakes, hailstorms, hurricanes, typhoons and lightning.
  
• Damages due to man-made disasters such as terrorism, riots, strikes, malicious acts, etc.
• Loss due to theft or vandalism.
• Damages due to fire and explosions.
• Damages or losses caused to third parties or their properties.
• Damages incurred during transit from road, air, or rail

Exclusions of Multi-Year Car Insurance Cover

• Damages incurred due to negligent driving.
• Damages incurred due to drinking and driving.
• Damages incurred when driving without the mandatory personal and car documents.
• General wear and tear of your car.
• Previous damages.
• Electrical and mechanical breakdowns of the car.
• Any damage or loss due to the car value’s depreciation.
• Damages or losses incurred when using your private car for commercial purposes.
• Damages due to nuclear attacks or wars.

How to Choose the Right Lo​​ng-Term Car Insurance Plan?

Assess your Coverage Needs and Budget

To find the most appropriate long-term car insurance policy for your vehicle, you must first assess your coverage needs and decide on a budget. This assessment is crucial to avoid paying for unnecessary coverage or overspending on premiums for long-term car insurance.

Compare Different Plans

Once you understand the type of coverage you need and your budget, you must compare different car insurance long-term plans. This should be based on premiums and inclusions to determine which plan meets your requirements and fits within your budget.

Review Policy Inclusions and Exclusions

You must also carefully review the various policy inclusions and exclusions to check whether what you require is covered in the plan of your choice. This will also help with effective claim settlements and reduce the risk of claim rejections for uncovered situations.

Read Policy Wording

You need to read the policy document thoroughly to assess the various terms and conditions applicable to different types of claims. This will ensure you are well-prepared during emergencies and can access the necessary financial support in times of need.

Check Insurer’s Claim Settlement Ratio

Along with the choice of the right policy, you must also check an insurer’s claim settlement ratio. The higher the claim settlement ratio, the quicker and more efficient claim settlements will be. Reliance General Insurance has a 100% claim settlement ratio to ensure maximum customer support and satisfaction.

Review Online Convenience

Check for the availability of online processes for policy purchases, renewing long-term car insurance, comparisons and claim requests with the insurer of your choice. This is crucial as it reduces the hassle of physical documentation and other time-consuming efforts in times of need.

Assess Available Customer Support

Another important aspect to consider is the availability of customer support with the chosen insurer. Having 24/7 customer support ensures all your doubts and queries related to a long-term motor insurance plan are resolved instantly.

How to Buy Long-Term Car ​Insurance Online?

• Step 1 - Visit our website > Select Explore Products > Click on “Long-Term Car Insurance”.
• Step 2 - At the top of the page, enter the requested information and choose your multi-year car insurance policy coverage. The list of information includes your name, email address and mobile number.
• Step 3 - Once done, click “Submit” to send your application.
• Step 4 - Now, wait for our expert representatives to contact you with the various long-term motor insurance plans available for your vehicle.

Remember to read the policy document carefully to understand the specific terms and conditions before making the final decision.

Also Read - ​Reasons Behind Purchasing a Long-Term Car Insurance Policy

Step to Renew Long-Term ​​Car Insurance Policy Online

• Step 1 - Go to Our Website > Renewal > Renew Car Insurance
• Step 2 - In the first section, enter your mobile number or policy number. In the next section, choose between vehicle registration, engine or chassis number and provide the same information accurately.
• Step 3 - Once done, click on “Go” to proceed.
  
• Step 4 - Review your existing long-term motor insurance policy, add or remove add-ons and submit the details to get an updated premium quote.
• Step 5 - If the revised premium is satisfactory, make the online payment to instantly renew your car insurance long-term plan.

How to Calculate Long-Term Car I​​nsurance Premiums?

• Step 1 - Visit our website.
• Step 2 - Select “Car” on the top of the homepage.
• Step 3 - Add your vehicle registration number, email address and mobile number accurately.
• Step 4 - Click on “View Prices”.
• Step 5 - Check the different applicable multi-year car insurance plans and premiums on your screen to make the final decision.

Factors Affecting Multi-Year Car ​​Insurance Premiums

Make and Model of Vehicle

The make and model of your car directly impact the multi-year car insurance premium. Premiums are higher for high-performance or luxury cars as they attract higher repair and maintenance costs compared to lower variants of the same car.

Age of Vehicle

The age of your car also affects your multi-year car insurance policy premium. For older cars, given their lower market value, the premium tends to be lower, whereas for new cars, the market value is higher, resulting in higher premiums.

Age of the Driver

Some insurers also consider the age of the car owner or driver when calculating premiums. Young drivers under 25 are often considered a risk due to their lack of driving experience, resulting in higher premiums. On the other hand, older drivers with more experience can benefit from lower premiums.

Driver’s History

Your driving record can increase or decrease your insurance premiums. A clean driving record attracts lower premiums, whereas a driving record with multiple traffic violations and accidents results in higher premiums due to the risk profile.

Add-Ons

The type and number of add-ons you combine with your multi-year car insurance plan impact your premium. Every add-on increases the premium value, as the base coverage is customised for increased financial protection.

Deductibles

Deductibles refer to the out-of-pocket expenses you incur before the insurance claim kicks in during emergencies. A higher deductible results in lower premiums and vice versa. However, be careful when choosing a deductible amount to avoid getting burdened with hefty upfront expenses.

Claim History

Your claim history also impacts the premiums. A history of numerous claims for your car can result in higher premiums. On the other hand, claim-free years can increase your No Claim Bonus benefit and result in lower premiums for your plan at the time of renewal.

Insured Declared Value

The insured declared value (IDV) of your car also has a direct impact on your long-term car insurance premium. If you choose a higher IDV, you will be charged a higher premium and vice versa.

Tips to Reduce Multi-Year C​ar Insurance Premiums

• Practise safe driving, as a clean driving record attracts lower premiums and a higher chance of additional discounts.
• Carefully choose a deductible amount, keeping in mind the potential upfront expenses you can manage on your own before the insurance claim money kicks in. Opting for a higher deductible will directly lower your premiums.
• Install anti-theft and other safety devices in your car. This will significantly reduce the risk of theft and make your car safer for insurance companies, resulting in lower premiums.
• Compare different long-term car insurance plans and premiums before making the final choice.
• Be careful when selecting and combining add-ons with your base insurance plan to avoid paying for unnecessary coverage.

How to File Claims for Long-Te​​rm Car Insurance?

• Step 1 - Inform us regarding the incident within 24 hours of its occurrence by either calling +91-22-4890-3008 or downloading our Reliance Self-i Help App on your mobile number.
• Step 2 - File a First Information Report (FIR) in case of a car accident or theft. In addition, collect all the other supporting documents to submit as proof of damages to us.
• Step 3 - Submit the long-term motor insurance claim form and other documents to us for evaluation. We will then send our surveyor to assess the damages to your car.
• Step 4 - We will verify your claim form and documents to decide on your claim request.
• Step 5 - If your claim is approved, you can either have the necessary claim settlement amount sent to your bank account or avail of a cashless claim, in which we settle the repair bills directly with the network garage on your behalf.

Long-Term vs. Short-Term Car Insu​rance - Which is Better?

​ Frequently Asked Questions Abou​t Long-Term Car Insurance

General

• Why should I choose ​Reliance General Insurance for my car insurance?

  Reliance General Insurance is one of the top insurance providers in India. Here is why you should choose them for your car insurance needs. -

  1. Cashless claim convenience with over 10,000+ authorised garages

  2. Customisation flexibility with a wide range of add-ons

  3. Competitive premiums with many discounts for increased affordability

  4. User-friendly website and online convenience for all insurance needs

  5. 24/7 customer support

  6. A dedicated mobile app, Reliance Self-i for all your insurance needs

• My car was stole​​n. What support​​ can I get from my long-term car insurance?​

  If your car is stolen, you can file a claim with your long-term car insurance policy and get reimbursement based on your vehicle’s IDV. The amount of financial compensation you will receive will depend on your car’s deductibles and IDV alone, so you must consider the IDV amount carefully.

Premiums

• List some factors that influence 3-year car insurance prices.

  Some of the crucial factors that impact car insurance for 3 years premium include location of the car, age of the car, make and model of the car, types and number of add-ons and insurance claim history.

• Does the choice between online and offline policy purchase have any impact on long-term package policy 3 years premiums?

  With the online process to buy 3- or 1-year auto insurance plans, you may benefit from lower premiums due to the following reasons -

  • Lower overhead expenses

  • Lower operational costs

  • Zero paperwork expenses, as paperless policies

  Moreover, with Reliance General, you can avail of discounts of up to 90% on premiums for car insurance policies under different categories on online purchases. This reduces the premiums even further, making the online process an ideal option.

Policy

• What is the main difference between long-term and annual car insurance plans?

  The main difference between a long-term car insurance plan and a short-term car insurance policy is the policy tenure.

  A short-term car insurance plan has to be renewed annually, whereas a long-term plan is usually for 3 to 5 years, after which renewal is required. Due to the longer duration of continuous coverage, long-term plans offer lower premiums.

• Is a long-term car insurance policy mandatory?

  According to the Motor Vehicles Act 1988 and the recent amendments, third-party long-term car insurance plans are now mandatory for all new vehicles in India. Not having this coverage can result in hefty fines and legal consequences.

• What is the eligibility for long-term car insurance?

  The basic eligibility criteria include -

  • You must have a valid car registration certificate

  • You must have a valid driving licence

  • You must be at least 21 years of age

  • You need to present your driving history

  • You must share copies of previous car insurance policies, if any

Claims

• What documents are required to submit a long-term car insurance claim?

  1. A duly filled and signed claim form.

  2. A clear copy of your car’s registration certificate.

  3. A clear copy of your long-term car insurance policy.

  4. A First Information Report (for accidents or theft cases).

  5. Driving licence.

• Can I file a cashless claim with long-term car insurance?

  Yes, most insurers, such as Reliance General Insurance, offer the convenience of cashless claims. With this option, all you need to do is take your car to one of the authorised garages within the insurer’s network and avail of a direct claim settlement between the insurer and the garage.

Add-Ons

• What is the return to invoice add-on for car insurance?

  The return to invoice add-on is helpful when your car is damaged beyond repair or stolen. With this add-on, you can avail of a complete reimbursement of your car’s original price, regardless of the changed market value, to recover for the total loss of the vehicle.

• What is the Insured Declared Value for a car?

  The insured declared value of your car is an estimated calculation of your car’s market value at the time of car purchase. Based on this calculation, you get the same amount as compensation in case of a total loss of the vehicle. Thus, it is important to carefully decide the IDV of your car, as it has a direct impact on your claim amount.

Disclaimer:*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.The total no. of customers insured data is for FY24 and has been picked up from the number of lives insured for Health, Personal Accident, Overseas Travel, Domestic Travel, Workmen Compensation and Crop Insurance, Weather LOB & Fire LOB provided by IRDAI count that is master policy count. Other than these LOBs, we have also provided data for the number of certificates issued.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