Car insurance in India has undergone significant evolution, offering
faster and more streamlined services. Today, you can get your car insured
online in just a matter of minutes. Around one-fourth of the car insurance policies in India are purchased via
online channels. However, it is crucial to choose the proper coverage. Although
it is legally mandatory to have a third-party car insurance policy under the
Motor Vehicles Act, 1988, it does not protect your vehicle against damage.
Selecting the right features can save you from unexpected financial setbacks
caused by accidental damage, natural disasters, or theft.
"A car insurance policy is not just about meeting the legal
requirement, but also about confidence on the road. Having a comprehensive
policy, the right add-ons, and a strong network of garages ensures that you are
financially protected against any unexpected events." – Nikhil Pandya,
Chief Distribution Officer at Royal Sundaram
Here is the must-have checklist for 2025 to help you make an informed
decision.
1. Assess Your Coverage Needs
The risk differs for every driver. Ask yourself:
- Do you
drive in heavy traffic or accident-prone areas?
- Is your area
prone to flooding or extreme weather conditions?
- Do you
frequently take long road trips?
2. Choose the Right Add-On Covers
Add-ons provide wider coverage and customise your policy to suit your
driving habits and risk profile.
- Zero Depreciation Cover ensures full claim value without deductions for wear and
tear.
- Engine Protection Cover is essential for flood-prone areas, covering engine repairs
resulting from water ingression.
- Roadside Assistance provides
emergency support such as minor repairs on the spot, towing and fuel
delivery.
- NCB Protection helps
retain your No-Claim Bonus even after filing a claim.
"Car insurance is not one-size-fits-all. So,
choose add-ons that suit your driving habits and risks, customising your policy
for better protection." – Nikhil Pandya, Chief Distribution Officer at
Royal Sundaram
3. Check the IDV
Your Insured Declared Value (IDV) represents the current market value of
your car. It affects both your premium and maximum claim payout. While lowering
the IDV reduces premiums, it also decreases the compensation you receive in the
event of a total loss, so choose wisely.
4. Review the Claim Settlement Ratio (CSR)
A high CSR indicates an insurer’s efficiency in settling claims.
Research customer reviews and settlement timelines to ensure a smooth claims
experience when needed. Royal Sundaram has a strong track record of fulfilling
commitments with a 98.33%* CSR.
5. Balance Your Premium and Deductibles
Although a lower premium may seem appealing, you must choose a
deductible that aligns with your financial comfort. Opting for higher voluntary
deductibles can lower your premium, but ensure that it is an amount you can
comfortably pay out of pocket without straining your finances during a claim.
6. Don’t Ignore Personal Accident Cover
A Personal Accident Cover is now mandatory, providing financial support
in the event of owner-driver injuries or disability. However, ensure your
policy extends coverage to passengers too for complete protection. You can also
enhance your personal accident cover upto 50 Lacs in Royal Sundaram policies.
7. Ensure Access to a Wide Network of Garages
A strong cashless garage network ensures you don’t have to pay upfront
for repairs. Choose an insurer with a nationwide network to ensure you can
receive assistance anytime, anywhere. Royal Sundaram's 7,600+ cashless garages
across India ensure you receive
hassle-free repairs wherever you are.
Stay Protected with the Right Coverage
Royal
Sundaram’s comprehensive car insurance policy is designed to
provide complete peace of mind. It offers benefits such as cashless claim
settlements at an extensive network of garages, seamless claim processing, and
protection against accidents, theft, and natural disasters, ensuring you stay
covered in every situation.
*Claims settled = claims
paid + rejected + closed as of FY2023-24.