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India Today
4 days ago
- Automotive
- India Today
What nobody tells you about buying motor insurance
India's passenger vehicle market is rising, with more people buying cars than ever before. In FY25, domestic wholesale sales touched 4.30 million units, up 1.97% from 4.22 million units in while car sales are climbing, many buyers remain unaware about the finer points of motor insurance, a gap that can cost them money and create problems when making a INSURANCE MARKET IS GROWING FASTThe motor insurance market in India is already large and growing fast. Expert Market Research values it at USD 11.39 billion in 2024, while IMARC Group puts it at USD 29.80 billion and Mordor Intelligence at USD 13.19 2034, the market is expected to cross USD 30 billion, growing at an annual rate of 7.13% to 10.40%. Motor insurance makes up 31.68% of the general insurance sector and recorded 13% growth in of September 2024, it continues to grow at 9%, driven by higher vehicle ownership, rules that make insurance compulsory, more people buying policies online, and the rising demand for specialised cover for electric MISTAKES FIRST-TIME BUYERS MAKEHowever, experts say that many people still make avoidable mistakes when buying a policy, especially first-time Kumar, Sebi-registered investment adviser and founder of Sahaj Money, said, 'Many first-time motor insurance buyers make the beginner's mistake of buying only basic third-party coverage without comparing other policies. They also underestimate required coverage, don't provide correct details, or don't go through policy terms, which could later lead to claim rejection.'One of the most important decisions for a buyer is setting the Insured Declared Value (IDV) of the advises, 'First-time buyers should decide about the vehicle's IDV based on its current market value instead of basing the coverage on its sale price. They should also go for comprehensive coverage and not just third-party coverage.'CHOOSING ADD-ONS WISELYAdd-ons are another area where many car owners are unsure. According to Kumar, 'A coverage which provides zero depreciation, engine protection, and roadside assistance as part of the coverage is a great option as it would help in reducing out-of-pocket expenses and help in emergencies or major repairs.'On the other hand, he said that some add-ons are often unnecessary: 'Add-on cover which provide benefits such as daily allowance, excessive consumables, tyre protection (unless roads are very rough), and loss of belongings are often bought but rarely claimed or needed by vehicle owners.'Balancing cost and coverage is also key. 'Buyers should use online insurance aggregator sites to compare policies online, then tailor their IDV accordingly, choose only needed add-ons, leverage No Claim Bonus, and consider voluntary deductibles to cut premium costs,' says THE FINE PRINT BEFORE SIGNINGHe also warns against skipping the fine print. 'First-time buyers should look for exclusions, deductibles, limits on claims, add-on conditions, renewal rules, and claim procedure before finalising the policy as missing out on these details can affect what they can actually claim and have to pay.'With car ownership growing and the motor insurance market expanding rapidly, better awareness about coverage types, add-ons, costs, and policy terms can help buyers avoid expensive mistakes and ensure that their insurance truly protects them when needed.- Ends advertisement
Business Standard
31-07-2025
- Automotive
- Business Standard
How Buying Car Insurance Early Can Save You Money
Owning a vehicle is not only about attaching a license plate but also obtaining car insurance, which is legally required and almost like a safety net that secures your finances. Did you know that when you purchase car insurance, it can be just as important as which car insurance you purchase? Buying car insurance early, whether for a new car or as you go through your policy renewal cycle, can help you save money overall and reduce problems. Ultimately, You will save money because you will not be penalized for a last-minute purchase, expensive premiums, or being delayed due to unnecessary inspections before your renewal date. Top insurers, such as Chola MS Car Insurance, provide easy-to-use digital capabilities that assist customers in making sure they secure their policies as soon as possible. Let's explore how this proactive approach can deliver both peace of mind and measurable savings. Why Timing Matters When Buying Car Insurance Early planning in the insurance lifecycle offers the potential for considerable financial benefit. According to the 2024 IRDAI motor insurance report, insurance policyholders who buy car insurance 15–20 days before expiration achieved an average annual savings of 12% (all financial advantages in insurance quotes). These savings were the result of: Avoiding policy lapses and No Claim Bonus (NCB) resets Skipping mandatory inspections for lapsed policies Capitalising on early bird and online-only discounts Gaining more time to compare and customise policies Some insurers, including Chola MS, allow policyholders to check, customize, and lock in their premiums weeks before expiration. This results in a continuous and efficient policy with a premium that will not change for at least another year. Top Benefits of Buying Car Insurance Early 1. Preserve Your No Claim Bonus (NCB) Your No Claim Bonus is a rewarding part of your insurance plan that reduces your renewal premium for each year of policy renewal without a claim. However, if your policy lapses—even for a day—there is a risk of losing your No Claim Bonus. Renewing your vehicle's insurance before its expiry will preserve your No Claim Bonus, which could be up to 50% discount on premium after five consecutive years without a claim. Chola MS also offers NCB protection add-ons, which help retain your bonus even after a minor claim, provided the policy hasn't expired. 2. Avoid Re-Inspection and Re-Underwriting Fees When your policy lapses, insurers typically require a vehicle inspection before renewing coverage, leading to delays and added costs. Renewing early prevents this process entirely. With Chola MS's digital platform, users can renew online in minutes—no paperwork, no delays, and continuous protection. 3. Secure Better Premium Rates Insurance premiums can vary based on claims history, vehicle age, and market trends. Purchasing early helps you secure better rates before market conditions change. Chola MS's platform allows real-time premium calculations, so early buyers often benefit from more favorable rates than last-minute purchasers. 4. More Time for Customisation Last-minute buyers often settle for default plans due to time constraints. Early buyers can explore and add covers like: Zero Depreciation Cover Engine Protection Cover Roadside Assistance Personal Accident Cover Chola MS Motor Insurance offers all these add-on advantages, which can be accessed during early renewal or new purchases on its customer-friendly digital portal. 5. No Driving Without Coverage Driving without insurance is not only illegal—it's financially dangerous. If your insurance has lapsed, any accidents, thefts, or third-party claims won't be covered. Renewing early ensures continuous coverage and protection. Chola MS even lets customers select a future start date for new or renewed policies. How Chola MS Simplifies Early Insurance Purchases Chola MS General Insurance provides an easy, safe, and fully digital experience for customers seeking to buy car insurance ahead of time: Immediate Premium Quote: Enter vehicle characteristics and receive actual pricing. Cashless Network Access: Over 5,500 garages for repair assistance across India. Customization of Plans: IDV, add-ons, and tenure can be selected and completed in minutes. Zero Paperwork: Digital KYC and e-Policy provide full convenience. Early buyers enjoy the ease of purchase and receive auto-renewal reminders via e-mail from Chola MS. Hence, the buyer never misses a renewal deadline and leaves their vehicle unprotected. Conclusion When negotiating car insurance policy terms, as important as the policy terms are, when and how you purchase insurance does have a perspective aspect to it. Purchasing your insurance early does give you more choice, better rates, and greater financial protection! In this financial landscape where every rupee counts, this little act of financial discipline has the potential to multiply your positive impact. Secure your ride early with Chola MS Car Insurance—save money and enjoy seamless protection from a brand that prioritizes you.
Mint
28-07-2025
- Automotive
- Mint
How No Claim Bonus Helps You Save Big on Car Insurance?
Owning a car comes with responsibilities like regular maintenance, fuel costs, and of course, car insurance. While insurance offers a safety net against damages, accidents, or theft, not everyone knows that it also rewards good driving behaviour. Enter the No Claim Bonus (NCB), a benefit that offers you discounts for not making any claims. This reward system can significantly reduce your insurance premium over the years, making it a smart way to save money while staying protected on the road. The No Claim Bonus in car insurance is a discount offered by insurers if you do not file any claims during your policy period, which is typically one year. Think of it as a thank-you reward for being a safe and responsible driver. It applies only to the own-damage portion of your policy. While third-party insurance is mandatory in India as per government regulations, it does not attract NCB. So, if you've taken a comprehensive car insurance policy or an own-damage standalone policy, the NCB benefit becomes relevant to you. The best part about NCB is that it increases every year you go without a claim. The longer you drive without making a claim, the bigger your discount: 20% after the first claim-free year after the first claim-free year 25% after the second after the second 35% after the third after the third 45% after the fourth after the fourth 50% after the fifth consecutive year So, after five years of careful driving, you can save up to half your own-damage premium. This adds up to a significant amount, especially for high-value cars or policies with added coverage. As discussed earlier, NCB is literally a reward for not making any claims. Now, let's understand with the help of an example. For instance, your car insurance premium is ₹ 10,000, with ₹ 6,000 being the own-damage component. If you don't raise any claims in the first year, you get a 20% NCB, meaning ₹ 1,200 off your next premium. With consistent claim-free years, you could be saving ₹ 3,000 or more annually by the fifth year. However, if you file a claim, even for a minor scratch or dent, your accumulated NCB may reset to zero unless you have opted for an NCB protection add-on. Still, when major repairs are involved, claiming is often the smarter choice. For instance, in FY 2024-25, Digit Insurance settled a third-party private car claim worth ₹ 1.50 crore in Raipur, reflecting its strong claims support and reliability. To fully benefit from No Claim Bonus in Car Insurance, you should understand a few key points: NCB is given to the policyholder, not the car. So if you sell your car and buy a new one, you can transfer your NCB. NCB is transferable across insurers. Your earned NCB can move with you. NCB resets if a claim is made, unless you have an NCB Protection add-on. If your policy lapses and isn't renewed within 90 days, you lose your NCB benefit. Some insurers offer an NCB Protection add-on. This feature allows you to retain your NCB even if you raise a claim, usually once during the policy term. It's useful when unavoidable accidents happen, and you want to protect your bonus. Keep in mind that this add-on may come at a small extra cost, but it could be worth it if you've accumulated a high percentage of NCB. If the repair cost for damage is lower than the potential NCB loss, it might be wiser to pay from your pocket and retain your NCB. For instance, a ₹ 3,000 scratch may not be worth losing a 35% discount on a ₹ 7,000 own-damage premium ( ₹ 2,450 in savings). This is especially true for small repairs, parking dings, or cosmetic issues where insurance claims can be skipped. The no claim bonus in car insurance is one of the most under utilised yet impactful benefits available to drivers. It rewards your clean record, saves you money, and even gives you negotiating power when switching insurers. So, next time your car insurance renewal is around the corner, don't just look at the premium, check your NCB status and plan your renewal smartly. A little caution on the road today could lead to big savings tomorrow. Note to readers: This article is part of Mint's paid consumer connect Initiative. Mint assumes no editorial involvement or responsibility for errors, omissions, or content accuracy. Want to get your story featured as above? click here!
New Indian Express
17-07-2025
- Automotive
- New Indian Express
How to Claim NCB Under Your Car Insurance?
Many car owners are unaware of the No Claim Bonus (NCB) and how it can benefit them under their car insurance policy. NCB is essentially a reward for being a responsible driver, offering a discount on your car insurance premium for not making any claims during your policy term. However, despite this potential saving, many drivers struggle with understanding how to claim their NCB or even if they're eligible. This confusion often leads to missed opportunities to reduce their insurance costs. Herein, we will talk about the entire process of claiming your NCB under your car insurance, address common questions, and clarify any doubts you may have. With the right information, you'll be able to make the most of this valuable benefit and enjoy savings on your next premium. What is No Claim Bonus (NCB) in Car Insurance? The No Claim Bonus is a discount on the own damage (OD) premium portion of your car insurance. It's granted when you do not file any claims during the policy year. The bonus starts at 20% after the first claim-free year and increases progressively, capping at 50% after five claim-free years.
Hindustan Times
06-06-2025
- Automotive
- Hindustan Times
How Policybazaar Is Digitally Transforming Bike Insurance Comparison and Renewals
Insurance has been isn't something most of us get excited about. Between confusing options, never-ending paperwork, and the constant push from agents, getting bike insurance policy used to be a real hassle. But that's changing in quite speed. In India, making a big difference is Policybazaar. They are taking something that was once painful and turning it into a quick, digital, no-headache experience. Whether you are renewing an old policy or buying one for the first time, they have made the process feel almost effortless. Revolutionizing the Bike Insurance Experience Bike insurance is mandatory as per the Motor Vehicle Act. Even though it's required by law, a surprising number of bike owners in India don't have active bike insurance policy. Some forget to renew. Others just don't understand the options. And many think the process is too complex or not worth the trouble. That's exactly the kind of problem Policybazaar set out to fix. What is their goal? Make bike insurance so simple that anyone with a smartphone can do it in a few clicks. They've redesigned the entire experience from the ground up. No more agent chasing. No more stacks of forms. Instead, they offer tools that actually help you make a smart choice without any headache. Here's how they've made two-wheeler insurance more user-friendly: Most people just want to know the answer of 'What's the best deal for me?' With a lots of two-wheeler insurance companies available in market, finding the best deal could be quite complicated. Policybazaar gets that. Their comparison tool lets you see multiple policies at once. Prices, coverage, add-ons, claim success rates, it is all there. You don't have to bounce between websites or call around. Even better, the platform gives you real-time quotes. Just enter your bike details, such as make, model, location and you're good to go. There are some smart filters that let you sort by what matters to you most: lowest premium, widest coverage, zero depreciation, and so on. This isn't a one-size-fits-all setup. Policybazaar uses your inputs, like your bike type, where you live, and how often you ride in order to recommend plans that actually make sense. Let's say you've got a performance bike and live in a busy metro area. You might see options with inbuilt 24x7-roadside assistance cover or engine protection cover. If you are riding a basic commuter in a quieter town, your needs might be totally different and so will your suggestions. They even send timely reminders when your policy is about to expire, so you don't lose out on your No Claim Bonus or end up riding uninsured. One of the best things? You can get insured in the time it takes to order food online. No paperwork. No waiting for someone to call back. Just choose your plan, pay online, and the policy hits your inbox instantly. It's fully legal and valid, you don't need to print anything if you don't want to. This fully digital setup isn't just convenient but it's also a breath of fresh air for anyone tired of the old way of doing things. Let's be real, claims is that step where most two-wheeler insurance companies fall short. Policybazaar seems to know that. They've built tools to help you not just file claims, but also track them in real-time. If things get complicated, you can speak to a real person, the one who'll guide you through documents, repairs, and get claim settled. Having that kind of support takes a lot of stress out of a bad situation. Policybazaar's initiatives have had a ripple effect across the entire two-wheeler insurance ecosystem. Let's explore the broader impacts of their digital transformation: In the pre-digital era, most customers relied heavily on insurance agents who often pushed specific products for higher commissions. With Policybazaar, the power has shifted back to the customer. The platform educates users, presents transparent comparisons, and helps them select policies that best suit their needs, leading to greater customer satisfaction and empowerment. Digital infrastructure allows Policybazaar to serve customers across the country, regardless of location. Whether you're in a metro city like Delhi or a Tier 3 town in Rajasthan, the user experience remains the fast, reliable, and hassle-free. This scalability has helped the platform reach millions of users and cement its place as a market leader. With access to a vast amount of customer data, Policybazaar continuously improves its products and services. The data helps in refining algorithms, understanding trends, and offering better recommendations. This data-centric approach has positioned the company as a pioneer in digital insurance aggregation in India. The future of bike insurance in India looks pretty exciting, especially with aggregator companies like Policybazaar leading the charge. Here are a few things to watch: Policybazaar is already exploring these areas, so it's clear they're planning ahead. Getting bike insurance used to be annoying. Now, thanks to platforms like Policybazaar. Whether you're buying your first bike or renewing an old policy, the process is quicker, clearer, and more user-friendly than ever before. No jargon. No surprises. Just tools and support that actually help you make the right call. And in a world where everything else is moving online, it's nice to see insurance finally catch up. Note to readers: This article is part of HT's paid consumer connect initiative and is independently created by the brand. HT assumes no editorial responsibility for the content, including its accuracy, completeness, or any errors or omissions. Readers are advised to verify all information independently. 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