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Understanding the essentials of four-wheeler insurance coverage and requirements
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Simple Steps to Secure Your Ride with BTW IMF
Buying car insurance online should be simple and stress-free. At BTW IMF, we make it even easier by helping you choose the best policy before you buy. Our experts will guide you through every step, ensuring you get the right coverage at the best price.
Before selecting a policy, talk to our experts through one of these convenient channels:
Our team will understand your specific needs and budget, ensuring you get the most suitable options.
Once we assess your requirements, we will provide handpicked insurance plans from leading providers. Each plan will include:
You don't need to search multiple websites—we do the hard work for you!
We'll present you with a tailored list of options. Compare them based on these important factors:
Once you've compared all options, select the plan that best fits your needs and budget.
Once you've made your choice, you'll need to submit the following documents:
Provides essential details about your car
Required for policy issuance and claim processing
Our team will guide you through this process, making document submission quick and hassle-free.
The final step to securing your car insurance is quick and simple:
Our payment gateway is completely secure, and your policy documentation will be instantly delivered to your email.
Our experts help you choose the best policy tailored to your specific needs and budget.
Compare policies from top insurance providers without navigating multiple websites.
Our streamlined approach means no complicated steps and no stress throughout the entire process.
Get your insurance policy documents instantly after payment, with no waiting period.
Ready to insure your car? Contact us today at BTW IMF and let us find the best plan for you!
Contact Us NowExplore the different types of car insurance available in India and choose the one that best suits your needs
Legal requirement by Motor Vehicles Act, 1988
Covers damages caused to a third party (person, vehicle, or property) but does not cover the insured car. This is the minimum legal requirement for all car owners in India.
Bodily injury or death of a third party
Damage to third-party property
No coverage for own vehicle damage
No protection against theft
Complete protection for your car
Provides extensive coverage, including both third-party liability and own damage, offering complete protection for your car against multiple risks.
All third-party liability coverage
Accidental damage to own car
Theft of the car
Natural disasters (floods, earthquakes, etc.)
Man-made disasters (riots, vandalism, fire, etc.)
Protection for your vehicle only
Covers damages to the insured car but does not cover third-party liabilities. Ideal for those who already have a separate third-party policy.
Accidental damage to your car
Theft protection
Natural and man-made disasters
No third-party liability coverage
Who Needs It? People who already have third-party insurance but want extra coverage for their own car.
Full claim without deductions
Covers the full cost of vehicle parts without accounting for depreciation, leading to higher claim amounts for the policyholder.
Full claim amount for car parts
No deduction for depreciation
Usually available as an add-on to comprehensive policies
Owner-driver protection
Mandatory cover as per the Motor Vehicles Act. It provides compensation to the owner-driver in case of death or disability due to an accident.
Compensation for death (100% of sum insured)
Compensation for permanent total disability
Coverage for owner-driver without additional premium
Long-term coverage (up to 3 years)
Available for cars with a policy period of up to 3 years. It reduces the hassle of annual renewal and protects against premium rate hikes.
Eliminates annual renewal hassles
Protects against insurance price increases
Discount on long-term policies
Enhanced protection riders
Customize your car insurance policy with additional protection based on your specific needs and usage patterns.
Engine Protection Cover – Covers engine damage due to waterlogging or oil leakage
NCB Protection – Protects your No Claim Bonus even after making a claim
Roadside Assistance – 24/7 help during breakdowns
Key Replacement – Covers the cost of replacing car keys
Passenger Cover – Protects passengers traveling in your car
For new or luxury cars: Comprehensive insurance with zero depreciation and engine protection add-ons.
For cars older than 5 years: Basic comprehensive insurance may be sufficient.
For commercial vehicles: Comprehensive insurance with passenger cover and roadside assistance.
Understanding the key elements that affect your car insurance choices and premiums
Selecting the right car insurance policy involves understanding various factors that determine not only your premium amount but also the coverage you receive. Being knowledgeable about these factors helps you make informed decisions tailored to your specific needs.
The Insured Declared Value (IDV) is the maximum amount your insurer will pay if your car is stolen or damaged beyond repair. This crucial factor directly impacts your premium amount.
IDV equals the manufacturer's listed selling price minus depreciation based on your car's age. For example, a car that's 2 years old typically has a depreciation of 30% from its original price.
Higher IDV → Higher Premium
Setting a higher IDV ensures better compensation during total loss but increases your premium amount.
Lower IDV → Lower Premium
While a lower IDV reduces your premium, it also reduces the compensation amount during total loss claims.
Tip: For newer cars (less than 3 years old), setting a higher IDV closer to the market value is recommended. For older vehicles, you can opt for a slightly lower IDV to balance coverage with affordable premiums.
The type of coverage you select significantly impacts both protection level and premium amount. There are three main types of car insurance policies:
Third-Party Liability ₹2,094
The minimum mandatory coverage required by law that covers damages to third-party vehicles and property.
Most affordable option but provides no coverage for your own vehicle damages.
Comprehensive Coverage ₹7,890
Covers third-party liability plus damages to your own vehicle due to accidents, theft, fire, natural disasters, etc.
Higher premium but offers significantly better protection for your investment.
Zero Depreciation Coverage ₹9,500
An enhanced comprehensive policy that doesn't account for depreciation when settling claims.
Highest premium but provides the most complete coverage, especially beneficial for new cars.
Tip: For new cars under 3-5 years old, comprehensive or zero depreciation coverage offers better value. For older vehicles, a basic comprehensive policy might be more cost-effective.
Several characteristics of your vehicle directly influence your insurance premium calculation:
Make and Model
Luxury cars, high-performance vehicles, and cars with expensive parts cost more to insure.
Insurance companies consider repair costs, replacement part availability, and safety ratings.
Vehicle Age
Newer cars typically have higher insurance premiums due to their higher IDV.
Older cars cost less to insure but may not qualify for certain coverages like zero depreciation.
Anti-theft Devices & Safety Features Saves 5-15%
Cars equipped with ARAI-approved anti-theft devices, airbags, ABS, and other safety features qualify for premium discounts.
Fuel Type
Diesel and CNG/LPG cars generally cost more to insure than petrol vehicles due to higher repair costs.
Electric vehicles may have specialized insurance needs.
Tip: When purchasing a new car, consider insurance costs as part of your ownership expenses. Cars with good safety ratings and widely available parts typically cost less to insure.
Enhance your basic car insurance policy with these valuable add-ons tailored to specific needs:
Zero Depreciation Cover ₹1,500
Eliminates the impact of depreciation during claim settlement, ensuring you receive the full cost of parts replaced.
Highly recommended for cars less than 5 years old.
Engine Protection ₹800
Covers damages to the engine caused by water ingression or oil leakage, which are typically excluded in standard policies.
Essential if you live in flood-prone areas or drive through waterlogged roads.
Return to Invoice ₹900
In case of total loss or theft, you receive the invoice value rather than the depreciated value.
Covers the gap between IDV and the original purchase price.
Roadside Assistance ₹500
Provides emergency services like towing, battery jump-start, flat tire change, fuel delivery, etc.
Particularly valuable for travelers and those who drive in remote areas.
NCB Protection ₹700
Preserves your No Claim Bonus even after making one claim during the policy period.
Especially valuable if you have accumulated a high NCB percentage.
Tip: Rather than selecting all add-ons, choose those that match your specific needs and driving conditions. For example, Engine Protection is crucial if you live in flood-prone areas, while Return to Invoice is most valuable for new cars.
No Claim Bonus is a reward system that offers discounts on your premium for claim-free years. It's a significant factor in reducing long-term insurance costs.
First claim-free year 20% discount
Second consecutive claim-free year 25% discount
Third consecutive claim-free year 35% discount
Fourth consecutive claim-free year 45% discount
Fifth consecutive claim-free year 50% discount
NCB is transferable when you sell your car and buy a new one, making it a valuable long-term asset.
Tip: For minor damages with repair costs lower than your accumulated NCB value, consider paying out-of-pocket rather than filing a claim to preserve your NCB discount. For example, if your NCB stands at 50% and your renewal premium would be ₹10,000, you'd save ₹5,000 at renewal by not claiming.
With millions of vehicle owners on our roads, car insurance in India is one financial protection you cannot afford to do without. Given that the country has over 32 crore (320 million) vehicles registered and 7 crore (70 million) four-wheelers among them, the need to protect them is inevitable.
Car insurance isn’t just a legal requirement; it’s a major financial protection for those with cars that covers them for risks such as accidents, theft and damage, regardless of how busy a city street may be or how wide open a highway.
As per the 1988 Motor Vehicles Act, every vehicle owner has to buy a third party insurance cover of the car at least, and operating a car without a third party insurance cover is illegal in India. Damages or injuries which another person (or his assets) has suffered in an accident, this law of cover.
The coming process of any insurance company is dictated by the rules and regulations of the very important body known as the Insurance Regulatory and Development Authority of India, or IRDAI, hence matters pertaining to the safety of vehicle owners come along with the public.
Car insurance doesn’t only cover the accident that can cause another car or property to be damaged but also protects against very expensive repairs or medical expenses in case the policyholder was involved in an accident.
Today, truck accidents are a common way of life, and thus there’s a need for insurance that will cover you should an unfortunate incident occur. Four wheelers contribute to about 17 percent of all road accidents recorded in 2022, MoRTH says and hence, car insurance is required by all the drivers across the nation.
Car insurance provides financial protection in the event of accidents, theft, or damage to your vehicle. It covers expenses related to vehicle repairs, medical bills, and liability claims, offering peace of mind and security on the road. With the right car insurance policy, you can drive with confidence knowing that you’re prepared for whatever comes your way. You can also explore other insurance policies like life insurance, bike insurance, motor insurance, and health insurance.
Coverage:
Premium:
This insurance will cover the third party liabilities also along with taking care of damages to the car owned by the insured.
Now, there is the newly introduced pay-as-you drive insurance policy whereby premium is tied up with how people use the car. Its model works very well for owners who do not use the car much at all, and premiums are billed according to the number of kilometers the drivers have covered.
That’s quite different because they are much more flexible on most of the coverage, whereas the full comprehensive isn’t. Kind of a good deal for someone who has to commute a few blocks to work. Much cheaper than for the average vehicle owner.
This is based on what mileage you are supposed to; if the mileage is low, the premium is low. That’s why it becomes a very good fit for a city dweller who does not own his car but sometimes drives out.
Pay-as-you-drive insurance is still in its infancy in India but would take off with the rise of urbanization and increasing laws on traffic.
This addon ensures that the absolute cost of replacement for damaged parts is covered, devoid of any consideration to depreciation. An insurance policy normally deducts depreciation on parts like plastic or rubber, but now with zero depreciation, the policy holder gets the whole claim amount.
It simply means that the usual premium is bumped up by 10-20% when the owner opts for this cover. However, it is very much recommended for new or even luxury cars. The cover provides financial protection for damage of the engine through any kind of effects which may include water leakage, oil drips and hydrostatic lock. It is specially helpful during the monsoon season when the risk from floodwaters and associated engine damage is heightened.
The no claim bonus is a discount on your premium if you do not make any claims in a year. This bonus is not nullified by claim at any point in the policy year, thereby ensuring that your accumulated discount remains for future renewals under the NCB protection cover. This add-on gives services such as towing, emergency fuel delivery and repair assistance for that roadside assistance. It is especially really great for travelers who need to drive long distances or traverse backcountry tracks very often.
Here’s how it works with car insurance claim, easy step by step format:
The Indian insurance sector has become a hassle-free process for car owners to buy and renew policies sitting at home because of the digital revolution. Here’s why preferring to get car insurance online has become the order of the day:
However, before choosing a car insurance policy, several factors must be considered to ensure that the chosen policy meets the required needs with the right coverage and financial security: