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Standalone Own Damage

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Comprehensive

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Third Party

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About Car Insurance

Car insurance is a type of insurance that provides you with financial protection against losses or damages that may arise due to an accident or theft involving a vehicle.

When you purchase car insurance from Jaika, you pay a premium to the car insurance company in Nagpur or anywhere in India that has partnered with us. In return, the insurance company agrees to pay for certain costs associated with a covered event, such as property damage, bodily injury, and medical expenses. The specifics of what is covered and how much the insurance company will pay, depend on the terms of the policy you choose.

In India, car insurance is required by law if you own and operate a vehicle on public roads. This is because car accidents can result in significant financial losses and car insurance helps protect drivers, passengers, and other individuals from financial ruin in the event of an accident.

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Why Do You Need Car Insurance in India ?

If you own and drive a car in India, it is essential to have car insurance. Car insurance provides financial protection against losses or damages that may occur due to an accident, theft, or any other mishap involving your vehicle. Here are some reasons why car insurance is crucial in India:

Some Frequently Asked Questions

You need car insurance in India because it is a legal requirement and provides financial protection against losses or damages that may occur due to an accident, theft, or any other mishap involving your vehicle.

Comprehensive car insurance is a type of car insurance policy that provides coverage for a wide range of damages or losses to your vehicle, including damages from accidents, theft, natural disasters, and other unforeseen events. It typically offers more extensive coverage than other types of car insurance policies, such as third-party, fire, and theft insurance.

Third-party car insurance is generally cheaper than comprehensive car insurance because it offers less coverage. Third-party insurance only covers damages or losses caused to third-party property or individuals, whereas comprehensive insurance covers damages or losses to both third-party and your own vehicle. However, the cost of insurance can vary depending on several factors, such as the make and model of the car, the age and driving record of the driver, and the location where the car is being driven.

No Claim Bonus (NCB) is a reward given by Insurance Company for not filing single claim in policy tenure. This reward is in form of discount on premium you get on the premium to be paid at the time of insurance renewal. NCB starts at 20% and goes upto 50% in 5 years subject to no claim filed. However, it resets to “0%” when you make a single claim in a policy period.

On average, third-party car insurance can cost anywhere between ₹1,500 to ₹7,000 per year, while comprehensive car insurance can cost anywhere between ₹5,000 to ₹25,000 per year. However, it's important to note that these are just rough estimates, and the actual cost of car insurance can differ depending on individual circumstances.

The Pay As You Drive (PAYD) add-on is an optional coverage available with your car insurance policy (either comprehensive or own damage). If you drive less than 10,000 km per year, you can benefit from this feature, which provides significant discounts on your own damage premium—up to 85% based on your annual mileage.

Low-mileage drivers, like those who work from home, retirees, or people who primarily use public transportation, often save significantly with PAYD. It’s also suitable for drivers who want more control over their premiums.

PAYD keeps things super simple! Instead of using fancy tech or tracking your driving habits in real-time, it focuses on the average kilometers you drive each year. To qualify for the discount, just take a quick video of your car and its odometer reading when purchasing your policy.
Simply divide your odometer reading by the age of your car to determine your average annual mileage. This straightforward approach allows the insurer to assess your driving without any complex tracking devices or apps. Drive less, save more—it's that easy!

Many insurers now offer PAYD options. Contact Jaika Insurance Brokerage, compare different PAYD plans, and find one that suits your driving habits and coverage needs.

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