Car Insurance in Punjab
Car Insurance in Punjab
Punjab is a state located in the northwestern part of India. Its services sectors include transportation, trade, financial services, storage, and real estate. It boasts of a vast network of roads with good connectivity to cities within the region. Many national highways, including NH 5, NH 7, NH 9, NH 44, etc., also pass through Punjab.
The well-established road network makes commuting easier for residents, tourists, and passersby. However, accidents can happen at any time, leading to damages and substantial repair costs.
Car insurance, or four-wheeler insurance, provides financial protection to your vehicle in case of a theft or accident. It also protects against total loss, fire, unnatural disasters, natural calamities, and third-party property damage or death.
Why Do You Need a Car Insurance Policy in Punjab?
The number of registered motor vehicles in Punjab was around 11 million at the end of the fiscal year 2020. Public transport is also extremely well utilised. As the city bustles with activity and high road traffic, the chances of congestion, collisions, vandalism, damages, etc., increase.
The Motor Vehicles Act 1988 mandates every car owner to have a valid car insurance policy in Punjab. Driving a vehicle on Indian roads without a basic insurance policy can lead to fines and penalties.
Getting car insurance can serve as your saviour when it comes to overcoming mishaps like accidents, thefts, fire, explosions, personal injury, etc. It ensures that you don’t burn a hole in your pocket, paying for damages to your vehicle.
Key Features and Benefits of Tata AIG’s Car Insurance in Punjab
| Key Features and Benefits | Details |
|---|---|
| Third-party cover | Third-party injuries, death, and property damage |
| Own Damage cover | Damage and loss incurred by the four-wheeler due to theft, accidents, fire, natural calamities, etc. |
| No Claim Bonus (NCB) | Up to 50% |
| Car insurance premium | Affordable and customisable premium per the requirements |
| Add-on covers | Wide range of add-ons, like roadside assistance, zero depreciation, tyre secure, engine secure, return to invoice, etc. |
| Buying/Renewal process | Online |
| Cashless Garages | Network of 7500+ across India |
Types of Tata AIG Car Insurance in Punjab
There are three types of car insurance policies. You can pick one depending on your vehicle’s specific needs and budget.
Third-Party Car Insurance
Third-party car insurance fulfils the basic legal requirements of the Motor Vehicles Act 1988. It covers financial losses suffered due to damage to third-party property, person, or car.
Benefits of third-party car insurance:
Provides coverage against third-party liabilities
Provides legal assistance while driving on Indian roads
Saves you from traffic fines
Ensures peace of mind
Comprehensive Car Insurance
Comprehensive car insurance protects the insured vehicle against third-party liabilities and own damages due to unforeseen events like accidents, theft, fire, etc.
Benefits of comprehensive car insurance:
Protects against natural disasters
Provides coverage for car damage, third-party liabilities, and losses caused by theft
Offers add-ons to enhance coverage
Cost-effective
Standalone Own Damage Car Insurance
This policy provides coverage for the cost of repairs of your car. It includes the damages caused by collisions, theft, housebreaking, burglary, fire, natural calamities, total loss, etc.
Benefits of standalone own damage car insurance:
Protects your vehicle
Covers against a wide range of damages
Offers add-on benefits for enhanced coverage
Provides a No Claim Bonus
The Best Car Insurance in Punjab: Third-Party Vs. Comprehensive Plans
Planning to run a search for ‘car insurance near me’? Consider these differences to make an informed choice:
| Points of Differentiation | Third-Party Car Insurance | Comprehensive Car Insurance |
|---|---|---|
| Definition | Provides coverage for damages sustained by a third party due to the insured vehicle | Provides coverage for damages sustained by you, the insured vehicle and third parties |
| Third-party property damage or death | Offers compensation for property damage, death and disability of third party up to the sum insured | Offers compensation for property damage, death and disability of third party up to the sum insured |
| Own Damages of the Car | Does not cover own damages | Covered damages sustained by your vehicle due to accidents, natural calamities, theft, fire, explosions, etc. |
| Car theft | Does not cover loss due to car theft | Compensates up to the vehicle’s Insured Declared Value for partial or total losses caused by car theft |
| Personal accident coverage | Personal accident coverage can be added to the policy | Personal accident coverage is included in the policy |
| Legal Requirement | It is mandatory as per the Motor Vehicles Act 1988 | It is not legally required |
| Insurance Premium | Relatively lower as determined by the Insurance Regulatory and Development Authority of India (IRDAI) | Higher since it provides extensive coverage for third-party property, persons, and own damages. |
| Availability of add-ons | You can include add-ons, like personal accident cover, etc., to enhance the policy coverage. | Can be customised with add-ons like roadside assistance, zero depreciation, no claim bonus protection, daily allowance, key replacement, etc. |
| Exclusions | Any damage to the insured vehicle or the driver is not included | Damages sustained by you or the insured vehicle are not covered if the driver is under the influence of alcohol or drugs |
What is the Car Insurance Rate in Punjab?
The car insurance rate is a crucial factor in decision-making when buying motor insurance. If you want to choose the best car insurance in Punjab, you must have an understanding of the factors that affect the premium:
Insured Declared Value (IDV)
This value refers to the car’s current market value after considering depreciation. If your car is damaged beyond repair or stolen, IDV is the maximum amount you are eligible to claim. Car insurance premiums and IDV are directly proportional, which means a higher IDV leads to a higher car insurance premium.
Car’s Age
The car insurance premium is also dependent on the age of the car. The premium is higher for a new car compared to an older one. Your car’s IDV reduces due to depreciation each year, and so does the insurance premium.
Insurance Coverage
The scope of insurance coverage you take affects the insurance premium. If you opt for third-party car insurance, it will cover third-party liabilities only. Since the scope is limited, it will have a lower premium. A comprehensive insurance plan covers you, your car, and third parties and thus entails a higher premium.
Add-ons
When you opt for add-ons to enhance your policy coverage, your car insurance premium will also increase. The additional cover you receive varies for different add-ons. The premium, too, depends on the number and type of add-ons you choose.
Claims History
If a policyholder does not make any claims in a given year, they can enjoy the benefits of NCB in insurance. The amount for NCB continues to increase with each claim-free year. It is a progressive discount on the renewal premium.
Deductible
Deductibles refer to the portion of the claim amount the policyholder pays from their pockets. A higher deductible results in a lower premium since the liability of the insurer is reduced.
Best Car Insurance Add-Ons to Get in Punjab
Tata AIG offers a wide range of add-on covers that can help you enhance policy coverage. Here’s a description of some of them.
Roadside Assistance
This add-on offers 24/7 breakdown assistance to you and your car if it breaks down at a remote location with no support nearby.
Daily Allowance
With the Daily Allowance add-on, you are compensated for your commute while your car is getting repaired at the garage. You receive the allowance for 10 to 15 days, depending on the cause of the four-wheeler insurance claim.
No Claim Bonus Protection
One of the best add-ons is NCB in insurance. It allows you to file a specific number of claims during the policy year and still avail of the NCB discount.
Zero Depreciation
The zero depreciation add-on ensures that you are reimbursed for the deducted cost of depreciation on your car’s parts.
How to Buy and Perform Car Insurance Renewals in Punjab with Tata AIG?
How to Buy Car Insurance?
Visit the official website of Tata AIG.
Enter your vehicle’s registration number and click on ‘Get Price.’
Fill out the required details as prompted on the screen.
Select the policy coverage. Pick any add-ons you’d like to include in your policy.
On the next screen, you will see a premium quote.
Pay the premium online if it fits your budget.
You will receive a copy of your new car insurance at your registered email address within minutes of successful payment completion.
How to Renew Car Insurance?
Visit Tata AIG’s official website.
Enter the vehicle’s registration number and click on ‘Renew.’
Fill out the details requested and choose from the list of add-ons. Mention about past claims and the date of expiry of the policy.
You will see the premium for car insurance renewal in Punjab.
Pay the premium online, and your policy will be renewed.
How to File a Claim for Car Insurance in Punjab?
Reimbursement Claims
Intimate the insurer about the damages caused to your vehicle.
Get your vehicle repaired from a garage of your choice and keep copies of all the bills.
Fill out the reimbursement claim form and upload the required documents to register a claim.
A surveyor will examine everything to confirm your liability.
You will receive the compensation amount in your bank account once the claim is verified and approved.
Cashless Claims
Inform the insurer about the accident, theft, or damage to the car. You can call the toll-free number or send an email.
Register the claim by filling out a claim form and sending it to the insurer via email or post.
Tata AIG will assign a car inspector or surveyor to assess the damages endured by your car.
Once all information is verified and deemed satisfactory, a visit to one of the network garages will be scheduled.
Visit the selected network garage at the scheduled time to get your car repaired.
After the repairs are completed, the insurer will clear the bills, and you can bring your car back.
Documents Needed for Car Insurance Claims in Punjab
You must have the following documents to file a car insurance claim in Punjab.
Duly filled and signed claim form
A copy of the vehicle’s registration certificate (RC)
A copy of the driver’s licence
A copy of the First Information Report (FIR) in case of theft, accident, etc.
A copy of the policy document
The vehicle’s original keys
Form 35 and NOC from the lender if there is an active car loan
Duly signed papers for RTO transfer with Form 28, Form 29, and Form 30
No Trace Report from the police in case of vehicle theft
Tata AIG Cashless Network Garages for Car Insurance in Punjab
A cashless network garage has tie-ups with an insurer. It allows the policyholder to get their car repaired without paying the repair costs because the insurer settles the bills after the repairs are completed.
Tata AIG has a network of over 7,500 garages across India, offering cashless services. You can search for the nearest garage by entering your city’s name and car’s make on the insurer’s official website. However, please note cashless benefits are available on comprehensive car insurance plans only.
The feature is also limited to selected cities. You can consult with the Tata AIG customer support team regarding cashless network garages.
Disclaimer / TnC
Your policy is subjected to terms and conditions & inclusions and exclusions mentioned in your policy wording. Please go through the documents carefully.
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