The premium price of third-party car insurance plans is determined by the IRDAI, whereas the premium for standalone own-damage and comprehensive plans vary from insurance company to insurance company. Following are some factors which affect the premium for own-damage four wheeler insurance cover:
1. Insured declared value (IDV)
2. Make and model of the car
3. Deductibles
4. Seating capacity
5. Cubic capacity
6. Previous insurance history

The type of coverage has an impact on the premiums. Do compare insurance premiums to obtain the best deal. The IRDA decides third-party premium amounts.

Depreciation in car insurance refers to the loss of the insured car’s value with time due to wear and tear. The depreciation rate plays a vital part in a car insurance policy as insurance companies consider, based on the car’s age, to determine the value they agree to provide for your car.

Comprehensive car insurance gives coverage to your third-party liabilities in addition to the damage sustained by your car due to an accident, theft, fire, natural calamities like earthquake, flood, etc., and man-made disasters such as riots, strikes, and so on.

Zero Depreciation is an add-on cover in car insurance that make the insurance company pay the complete amount of claim to the policyholder without taking the depreciation cost on the parts of the car into consideration. Since it is an add-on, you will have to pay a little extra premium to avail of it.

Insured Declared Value (IDV) in car insurance is the maximum sum insured set by the insurance company to offer to policyholders in case of theft or total loss of the insured car. IDV is the present market value of the car and if your car suffers total loss, the IDV will be provided as compensation.

A cashless car insurance claim is designed to provide you with instant aid after an accident or any unfortunate event and helps you avoid paying any repair costs. However, the cashless car insurance claim can be availed only when your car is sent for repair to a network garage of your insurance provider.

A policyholder receives a No Claim Bonus (NCB) if they haven't filed any claims throughout the insurance period. The comprehensive insurance plan in India varies between 20-50%, according to current laws. A third-party motor insurance plan does not qualify for the NCB. At the time of the vehicle transfer, the insurance plan can be transferred to a new insurance provider, but NCB can't be transferred. The new buyer is responsible for paying the outstanding balance. The NCB can be used by the car's original/ former owner when acquiring a new vehicle.

Yes, if the policyholder changes their motor insurance carrier at the time of renewal, they are eligible for the NCB. All you'd have to do is show verification of the NCB you've earned from your existing insurance provider. You can show an authentic copy of your expired policy and certification showing you haven't filed a claim against the (expiring) insurance plan. Proof of this can be found in a renewal notification or a letter from your former insurance provider stating that you are eligible for the NCB.

The deductible is the amount that must be paid out of pocket if a claim is filed. Generally, there is a standard or mandatory deductible for most automobiles, such as two-wheeler vehicles or cars and commercial vehicles like trucks. It depends on the carrying capacity or cubic capacity of the vehicle. However, in some situations, the insurance carrier may impose a larger deductible based on the vehicle's age or the frequency with which the claims are filed.

As per the Indian Motor Tariff, every car owner in the country is compulsorily required to own at least a third party car insurance cover. Absence of a valid third party car insurance plan is a punishable offence which attracts a fine of Rs. 2,000 and/or imprisonment of up to 3 months for the first offence.

Car Insurance/Four Wheeler Insurance is an agreement between an insurance company and a car owner under which the former provides an insurance cover to the policyholder for financial damages incurred by his/her car in unforeseen events. Depending on the coverage, there are three types of car insurance plans – third partythird-party car insurance policy, standalone own-damage car insurance and comprehensive car insurance policy. Car insurance renewal online process provides instant e-Policy.