Bumper to Bumper Car Insurance after 7 years Old Car

Opting for a comprehensive car insurance cover is crucial to protect your car from any damages caused by theft, accidents, or natural calamities. However, in cases where your existing car insurance plan fails to provide coverage, bumper-to-bumper car insurance comes to the rescue. To ensure extensive car protection obtaining bumper-to-bumper insurance plays a significant role.

Continue reading to know what exactly is bumper to bumper insurance is and how it can benefit you and your motor vehicle.

Bumper to Bumper Insurance- A Brief Introduction

Bumper to Bumper insurance is a type of car insurance policy that provides full coverage to your vehicle without deducting any depreciation value on its parts. Also known as zero depreciation or nil depreciation cover, bumper-to-bumper insurance offers coverage for fiberglass plastic, rubber, and metal parts. Standard car insurance plans do not cover depreciation. One can opt for bumper-to-bumper insurance at the time of motor insurance policy purchase or renewal.

Therefore, in case of a theft or accident, if there is any damage caused to your vehicle, the motor insurance company will bear the entire cost of replacing or repairing the vehicle’s body parts (except for tires, tubes, and car batteries). The insurer will not cover any damages to the car engine resulting from water ingress or oil leakage. Simultaneously, any expenses on oil changes, gas kits, bi-fuel kits, or mechanical breakdowns are not covered under this insurance plan.

Also, there is a limit on the number of claims that an individual can file in a year, depending on the insurance company.

Is it possible to buy Bumper Bumper Car Insurance after 7 years?

Yes, a vehicle owner can purchase bumper-to-bumper insurance for their car after seven years by paying a higher premium. Currently, only two insurance companies (Royal Sundaram General Insurance Company and Edelweiss General Insurance Companies) provide bumper-to-bumper insurance coverage for 7-year-old cars.

However, most of the insurance companies in India may not benefit from four-wheelers with bumper-to-bumper insurance that is more than five years old. Therefore, it is important to check the terms and conditions of the policy before buying the insurance plan. Bumper-to-Bumper insurance is an ideal choice for people with new cars, luxury cars, car models with expensive spare parts, or residing/driving in an accident-prone zone. Many insurance companies offer bumper-to-bumper car insurance as an add-on with their Comprehensive car insurance policy.

Importance of Bumper to Bumper Car Insurance

The reason why bumper-to-bumper car insurance is in demand in India and why it is important to opt for it along with basic cover are as follows:

• It makes the claim settlement process faster and easier.
• The insurance covers expenses for replacing or repairing the depreciated body parts of the vehicle.
• It ensures that time, usage, and depreciation accumulated on the car do not affect the settlement amount.
• With Bumper to Bumper insurance as an add-on service, people with expensive luxury or sports cars can take a sigh of relief. Since these cars require high maintenance and have pricey body parts, vehicle owners don’t have to worry about repair/replacement costs at the time of a mishap.

Bumper to Bumper Car Insurance for 7-year-old Cars

There are a couple of insurance providers in India that offer zero depreciation or bumper-to-bumper cover for cars that are seven years old. Edelweiss General Insurance Company offers Bumper to Bumper insurance for vehicles not older than 7 years. Whereas Royal Sundaram General Insurance Company provides zero dep. cover for cars up to 10 years old.

Vehicle owners can buy this cover as an add-on by paying an extra premium, i.e., the older the car, the more will be the premium. Under bumper-to-bumper cover for a 7-year-old car, the insurance company will reimburse the full amount of depreciation incurred at the time of claim settlement. Damages caused due to accidents, fire, or natural and man-made disasters are covered under a 7-year zero depreciation cover.

However, there are a few exceptions to this cover. The following listed exclusions are not covered under 7-year bumper-to-bumper car insurance.

• Regular wear and tear because of mechanical breakdown
• Replacement of tubes, tires, and batteries
• Any impairment caused by nuclear and warlike perils
• Total loss or theft of cars
• Any damage to the car engine due to oil leakage or water ingression

Top Car Insurance Companies in India

HDFC Ergo Car Insurance

In 2015, after a joint venture HDFC and ERGO came into alliance. The company has over 6700 cashless garages and offers services like overnight vehicle repairs. With a 4.4 customer rating, HDFC Ergo has over 1.5 Crore happy customers. HDFC Ergo provides a 100% claim settlement ratio where 80% of claims are settled within one day.

United India Car Insurance

Incorporated in February 1938, United India Car Insurance has more than 1.38 crore customers. It provides a variety of insurance products and has a 95% claim settlement ratio. The company excels in achieving the goal of 100% customer satisfaction.

ICICI Lombard Car Insurance

Founded in 2001, ICICI Lombard General Insurance Company Ltd. offers a comprehensive and wide variety of insurance products. The company has a claim settlement ratio of 93.4% for motor insurance. With a 4.7 customer rating, ICICI Lombard has issued a car insurance policy for over 2.17 crore individuals.

New India Car Assurance

Founded in 1919, New India Car Assurance has a 92% claim settlement ratio. With a huge customer market, the company is providing world-class service both in India and abroad.

Royal Sundaram Car Insurance

Established in October 2000, Royal Sundaram car insurance is trusted by over 28 million Indians. The company has a 99% claim settlement ratio and provides complete protection for your vehicle.

Digit Car Insurance

Established in the year 2016, Digit Insurance is trusted by over 3 crore Indians and has a 96% claim settlement ratio.

Cholamandalam Car Insurance

Founded in 2001, Cholamandalam MS caters to different customer needs. With a 96% claim settlement ratio, the company is highly trusted by customers.

Future Generali Car Insurance

Future Generali is in business since 2006 and has a 96% claim settlement ratio. With over 121 branches across India, the company serves its customers 24*7.

Reliance Car Insurance

Founded in August 2000, Reliance car insurance has managed to meet customer expectations with its effortless service. With a 96% claim settlement ratio, the company is popular among customers.

Liberty Car Insurance

Founded in 2013, Liberty car insurance has over 110 offices across. The company has issued 20 crore policies since 2013 and has a 98% claim settlement ratio.

Kotak Car Insurance

Established in April 2015, Kotak car insurance has over 1.1 crore customers. With 4000+ network garages, the company has a 98% claim settlement ratio.

Bajaj Allianz Car Insurance

Founded in 1926, Bajaj Allianz is a customer-centric organization. Bajaj Allianz customers can get 24*7 roadside assistance. With a 99% claim settlement ratio, the company makes sure to provide what its customers need.

Zuno Car Insurance

Established in 2016, Zuno is a trusted insurance provider in India. With a huge customer base, the company has a 98% claim settlement ratio

Universal Sompo Car Insurance

In 2008, Universal Sompo General Insurance started its business in India. The company’s PAN India presence provides customers with 24*7 assistance, a quick claim process, and the best insurance deals. Universal Sompo has a 96% claim settlement ratio.

IFFCO Tokio Car Insurance

IFFCO Tokio Car Insurance was founded in the year, 2000, as a joint venture between IFFCO Tokio and Tokio Marine Asia. With a customer rating of 4.8, the company has a 96% claim settlement ratio.