Future Generali India General insurance company is one of the fastest-growing motor insurance providers in India. Future Generali India General insurance company is the joint venture of three leading groups that includes Future Group (A leading retailer in India), Generali (An Italy-based company), and Industrial Investment Trust Limited. (IITL an investment company).
Future Generali provides various insurance products like travel insurance, health insurance, personal accident, home insurance, etc. In the field of motor insurance, Future Generali is known for its excellent claim settlement ratio. Future Generali provides comprehensive coverage, quick claim settlement, a wide range of add-on covers, 2500+ cashless garages across India.
Advantages of Future Generali Car insurance
Future Generali Car Insurance Coverage
Owning a car has become an indispensable part of our life. Driving a car involves inherent risks such as accidents, damage, or loss. You can’t escape from such financial obligations but you can cover the risk by insuring your car.
You can partially or fully cover the associated cost of various unforeseen circumstances such as road accidents, natural calamity, fire, theft, etc., and can keep your finances safe.
With car insurance, you can mitigate the financial obligations if your vehicle damage due to an accident, Whether it is your fault or somebody else’s mistake.
Collision coverage, comprehensive insurance, liability insurance, personal injury, etc are the various type of auto insurance.
It is significant to shop around to crack the best deal for car insurance.
Coverage in car Insurance
Theft
Car insurance covers the losses incurred if your car gets stolen.
Accidents
Any damage that occurred to your car due to collision is covered in your insurance policy against the expenses towards repair or replacement.
Fire
Damages that occurred to your car due to accidental fire are covered in the car insurance policy.
Personal accident
The policy covers all the expenses of the owner-driver, if any accident occurs and unfortunately leads to death or any disability while driving the car.
Natural and man-made Disaster
Damages occurred to your car due to natural disasters such as flood, tsunami, or riots vandalism are covered in the car insurance policy
The third-party loses
If your car causes damage to someone else’s property, vehicle or person, you stay protected against all the liabilities and financial obligations. As your car insurance policy covers all the third-party losses.
Non- coverage in the car insurance policy
It is also very significant to know, what is not covered in your policy or condition when your insurer can reject your claim request
Driving without license
You should hold a valid license while driving the car otherwise you will not be covered by the car insurance policy.
Drunk driving
If any damage occurred due to driving under the influence of alcohol, you can ask for any claim rather drunk driving is a punishable offense.
Consequential loss or depreciation
Any damage that occurred which is not due to an accident such as engine damage due to incorrect driving or loss due to depreciation is not covered in the policy.
Negligences
Any damage occurred due to your negligence such as driving in a flood, the policy will not cover it.
In the absence of requisite add-ons
Some damages are only covered in the add-ons, so if you haven't taken the requisite add-ons, the corresponding condition will not be covered in the policy.
Car Insurance Policy
In India, there are three options for of availing car insurance. However, as per the motor vehicle act 1988, the car owner must have at least third-party cover in place for being able to drive their car legally on Indian roads.
• Standalone own-damage car insurance
• Comprehensive car insurance
• Third-party liability insurance
Besides these insurance policies, some add-ons can opt with these policies. This add-on provides extra protection of the base plan for some extra premium.
The most opted add-on is zero/nil depreciation or bumper-to-bumper car insurance.
Standard Comprehensive Car Insurance
The standard comprehensive car Insurance policy will cover the losses incurred due to damage or theft of the car. However, the policyholder will not be entitled to receive 100% reimbursement of the expenses incurred on the parts replaced. The insurance company will calculate the depreciation or wear and tear of the parts undergo overtime and the Insurance provider will pay the insurance value after deducting the depreciation.
A policy with zero depreciation cover
With zero depreciation cover with the base insurance policy, the depreciation will not be factored in by the insurance provider. This means the policyholder will stand to receive the entire claim amount without any deductions against depreciation. The policyholder can rest assured that there will not be any out-of-pocket expenses and total compensation will be paid out. The premium of the car insurance policy with zero depreciation insurance rider will be slightly higher than the one without it.
Third-Party Insurance
The third-party car insurance offers financial coverage from legal liabilities towards any third party if an accident occurs that causes injury, property damage, or even death. There is no coverage for the car in third-party insurance, therefore, it is also referred to as a liability-only plan or act-only policy.
As per the Insurance Regulatory development authority of India, in third party insurance, the premium of private cars not exceeding 1000 cc is INR 2072/-, The private cars exceeding 100cc but not exceeding 1500cc has to pay INR 3221/-. The private cars with 1500cc have to pay the premium of INR 7890/-.
According to law, it is mandatory to have third-party insurance cover, but it is good for car owners to have a comprehensive car insurance policy including third-party insurance. Especially in the case of owning premium high-valued cars, owners are advised to have comprehensive car insurance with suitable riders that ensure peace of mind. With a car insurance policy, the policyholder should not be worried about the finances in the event of theft or damage.
Car Insurance Policy renewal
Renewing the car insurance policy on time is extremely important to avail several incentives and for better protection. It is also mandatory as per the motor vehicle act to renew your policy on time whether you have third-party insurance or comprehensive car insurance. While renewing a policy it is important to research smartly to enjoy better benefits.
Always renew your insurance policy before expiry to enjoy better benefits and hassle-free insurance. If you don’t renew your policy on time, your car will be subject to inspection and lead to enhanced premium value. No claim bonus will also rest if you fail to renew the car insurance policy within ninety days after its expiry.
The online process for car insurance
The online platform allows you to do proper research to compare multiple policy options. You can find many aggregators and insurers, who are selling online policies. After comparing various policy options and quotes, you can opt for the best policy as per your requirement. You can also check the ratings and reviews of existing policyholders.
People are preferring the online process due to convenience. The online insurance policy can be done within few minutes. Your policy will immediately be delivered to your inbox.
Determinants of car insurance price/calculation
In addition to your policy type and riders, various other factors determine the price of your policy. The insurance premium is calculated based on various factors such as
Insured Declared Value, generally known as IDV is the maximum amount you will receive from your insurance provider in case your car is completely damaged or stolen. It is the most significant factor to determine the premium amount of the policy. Always choose the policy with the right IDV.
Discount criteria
You can avail of the discount on your car insurance premium in case you have installed an anti-theft device certified by the Automotive Research Association of India.
Voluntary Deductible
It is the minimum amount you are required to pay in case pot claim. If you opt for the voluntary deductible at the time of policy renewal, you have to pay less premium.
The premium for a CNG type vehicle is higher than that of petrol of diesel type vehicles.
Fuel Type
The premium also depends on the type of fuel used in the car. The premium of a petrol car is lesser than the CNG cars.
Cubic Capacity
The cubic capacity of the car also impacts the premium when you get your insured.
Location
The insurance premium also depends on the location where you drive your car. The location with a higher density of traffic has a higher premium
Choose the best car insurance company in India
Selecting the best car insurance varies from person to person depending on his requirements. Some people look for highest claim settlement while some other looks for a wide network of cashless garages. There are various parameters to select the best companies. Many companies are offering car insurance such as
ICICI Lombard,
Bajaj Allianz
TATA AIG
Reliance General Insurance
Bharti AXA
HDFC ERGO
Future Generali
Check out the following factors and select the best car insurance company
Cashless garage network
Check out the number of cashless garages in your vicinity for a cashless insurance claim. Give preference to those companies which has a strong network of cashless garages.
Claim Settlement Ratio
Check out the number of claims settled by a car company out of them all claims received by the company in a financial year. Prefer to select the company having a good claim settlement ratio.
Extra Coverage or add-ons
Extra coverage offered along with a standard policy is very significant. Check out the add-ons while purchasing or renewing the policy.
Services
Go through the reviews regarding customer service offered by the insurance company. Some companies offer services on working days while some companies offer 24*7 customer services.
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