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Long Term Car Insurance
Every year, car owners must renew their insurance - filling forms, paying premiums, and updating documents. Long-term car insurance removes this yearly task by covering your vehicle for multiple years at once.
Having car insurance is important for two reasons. First, it protects you from paying huge costs if your car gets damaged or stolen. Second, Indian law requires all vehicles to have insurance. If you drive without it, you might face penalties and other legal complications.
Regular insurance policies last only one year. You must remember to renew them every year, or your car will lose protection. A long-term motor insurance policy solves this problem by covering your car for 3 to 5 years continuously.
Long-term car insurance costs are usually lower than buying yearly policies. When you choose longer coverage, insurance companies offer better rates. This means you save money while keeping your car protected.
Why 5 Crore+ Policyholders Trust Us?
IndusInd General Insurance (earlier called Reliance General Insurance) offers simple long-term motor insurance plans. You can choose coverage for your own car damages, damages you cause to others, or both types together, based on what you need.
Easy to Buy, Renew & Claim*
All possible via IndusInd Insurance app
Up to 3 Years Coverage*
Get long term coverage
Video Claims Feature*
File claims via the app
24/7 Customer Assistance*
Get support from anywhere in India
What is Long-Term Car Insurance & How Does it Work?
A long-term car insurance policy, also known as a multi-year car insurance plan, offers extensive coverage for your car for longer periods.
Standard 1-year car insurance plans offer an annual renewal facility. In contrast, a long-term motor insurance policy provides continuous coverage for your vehicle for multiple years, between 3-year car insurance and 5-year plans, for convenient car protection.
Thus, with a long-term car plan or vehicle insurance for 3 years or 5 years, you reduce the risk of losing insurance coverage in times of need due to delayed policy renewals. Moreover, you avoid the hassle of annual renewals.
How Does Long-Term Car Insurance Work?
Choose a Plan
Assess and select a car insurance long-term policy, depending on the number of years for which you want continuous coverage for your car.
Pay the Premium
You pay the entire 5-or 3-year car insurance policy price upfront at the time of purchase.
Benefit from Continuous Coverage
The policy covers your car against unforeseen circumstances included in your policy. This can include either a 3-year third-party coverage or a 3-year own damage plus third-party coverage based on the individual preferences of car owners.
Raise Claims
In case of accidental damage or loss to your car, you can raise claims to receive financial support.
Get Claim Settlement
Get claim approval and benefit from necessary financial protection to cover repair and replacement costs. You can file a cashless claim for direct settlement between the insurer and the authorised garage or a reimbursement claim to have the expenses reimbursed to your bank account.
IndusInd General Long-Term Car Insurance Policy
Key Features of IndusInd Long-Term Car Insurance
Features | Details |
|---|---|
Hassle-Free Processes | Our user-friendly website allows you to purchase, renew, and file claim requests in under 2 minutes for a hassle-free and convenient experience. |
Customisation Flexibility | You can customise your 3 or 5-year insurance for car plan with a wide range of add-ons to increase coverage for specific needs. |
Network Garages | Our wide network of 11,000+ garages ensures quality repair work and hassle-free cashless claims. |
Personal Accident Cover | Benefit from a cover of up to ₹15 lakhs for injuries, death or disabilities. |
No Claim Bonus | Get up to 50% NCB discount for every consecutive claim-free year. |
Discounts | Enjoy discounts of up to 80% by buying your long-term car insurance plans online. |
IndusdInd Insurance Self-i App | Download our mobile app to enjoy hassle-free and convenient policy-related requirements. |
Customer Support | Our 24/7 customer support service ensures instant query resolution. |
IndusInd General Long-Term Car Insurance - Inclusion & Exclusion
What's Covered?
Accidental damage due to collision or other uncontrollable situations.
Damages caused by natural disasters such as cyclones, floods, earthquakes, hailstorms, hurricanes, typhoons and lightning.
Damages due to man-made disasters such as terrorism, riots, strikes, malicious acts, etc.
Loss due to theft or vandalism.
Damages due to fire and explosions.
Damages or losses caused to third parties or their properties.
Damages incurred during transit from road, air, or rail
What's Not Covered?
Damages incurred due to negligent driving.
Damages incurred due to drinking and driving.
Damages incurred when driving without the mandatory personal and car documents.
General wear and tear of your car.
Previous damages.
Electrical and mechanical breakdowns of the car.
Any damage or loss due to the car value’s depreciation.
Damages or losses incurred when using your private car for commercial purposes.
Damages due to nuclear attacks or wars.
Disclaimer: For the complete list of Inclusions and Exclusions, please refer to the policy wording here
How to Choose the Right Long-Term Car Insurance Plan?
Assess your Coverage Needs and Budget
To find the most appropriate long-term car insurance policy for your vehicle, you must first assess your coverage needs and decide on a budget. This assessment is crucial to avoid paying for unnecessary coverage or overspending on premiums for long-term car insurance
Compare Different Plans
Once you understand the type of coverage you need and your budget, you must compare different car insurance long-term plans. This should be based on premiums and inclusions to determine which plan meets your requirements and fits within your budget.
Review Policy Inclusions and Exclusions
You must also carefully review the various policy inclusions and exclusions to check whether what you require is covered in the plan of your choice. This will also help with effective claim settlements and reduce the risk of claim rejections for uncovered situations.
Read Policy Wording
You need to read the policy document thoroughly to assess the various terms and conditions applicable to different types of claims. This will ensure you are well-prepared during emergencies and can access the necessary financial support in times of need.
Check Insurer’s Claim Settlement Ratio
Along with the choice of the right policy, you must also check an insurer’s claim settlement ratio. The higher the claim settlement ratio, the quicker and more efficient claim settlements will be.
Review Online Convenience
Check for the availability of online processes for policy purchases, renewing long-term car insurance, comparisons and claim requests with the insurer of your choice. This is crucial as it reduces the hassle of physical documentation and other time-consuming efforts in times of need.
Assess Available Customer Support
Another important aspect to consider is the availability of customer support with the chosen insurer. Having 24/7 customer support ensures all your doubts and queries related to a long-term motor insurance plan are resolved instantly.
How to Buy Long-Term Car Insurance Online?
Visit our Website
Select Explore Products > Click on “Long-Term Car Insurance
Enter Details
The list of information includes your name, email address and mobile number.
Click Submit
To send your application click Submit
Expert Support
Our representative will contact you to offer various long-term insurance plans available for your vehicle.
Looking for Affordable Car Insurance Options?
Speak to Our Insurance Experts
Factors Affecting Multi-Year Car Insurance Premiums
Make and Model of Vehicle
The make and model of your car directly impact the multi-year car insurance premium. Premiums are higher for high-performance or luxury cars as they attract higher repair and maintenance costs compared to lower variants of the same car.
Age of the Driver
Some insurers also consider the age of the car owner or driver when calculating premiums. Young drivers under 25 are often considered a risk due to their lack of driving experience, resulting in higher premiums. On the other hand, older drivers with more experience can benefit from lower premiums.
Add-Ons
The type and number of add-ons you combine with your multi-year car insurance plan impact your premium. Every add-on increases the premium value, as the base coverage is customised for increased financial protection. financial protection.
Claim History
Your claim history also impacts the premiums. A history of numerous claims for your car can result in higher premiums. On the other hand, claim-free years can increase your No Claim Bonus benefit and result in lower premiums for your plan at the time of renewal.
Age of Vehicle
The age of your car also affects your multi-year car insurance policy premium. For older cars, given their lower market value, the premium tends to be lower, whereas for new cars, the market value is higher, resulting in higher premiums.
Driver’s History
Your driving record can increase or decrease your insurance premiums. A clean driving record attracts lower premiums, whereas a driving record with multiple traffic violations and accidents results in higher premiums due to the risk profile.
Deductibles
Deductibles refer to the out-of-pocket expenses you incur before the insurance claim kicks in during emergencies. A higher deductible results in lower premiums and vice versa. However, be careful when choosing a deductible amount to avoid getting burdened with hefty upfront expenses.
Insured Declared Value
The insured declared value (IDV) of your car also has a direct impact on your long-term car insurance premium. If you choose a higher IDV, you will be charged a higher premium and vice versa.
Tips to Reduce Multi-Year Car Insurance Premiums
Practise safe driving, as a clean driving record attracts lower premiums and a higher chance of additional discounts.
Carefully choose a deductible amount, keeping in mind the potential upfront expenses you can manage on your own before the insurance claim money kicks in. Opting for a higher deductible will directly lower your premiums.
Install anti-theft and other safety devices in your car. This will significantly reduce the risk of theft and make your car safer for insurance companies, resulting in lower premiums.
Compare different long-term car insurance plans and premiums before making the final choice.
Be careful when selecting and combining add-ons with your base insurance plan to avoid paying for unnecessary coverage.
How to File Claims for Long-Term Car Insurance?
Steps to raise a claim
Step 1
Inform us regarding the incident within 24 hours of its occurrence by either calling +91-22-4890-3008 or downloading our IndusdInd Insurance Insurance App on your mobile number.
Step 2
File a First Information Report (FIR) in case of a car accident or theft. In addition, collect all the other supporting documents to submit as proof of damages to us.
Step 3
Submit the long-term motor insurance claim form and other documents to us for evaluation. We will then send our surveyor to assess the damages to your car.
Step 4
We will verify your claim form and documents to decide on your claim request.
Step 5
If your claim is approved, you can either have the necessary claim settlement amount sent to your bank account or avail of a cashless claim, in which we settle the repair bills directly with the network garage on your behalf.
Long-Term vs. Short-Term Car Insurance - Which is Better?
Parameters | Long-Term | Short-Term
|
|---|---|---|
Policy Duration | The standard duration for a car insurance long-term plan is between 3 to 5 years. | The standard duration for a short-term car insurance plan is one year. |
Premiums | Lower premiums are due to a longer commitment with the insurance provider. | The car insurance 1-year price can be higher or lower based on the type of coverage you choose. However, you can avail yourself of various discounts when you renew your policy. |
Policy Flexibility | Limited flexibility as policy cannot be customised before the renewal date. | Ample flexibility to customise your plan as yearly renewals. |
Policy Flexibility | Continuous coverage for longer durations without the hassle of annual renewals. | Coverage is limited to 1 year only. |
Premium Payment | You only need to pay once at the time of policy renewal after 3-5 years. | Requires yearly payments to benefit from coverage for your car. |
Premium Payment | This plan cannot be customised before the renewal, which indicates inconvenience for car owners who plan to change their coverage or vehicle. | Failure to renew on time annually can result in loss of coverage and the No-Claim Bonus benefit. |
Key Takeaway
Car insurance protects you from paying large amounts when accidents happen, your car gets stolen, or natural disasters strike. It also covers all costs if you damage someone else's property or hurt someone in an accident. Without insurance, these expenses come directly from your pocket and can drain your savings.
IndusInd General Insurance (formerly Reliance General Insurance) makes protecting your car simple and affordable. They have 11,000+ garages across India where you can get cashless repairs. Their long-term car insurance cost is reasonable, and you get discounts up to 50% if you don't make claims. You can add extra covers based on your needs.
Everything happens online - buying insurance, renewing it, or making claims takes just minutes. Their support team is available 24/7 to answer your questions. Choose 3-year or 5-year plans and stop worrying about yearly renewals.
Get long-term motor insurance policy from IndusInd General Insurance today. Visit their website now to compare different plans and see prices for your car instantly.
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