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| Types of Plans | Ideal Health Insurance Sum Insured | ||
|---|---|---|---|
| Tier-1 City | Tier-2 City | Tier-3 City | |
| Individual Health Insurance Plan | ₹10 lakh & above | ₹5-10 lakh | ₹5 lakh |
| Family Floater Health Insurance Plan | ₹30 lakh & above | ₹20 lakh & above | ₹10 lakh & above |
| Senior Citizen Health Insurance Plan | ₹20 lakh & above | ₹15 lakh & above | ₹10 lakh & above |
Types of Health Insurance
Individual Health Insurance Plan
Policy that covers a single person in case of hospitalisation and medical bills.
Eligibility - Individuals
Family Floater Health Insurance Plan
Policy that covers multiple family members under a single plan
Eligibility - Family (including spouse, parents and children)
Senior Citizen Health Insurance Plan
Policy that covers individuals above the age of 65 years
Eligibility - Individuals above the age of 65 years
Critical Illness Insurance Plan
Policy covering an individual for expensive treatment of critical illnesses such as cancer
Eligibility - Individuals
Eligibility - Individuals
Group Health Insurance Plan
Policies that usually covers a group of people within an organisation or corporate structure
Eligibility - Group of people such as within a corporate ecosystem
Eligibility - Group of people such as within a corporate ecosystem
Top-Up Health Insurance Plan
Policies that help individuals, groups, or family to upgrade their plan and provide additional coverage at a certain additional cost
Eligibility - Everyone (individuals, group, family)
Eligibility - Everyone (individuals, group, family)
Maternity Health Insurance Plan
Policies for individuals/mothers to cover expenses during prenatal, delivery, and post-natal stage
Eligibility - Individuals
Eligibility - Individuals
Key Benefits of Health Insurance Plans in India
Key features of a Health insurance policy
Third-party Car Insurance vs Comprehensive Car Insurance
By definition, we now know that the basic difference between the two types of insurance is that a third-party car insurance policy protects you only against third-party liabilities while comprehensive insurance for your car will offer 360-degree protection.
Here is a table comparing coverage offered under third-party and comprehensive car insurance policies in India.
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Car Insurance Add-On Covers
Add-ons in motor insurance are additional covers that you can buy with your comprehensive or standalone own-damage policy to enhance its coverage. You can purchase these add-ons for an extra premium.
Let's explore some major add-ons that you can choose with your insurance for car:
Let's explore some major add-ons that you can choose with your insurance for car:
Zero Depreciation Cover
Also called a nil dep policy, this add-on offers a complete payout for coverage without subtracting the depreciating value of the vehicle. It helps you get complete protection by providing full settlement coverage for your insured vehicle and eliminating depreciation costs. It is to be noted that tyres, tubes and batteries are covered 50% even under this policy.
No Claim Bonus (NCB) Protection Cover
While NCB provides discounts for not making any claim in the previous policy year, an NCB Protect cover is like an additional protection layer. It helps save you up to 50% on car insurance renewal premiums even if you raised a claim during a policy year. You can purchase this add-on along with a comprehensive insurance policy.
Engine Protection Cover
A comprehensive car insurance policy provides extensive coverage yet excludes damages to the engine itself. An Engine Protection cover provides coverage for losses due to oil leakage or water ingress, covering key components like the gearbox, engine parts, and differential.
Pay as You Drive Cover
Pay-as-you-drive (PAYD) car insurance is a type of car insurance cover which is based on the usage-based insurance (UBI) insurance model. It allows you to reduce your own damage premium by charging you based on kilometres driven in a policy tenure. This add-on is ideal for individuals who drive occasionally or own more than one 4-wheeler.
Consumables Cover
A Consumables Cover add-on covers the costs of replacing essential consumable parts. These small but critical parts include nuts, bolts, screws, AC gas, lubricants, filters, and much more.
Key Protection Cover
Losing car keys can be a harrowing experience, which you can avoid with a Key and Lock Protect cover. With this add-on, the insurer covers the costs of replacing and repairing keys under key protection cover.
Daily Allowance Benefit
Daily allowance add-on covers your transportation expenses when your car is being repaired in the garage after an accident. Under this add-on, the insurer provides a daily travel allowance if the damaged four-wheeler is in the garage for more than 3 days.
Personal Accident Cover
The personal accident cover compensates if the owner-driver suffers injuries, permanent/partial disability or death in an accident. The maximum sum insured in the PA cover for car insurance is Rs. 15 lakhs. Additionally, extended personal accident coverage for co-passengers is also available, subject to pre-determined limits.
Roadside Assistance Cover
The RSA cover or Roadside Assistance cover is the emergency helpline service provided by the insurance provider. It helps you with services like towing, fuel delivery, flat tyre repairs, and lockouts minor repairs. Your insurance company sends a mechanic to your location to fix the damage to your four wheeler. Since insurers do not count Roadside assistance coverage as a claim, it will not affect your NCB.
Return To Invoice Cover
The Return to Invoice add-on cover helps you receive your 4-wheeler's original invoice amount in the event of theft or total loss. This includes the ex-showroom price, road tax, and first-time registration charges. It is to be noted that the RTI coverage may differ from insurer to insurer.
Personal Baggage Cover
With Personal possession add-on cover, you get coverage if your personal belongings get damaged in an unfortunate event or stolen when your four-wheeler is parked in authorised parking. The coverage amount is limited and varies from insurer to insurer.
Tyre Protection Cover
A comprehensive insurance policy excludes tyre or tube damages in an unfortunate accident. A Tyre Protection cover covers expenses related to repairing or replacement of tyres or tubes.
Driver and Passenger Cover
This add-on cover provides financial protection against accidental injuries to passengers riding in the insured car. The insurer covers financial aid for medical expenses, with a maximum coverage of up to Rs. 2 lakh.
Car Insurance Add-ons Based on Your Coverage Requirements
Here is a summary of who should buy which add-on cover depending on its benefit.
Factors Affecting Car Insurance Premium
Several factors affect car insurance prices. You can easily check your insurance premium using an online car insurance premium calculator.
However, you must keep in mind certain factors that can affect the insurance price for car.
However, you must keep in mind certain factors that can affect the insurance price for car.
Type of Policy Coverage
The car insurance premium price is decided based on the type of coverage you opt for. Basically, third-party insurance carries the lowest premium as it only covers third-party damages. The premium becomes higher if you purchase own-damage or comprehensive insurance.
Insured Declared Value (IDV)
IDV, the current market value of the insured four wheeler, significantly affects car insurance premiums. It is the maximum amount a policyholder receives in case of a total loss or theft. Usually, the higher the IDV, the higher its insurance premium.
Car Model
A four-wheeler's make, model, and variant significantly affect its insurance premium. Typically, insuring high-end models costs more than base models because of the higher repair or replacement costs.
Location
Usually, the 4-wheeler insurance premium is higher in metropolitan cities because of denser traffic and, consequently, higher chances of accidental damage.
Vehicle Age
The manufacturing year of the four wheeler is also considered when deciding the car insurance premiums. Insuring newly launched cars can be expensive since their spare parts might not be available in the market.
No Claim Bonus
If you have not filed claims during the policy term, the insurer provides a discount in terms of the No Claim Bonus (NCB). You can use this reward to reduce the policy premium at the time of car insurance renewal.
Driving Record
Many insurers check your driving history when deciding the four-wheeler insurance premium prices. Traffic infractions and accidents can affect this amount.
Add-on Covers
Though enhancing the policy coverage with add-on covers provides wider protection, it will increase the premium, too. Hence, you must choose the add-ons for your policy wisely.
How Can You Save on Your Car Insurance Premium?
Now that you know the factors that affect the prices for four-wheeler insurance, it is worthwhile to know about the
tips through which you can lower the premium cost. Follow the below-mentioned points to save on car insurance
premium while ensuring optimum coverage.
tips through which you can lower the premium cost. Follow the below-mentioned points to save on car insurance
premium while ensuring optimum coverage.
Compare Car Insurance Plans
Car insurance premium rates vary based on the coverage options and benefits the insurer offers. Hence, you should compare car insurance policies online to select the one with a cost-effective premium.
Install Anti-theft Devices
Another way to save on your insurance premium for cars is to install an ARAI (Automotive Research Association of India)-certified anti-theft device in your four-wheeler. If you have installed security devices in your car, insurers provide a discount of up to 2.5% of OD premium or Rs. 500, making your premium more affordable.
Avoid Modifications
It is important to understand how modifications affect car insurance premiums. Every modification done to your four-wheeler increases its value and, in turn, its premium cost. Hence, you must not make any unnecessary modifications to avoid high premiums.
Choose the Right Add-ons
You should take some time to identify the add-on covers tailored to your vehicle's type and requirements. It ensures optimum coverage and helps lower your overall car insurance premium. You may consider some beneficial add-ons such as zero deprecation, roadside assistance, and engine protection for a great driving experience.
Avoid Small Claims
If you face minor issues with your car and the cost is manageable, you should avoid making claims for them since this can affect your NCB and, ultimately, the premium. Hence, this small, mindful step of not making claims for minor damages can help you save big on your car insurance premium.
Did you know you can save from 20 to 50% with an NCB discount? Read this guide to know how NCB is calculated in a car insurance policy?
Did you know you can save from 20 to 50% with an NCB discount? Read this guide to know how NCB is calculated in a car insurance policy?
Opt for Pay as You Drive (PAYD) Insurance
Pay-as-you-drive (PAYD) or pay-as-you-go insurance is usage-based car insurance policy. Under this, you pay the policy premium only for the number of kilometres you drive. Hence, if you don't drive frequently or long distances, you should opt for PAYD to save on your policy premium.
Avoid Policy Lapse
If you renew car insurance after its expiry, it leads to a policy lapse. It, in turn, increases the renewal premium and cancels NCB. So, you should get your car insurance renewal on time to avoid hefty premium amounts.
Increase Deductibles
Deductible is the amount that you agree to pay out-of-pocket when making a claim. When you increase your share of deductibles, the insurer offers you some discount on the car premium as you agree to pay more when you have a claim.
Your car is more than just a vehicle; it’s a part of your daily life. Whether it’s a minor dent or a major accident, Car Insurance protects you from unexpected financial burdens. At FinArray, we make it easy for you to compare, customize, and buy car insurance online—so you can drive worry-free!
Important Car Insurance Terminologies You Must Know
Check out some of the commonly-used car insurance terminologies
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