What is Car Insurance?
Car insurance, a.k.a. motor or auto insurance, is a contract between the insurance company and the vehicle owner. The owner pays a nominal premium to the car insurer. In return, the car insurer financially protects the insured from unforeseen events like accidents, theft, fire, natural disasters and third-party liabilities.
Whether you want to purchase a new car insurance policy to comply with legal norms or seek one that offers comprehensive coverage, Spinny has it all! At Spinny, you can browse through various types of car insurance, such as private car insurance, third-party car insurance, comprehensive car insurance, or own-damage car insurance, and choose the one that suits you best.
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An insurance policy protects you and your car against hefty financial losses. Under the Motor Insurance Policy Law, it is mandatory to have a motor insurance policy if you own a 2-wheeler, 4-wheeler or both.
Premium is your vehicle’s insurance cost that you undertake to pay to the insurance company in return for the coverage which the company provides.
Different insurance plans have different coverage tenures. The tenures of various plans include:<ul><li> Bike insurance - third party plans: 1 year- 5 years; comprehensive plans: 1 year- 3 years or 5 years </li><li> Car insurance - third party plans: 1 year- 3 years, comprehensive plans: 1 year- 3 years</li>
Buying insurance policies online is a simple process. You can compare different policies and choose the one that best suits your needs. Then you fill out an online proposal form, submit the necessary documents, and pay the premium online to get the policy issued. You can easily purchase insurance policies online after comparing different policies and choosing the best one. After you’ve selected a policy, you need to fill an online proposal form, submit the required documents and pay the premium online and the policy is issued.
There are several insurance policies in the market that serve similar needs but provide different coverage benefits and premium rates. The best insurance policy provides you the best coverage features at the lowest premium rates. Therefore, comparing is necessary before buying insurance policies. There are a number of insurance policies available in the market pertaining to similar needs and yet have different coverage benefits and premium rates. The best insurance policy which provides the best coverage features at the lowest premium rates. That is why comparing is necessary before buying insurance policies.
A claim is said to occur when an unforeseen event occurs and the insurance company becomes liable to pay the compensation for the financial loss suffered by the insured.
What is Car Insurance?
Car insurance, a.k.a. motor or auto insurance, is a contract between the insurance company and the vehicle owner. The owner pays a nominal premium to the car insurer. In return, the car insurer financially protects the insured from unforeseen events like accidents, theft, fire, natural disasters and third-party liabilities.
Whether you want to purchase a new car insurance policy to comply with legal norms or seek one that offers comprehensive coverage, Spinny has it all! At Spinny, you can browse through various types of car insurance, such as private car insurance, third-party car insurance, comprehensive car insurance, or own-damage car insurance, and choose the one that suits you best.
Why Should I Purchase a Car Insurance?
Even a minor accident can become a significant financial burden if you lack insurance. Expenses such as repairs, medical bills, and legal costs can quickly add up and make it difficult for you and your family to regain financial stability.
Apart from protecting yourself financially, there are other key reasons to consider purchasing car insurance:
Regulatory Obligation: In India, having car insurance is compulsory under the Motor Vehicles Act. Vehicle owners must have at least third-party coverage to legally drive on public roads.
3rd Party Liability: Car insurance covers third-party injuries, deaths, and property damage caused by your insured vehicle up to INR 7.5 Lakhs. There is no limit on claims related to death, and the compensation amounts are decided by the Motor Accident Claims Tribunal (MACT).
Own Damage Protection: Own damage insurance, a.k.a. OD insurance, protects your vehicle against damages resulting from accidents, natural disasters, vandalism, theft, and other unforeseen events.
Personal Accident Cover: The mandatory personal accident cover component in your car insurance offers insured financial protection in case of death or permanent disability resulting from an accident.
Types of Car Insurance Policies Provided by Spinny
When exploring car insurance online on the Spinny platform, you will be able to find four types of car insurance policies. Each of these policies comes with different premium amounts and coverage levels. Hence, whether you are searching for new car insurance or considering car insurance renewal, you will be able to easily find a policy that best meets your needs and fits within your budget.
Policy Type | Coverage | Key Feature | Points to Consider |
Third Party Insurance | Covers damage to others property or injuries and death of a third party. | Mandatory by Law | Does not cover any damage to your own car. |
Comprehensive Insurance | Covers third party damage +coverage against damages to own car. | Covers accidents, natural disasters, fire, theft, and rat bites. | Broader coverage compared to third party insurance. |
Zero Depreciation Insurance | Offers 100% replacement of car parts without depreciation. | Covers 100% cost of parts during repairs for maximum claim benefit. | Ideal for avoiding depreciation cost on claims. |
Own Damage Cover | Covers damage to your car due to accidents, disasters, fire, or theft. | Designed for vehicles already under a separate 3rd party policy. | Must be paired with a 3rd party insurance policy to comply with legal requirements. |
Third Party vs Comprehensive vs Zero Depreciation vs Own Damage Insurance Policies
Feature | Third-Party Insurance | Comprehensive Insurance | Zero Depreciation Insurance | Own Damage Insurance |
Third-party Property Damage | Compensation up to INR 7.5 lakhs | Compensation up to INR 7.5 lakhs | Same as the comprehensive insurance plan | Not covered |
Third-party Injury/Death | Unlimited compensation as per Motor Vehicle Act | Unlimited compensation as per Motor Vehicle Act | Same as the comprehensive insurance plan | Not covered |
Own Vehicle Damage | Not covered | Covers damages from accidents, theft, natural disasters, fire, etc. | Covers damages from accidents, theft, natural disasters, fire, etc., without deducting depreciation on parts replaced | Covers damages from accidents, theft, natural disasters, fire, etc. |
Vehicle Theft | Not covered | Covered up to the Insured Declared Value (IDV) | Same as the comprehensive insurance plan | Same as the comprehensive insurance plan |
Insurance Premium | Lower; decided annually by IRDAI. | Higher than Third-Party Insurance | Higher than the comprehensive insurance plan due to added zero depreciation benefit. | Lower than the comprehensive insurance plan but higher than 3rd party insurance |
Add-ons Available | Not available | Available (Zero Depreciation, Roadside Assistance, etc.) | No additional add-ons; already includes full depreciation coverage. | Limited add-ons (depends on the policy terms). |
Depreciation Coverage | Not applicable | Does not cover depreciation on parts | Covers 100% of depreciation on parts replaced during repairs | Does not cover depreciation on parts |
Personal Accident Coverage | Optional (up to INR 15 lakh for the owner-driver) | Included for the owner-driver (up to INR 15 lakh) | Same as the comprehensive insurance plan | Optional (must be purchased separately if not included). |
Purpose | Meets legal requirements for third-party liability. | Provides all-around coverage for third-party and own car damage. | Enhanced Comprehensive Plan with maximum claim amount. | Covers own car damage; must be paired with 3rd party insurance |
Key Features of Spinny's Online Car Insurance
Buying car insurance online from Spinny is as simple as filling out a quick form. All you need to do is compare the plans and choose the one that best suits you - everything without leaving the comfort of your home. Here are some of the key features that make Spinny's online car insurance an excellent choice for car owners:
User-Friendly Interface: Spinny's online car insurance platform is intuitive and very easy to navigate. So, it doesn't matter whether you are tech-savvy or not; you will be easily able to use it.
Side-by-Side Insurance Plan Comparison: Spinny allows you to compare various car insurance plans side by side. This makes it easy for our users to make an informed decision.
Low Premiums: As Spinny has a digital setup and there is no intermediary in between, the operational cost is very low, and thus, we are able to provide car insurance at low premiums, starting at just INR 2,094.
No Paperwork: When buying car insurance online from us, there is no need to fill out lengthy forms to renew your car policy or insure your new car. Everything can be done online from the convenience of your home.
Effortless Claim Process: Earlier, people had to visit multiple offices just to file a car insurance claim, but that's not the case with us. With our online claim submission and tracking, you can easily file your claim and monitor its progress, even without stepping out of your house.
Quick Claim Settlement: Spinny provides rapid claim resolutions for minor claims. While major claims may require more time, they are also addressed quickly. All claims, whether minor or major, are processed per the relevant policy's terms and conditions.
Ultimate Convenience: Looking to buy car insurance or renew your car policy on a public holiday, weekend, or at midnight? Yes, you can! With Spinny, you can buy car insurance online from anywhere and at any time!
Best Customer Support: Our customer support team is available from 10 AM to 7 PM, seven days a week. Hence, it doesn't matter whether it's a holiday or a weekend; we are always available to help!
Easy Insurance Renewal: With Spinny, renewing your car insurance is very easy. Enter your car registration number on spinnyinsurance.com and complete the renewal process.
What Spinny Comprehensive Car Insurance Covers
Category | Details |
Third-Party Losses | Covers damages to third-party property, vehicles, or life caused by your car. |
Accidents | Covers damages to your car due to accidents or collisions. |
Theft | Provides coverage for loss due to car theft. |
Fire | Covers damages caused by fire, vandalism, or self-ignition. |
Calamities | Covers damages from natural (floods, earthquakes) and man-made calamities. |
Rat Bite Damages | Includes coverage for damages caused by rat bites. |
Note: Please read the terms of your policy carefully to understand the exact coverages it provides.
What the Spinny Comprehensive Car Insurance Policy Does Not Cover
Category | Details |
Pre-Existing Damages | Any damage that existed before purchasing the policy is not covered. |
Mechanical/Electrical Damage | Manufacturing defects in the car’s components are not covered. |
Normal Wear and Tear | Regular wear and tear of car parts over time is excluded. |
Driving Without Valid Documents | Damages occurring while driving without valid documents (DL, RC) are not covered. |
Loss Outside Geographical Limits | Damages occurring outside the geographical limits of India are not covered. |
Illegal Driving | Damages caused during illegal activities like racing or driving under the influence are excluded. |
Tailor Spinny Car Insurance with Add-ons to Suit Your Needs
With Spinny, you get the option to choose from multiple add-ons. Adding these add-ons to your coverage allows you to customize your car insurance policy to meet your specific needs. You can add or remove add-ons either when buying a new car insurance policy or opting for a car insurance renewal online. Here are some of the add-ons that you can choose from:
Roadside Assistance
With this add-on, you get 24*7 emergency roadside assistance, including towing service, in case your car breaks down due to any mechanical issues. If something like this happens, call us, and we will be there to help you!
NCB Protection
With this add-on, you can protect your NCB (No Claim Bonus) discount. This add-on ensures you get up to 50% off on car insurance renewals even after making a claim.
Engine Protection
With this add-on, you don't have to worry about engine repair or replacement costs. This add-on covers repair or replacement costs for internal engine parts, gearbox, and differential assembly caused by water damage, oil leaks, or any accidental events.
Consumables Cover
Worried about the cost of consumables like engine oil, nuts, bolts, lubricants, etc., during repairs, which are usually excluded in standard policies? Don't! Consumable add-on covers such costs while settling claims. This add-on is a part of Spinny Comprehensive Car Insurance Policy.
Compulsory Personal Accident
This add-on is mandatory by law, along with 3rd party car insurance. It offers financial protection (to owner-driver) in case of permanent disability or death while driving. The insured sum can be as low as 15 Lakhs and as high as 50 Lakhs.
Personal Accident Cover for Passengers
This add-on covers passengers riding with you from unforeseen events which may lead to permanent disability or death. It has a sum insured of up to INR 1 lakh per passenger.
Paid Driver Protection
The paid driver protection add-on provides financial protection for your paid driver in case of injuries or death caused by an accident while on duty.
Factors That Influence Your Car Insurance Premium
Spinny considers the factors mentioned below when calculating the premium for your car insurance.
Insurance Coverage
The type of insurance you select is the most important. A third-party insurance policy will have a lower premium compared to a comprehensive car insurance policy, as it offers broader protection.
Engine Capacity
Your car's engine cubic capacity (cc) is the second key factor that's considered while calculating the premium for four-wheeler car insurance. The greater the engine's cubic capacity, the more premium you will pay.
Insured Declared Value (IDV)
The IDV indicates the current market value of your car and determines the maximum amount that you can claim. A higher IDV offers better coverage, but it also results in a higher premium.
Add-ons
Including add-ons like roadside assistance, consumable cover, etc., surely provides better coverage, but at the same time increases your premium amount.
Car's Age
The cost of repair or replacement of parts in a new car is much higher than in an old car, which has a low market value because of wear and tear. Hence, the newer the vehicle, the higher the insurance premium.
Deductibles
A deductible is the portion of the amount that you agree to pay from your pocket during the settlement of a 4-wheeler insurance claim. The insurance company pays the rest of the amount. The higher the deductible amount, the lower the premium.
Claims History
The possibility of future damage is much higher if you have a history of frequent accidents. Due to this, your four-wheeler car insurance premium will be considerably higher. Apart from that, your bad claim history will also affect the NCB component, which will further raise the premium amount.
Location
The place where you reside also affects the premium amount of your car insurance policy. Living in high-traffic areas or metro cities, where traffic is dense, the probability of accidents is much higher. Hence, the premium will be considerably higher compared to quieter regions, where the likelihood of accidents is less.
Calculate Car Insurance Premium Using Spinny's Online Premium Calculator
Spinny's car insurance premium calculator is an online tool designed to help you quickly determine the premium amount that you must pay to buy a four-wheeler insurance policy. To use it, all you need to do is input your car number, select the desired policy coverage and any add-ons (if required). Once done, click on the Get Price button. Within a few seconds, the online calculator will display the premium amount.
In case you want to calculate the Own Damage (OD) car insurance premium, you can use the {Insured Declared Value (IDV) x Premium Tariff set by the Insurer} + Add-ons - {No Claim Bonus (NCB) Discounts} formula.
To calculate your car's Insured Declared Value (IDV), you can use the formula depending on whether any accessories have been added after the purchase or not.
If you have no added accessories, use this formula - {Car's ex-showroom price – Depreciation} to calculate the IDV value of the car.
If you have added accessories, use this formula - {Car's ex-showroom price – Depreciation} + {Cost of accessories – Depreciation of the accessories} to calculate the IDV value.
Third-Party Motor Insurance Premiums as Per IRDAI
The Insurance Regulatory and Development Authority of India (IRDAI) decides third-party motor insurance rates. For the financial year 2024-2025, the car insurance renewal rates for Motor Third-Party Liability Insurance for Private Cars, effective from June 1, 2024, are outlined below.
ENGINE CUBIC CAPACITY (CC) | One-Year Premium (INR) | Three-Year Premium (INR) |
Less than 1,000cc | 2,094 | 6,521 |
More than 1,000cc and less than 1,500cc | 3,416 | 10,640 |
More than 1,500cc | 7,897 | 24,596 |
Third-party insurance premium rates for electric vehicles (EVs) are as follows:
Battery Capacity (kW) | One-Year Premium (INR) | Three-Year Premium (INR) |
Not exceeding 30 kW | 1,780 | 5,543 |
Exceeding 30 kW but not exceeding 65 kW | 2,904 | 9,044 |
Exceeding 65 kW | 6,712 | 20,907 |
Tips from Spinny to Reduce Your Car Insurance Premium
Tips | Description |
Renew Your Policy on Time | Make sure your four wheeler insurance policy is renewed before the current one expires. It will help you avoid paying a higher premium. |
Compare Policies | Compare quotes from different insurers to find the best coverage and price that meets your specific needs and falls within your budget. |
Agree for Voluntary Deductibles | Opt for a higher voluntary deductible (the amount you pay during claim settlement). Doing so reduces the insurer's liability and lowers your premium. |
Drive Responsibly | Maintain a clean driving record to qualify for a No Claim Bonus (NCB). |
Avoid Small Claims | Pay for minor repairs, such as scratches yourself. Doing so will preserve your NCB and keep premiums low. |
Documents Required to Buy or Renew Car Insurance Online from Spinny
With Spinny, you don't need any documents, as the entire process is paperless. All you need to do to renew or buy car insurance online from us is enter details like the car information, current location, and previous insurance policy details (if any). After providing these details, complete the payment using UPI, credit, or debit cards. Once the payment is successful, your digital policy document will be ready for immediate download.
How to Renew or Buy Car Insurance Online from Spinny
Renewing or purchasing car insurance online with Spinny is easy, fast, and convenient. Just follow the steps below to complete the process effortlessly.
Step 1: Enter Your Car Details
Provide your car’s information, such as its registration number, make, model, year of manufacture, and any existing insurance details, if available. This helps us generate accurate insurance quotes for your vehicle.
Step 2: Choose Your Plan and Add-ons
Select the insurance policy type and coverage duration that suit your needs. You can also explore various add-ons to enhance your policy and ensure better protection for your car.
Step 3: Complete CKYC
Enter required details to perform CKYC (Central Know Your Customer), such as PAN card details and birthdate (as per official documents).
Step 4: Make a Secure Payment
After completing CKYC, proceed to make an online payment. Once the payment is confirmed, you will receive the policy document instantly via email.
How to Obtain a Copy of Your Spinny Car Insurance Policy
You can easily download a copy of your Spinny car insurance policy online by following these simple steps:
Step 1: Visit the spinnyinsurance.com website and log into your account using your registered mobile number.
Step 2: Navigate to the car insurance section once logged in.
Step 3: Click on the Policy Document Download option. The car insurance document will be downloaded within seconds.
How to File a Car Insurance Claim Online with Spinny
Submitting a claim is straightforward and can be done easily from your smartphone or computer with internet access. Follow these simple steps:
Step 1: Visit the spinnyinsurance.com website.
Step 2: Log in to your account using your mobile number.
Step 3: Open your car insurance policy and select the option to Raise a claim.
Step 3: Fill in the required information and upload soft copies of the following documents:
Proof of identity for the policyholder (Driving License)
First Information Report (FIR), if applicable.
Note: The exact list of soft copies required of documents might vary depending on the claim.
and upload soft copies of the following documents:
Proof of identity for the policyholder
Driving License
First Information Report (FIR) (if applicable)
Original repair invoices
Non-traceable Certificate (if needed)
Car Registration Certificate
Fire brigade report (if applicable)
Original payment receipts
Original car purchase invoice (if you have the Return to Invoice add-on cover)
Advantages of Opting Spinny for Online Car Insurance Renewal
Renewing your car insurance online with Spinny is straightforward, fast, and hassle-free! You can complete the renewal in just a few minutes.
Fast Process
Our online car insurance renewal process can be completed within a minute. All you need to do is log into your Spinny account on our app or website to check your coverage details, pay the renewal premium, and complete the process.
No Paperwork
Renewing your car insurance online with Spinny means no paperwork! You don’t have to fill out lengthy forms or submit numerous documents. The whole process is paperless!
Dedicated Support Hours
Spinny offers dedicated support from 10 AM to 7 PM, seven days a week. If you need assistance with renewing your car insurance or have any questions, our team is here to help you so that you can enjoy continuous protection once your current policy ends.
Low Renewal Cost
When you buy online car insurance from Spinny, we notify you via text, WhatsApp, or email before your policy expires. This ensures you avoid gaps in coverage and potential penalties, helping you keep renewal costs low.
Why It's Important to Renew Your Car Insurance On Time?
Renewing your expired car insurance should be a priority. Here’s why:
Loss of No Claim Bonus: If you don’t renew your policy within 90 days after it expires, you will lose your accumulated No Claim Bonus, which can save you money on premiums.
Financial Risks: Letting your insurance lapse means you will be responsible for any costs in the event of an accident.
Risk of Fines: Driving without insurance can lead to penalties of up to INR 4,000 and may even result in jail time.
How to Choose the Best Four-Wheeler Insurance Policy Online
Choosing the right car insurance policy is essential to protect your vehicle and yourself from unexpected risks. To make an informed choice, consider the below-mentioned points while selecting a policy online.
Understand Your Needs
Before buying car insurance, think about your requirements based on your vehicle type, driving habits, and potential risks. Doing so helps you pick a plan that suits you without paying extra for unnecessary features.
Compare Insurance Plans
One major benefit of buying car insurance online is the ability to compare multiple plans. Check quotes, coverage options, and services from different providers to find the one that matches your needs.
Carefully Select Add-on Covers
Add-ons enhance your policy's coverage but increase the premium cost. Hence, select add-ons that are relevant to your specific needs to avoid overspending.
Evaluate Customer Support
Select an insurer that provides customer support seven days a week, even on holidays or weekends, like Spinny, so you are always assisted when needed.
Go Through the Insurer’s Review
Go through the insurer's online review. The reviews can give you insights into the insurer's claim handling. Also, check the Claim Settlement Ratio (CSR) to evaluate their reliability in settling claims.
Check the Insured Declared Value (IDV)
The IDV represents your car's market value and determines the maximum amount you can claim for a total loss or significant damage. A higher IDV offers better coverage but comes with a higher premium. Choose wisely to balance protection and cost.
Key Factors Affecting Insured Declared Value (IDV) of Your Car
IDV is essentially the approximate current market value of your car. It's the maximum compensation you can receive from your insurer in case your vehicle is stolen or is deemed a total loss. The IDV is a key factor in determining your car insurance premium.
Here are the factors that affect IDV of a car are:
Vehicle's Age: One of the primary determinants of IDV is the car's age. As cars age, their value depreciates due to factors such as wear and tear. Consequently, older cars have a lower IDV. Here’s how depreciation happens:
Car's Age | Rate of Depreciation |
Less Than 6 Months | 5% |
More Than 6 Months to 1 Year | 15% |
More Than 1 Year to 2 Years | 20% |
More Than 2 Years to 3 Years | 30% |
More Than 3 Years to 4 Years | 40% |
More Than 4 Years to 5 Years | 50% |
More Than 5 Years | Mutually decided between the policyholder and insurer |
Make and Model: The brand and type of car can significantly influence the IDV. Premium brands typically have a higher IDV compared to budget brands because they maintain their value better over time.
Geographical Location: The area where your car is registered can also affect its IDV. Cars registered in metropolitan areas usually have a higher IDV compared to those in smaller towns due to differences in demand and market rates.
FAQs About Car Insurance Policy
What is car insurance, and why is it important?
Car insurance is a contract where the vehicle owner pays a premium for financial protection against accidents, theft, or natural disasters. It ensures you are not burdened with high expenses during unforeseen events, making it crucial for your financial safety.
How can I buy a car insurance policy online?
You can easily buy car insurance online by visiting platforms like Spinny Insurance. Simply complete the process by filling out your vehicle details, comparing car insurance quotes, selecting the best plan, and making a secure payment.
Is it easy to renew my car insurance online?
Yes, renewing your car insurance renewal online is simple with Spinny Insurance. You just need to enter your policy details, complete CKYC, pay the premium, and your renewed car insurance policy will be ready for download.
How can I compare different car insurance quotes?
You can easily compare car insurance quotes on platforms like Spinny Insurance, where you can see the coverage, benefits, and car insurance prices side by side, making it easier to choose the right policy.
What types of car insurance policies are available?
There are several types of car insurance policies, such as third-party insurance, comprehensive insurance, zero depreciation insurance, and own damage cover. You can select the one based on your coverage needs and budget.
How do I get insurance quotes for my car?
To get insurance quotes, visit a trusted platform like Spinny and enter your car details. The system will generate accurate quotes for car insurance online based on your chosen policy.
Can I buy a car insurance policy online for my new car?
Yes, you can buy insurance online for a new car on Spinny Insurance. Spinny Insurance allows you to compare different car insurance policies easily, select the best plan, and make your purchase with just a few clicks, all from the comfort of your home.
What factors affect the car insurance price?
The car insurance price depends on factors like the vehicle's make, model, age, engine capacity, and the type of coverage. The higher the coverage, the higher the premium you will pay.
Is there a benefit to renewing my car policy online?
Renewing your car policy online is fast, convenient, and paperless. It eliminates the need for manual paperwork, ensuring that your coverage continues without any gaps, and often at
