Buying a New Car or Bike This Festive Season?: Save Up to 90% With PhonePe New Vehicle Insurance

The festive season is one of the most popular times for Indians to purchase new cars and two-wheelers. With vehicle deliveries often planned around auspicious dates and celebrations, buyers have plenty to consider, from choosing the right model and colour to arranging financing and completing registration formalities. However, one important aspect of the purchase that deserves equal attention is vehicle insurance.

For buyers looking to simplify the process, PhonePe Insurance offers car and bike insurance options through its app, allowing customers to explore coverage options, compare premiums and customize policies based on their requirements and budgets.

Instead of accepting a pre-packaged insurance policy without examining its features, vehicle buyers can use the platform to review available add-ons, adjust their coverage preferences and understand the costs associated with different policy options.

PhonePe Insurance Offers Customisable Coverage for New Vehicles

One of the key features by PhonePe Insurance is the ability to explore different coverage options while purchasing insurance for a new vehicle.

Customers can access car and two-wheeler insurance options directly through the PhonePe app. The platform provides itemised pricing for selected add-ons..

Popular add-ons include Zero Depreciation Cover, Engine Protect and Consumables Cover. Depending on the insurer and policy terms, these options can offer additional financial protection against specific expenses that may not be fully covered under a standard policy.

For instance, Zero Depreciation Cover can reduce the impact of depreciation deductions on eligible replacement parts during a claim. Engine Protect may cover specified engine-related damage under defined circumstances, while Consumables Cover can help with eligible expenses involving items such as nuts, bolts and lubricants.

PhonePe Insurance Prices

On PhonePe, new bike insurance starts at Rs. 2,700, while new car insurance starts at Rs. 7,200. Buyers can choose a policy that suits their coverage needs and budget, with potential savings of up to 90% up to Rs. 40,000 on cars and Rs. 4,000 on bikes. The process is designed to help customers arrange insurance conveniently without delaying RTO approvals, vehicle registration or delivery timelines. Actual premiums and savings may vary depending on the vehicle, insurer, policy and coverage selected.

Flexible IDV Options Help Buyers Manage Premiums

Another feature offered through the platform is the ability to adjust the Insured Declared Value (IDV), subject to the insurer’s permitted limits.

IDV represents the insured value of a vehicle for insurance purposes and is an important factor in determining the premium for own-damage coverage. It can also influence the maximum payable amount in certain total-loss or theft claims, subject to policy terms.

A higher IDV generally results in a higher premium, while a lower IDV may reduce the premium but also lower the potential payout in relevant claims.

The ability to review IDV options allows buyers to assess the balance between premium costs and the level of financial protection they want for their vehicle. However, customers should choose an appropriate value within the insurer’s permitted range rather than focusing only on reducing the premium.

New Vehicle Insurance Can Be Arranged Before Delivery

For customers purchasing a new vehicle, PhonePe Insurance also highlights an option to begin the insurance process before the vehicle is allocated.

According to the information provided by the platform, customers can lock in an available premium rate early in the process. Once the vehicle invoice is received, they can update the engine and chassis numbers to generate the official policy document.

How to Buy New Car or Bike Insurance Through PhonePe in 4 Easy Steps

Buying insurance for a new vehicle through PhonePe is a simple digital process. Customers can explore available plans, compare quotes and complete their purchase through the app.

Step 1: Open the PhonePe app

Open the PhonePe app and search for “New bike insurance” or “New car insurance”, depending on the vehicle you are purchasing.

Step 2: Select Your Vehicle Details

Choose the vehicle model and RTO location to browse available insurance quotes from participating insurers. Compare the premiums and coverage options before proceeding.

Step 3: Choose a Plan and Make Payment

Select the preferred insurance plan, provide the required details and complete the payment through the app.

Step 4: Enter Engine and Chassis Numbers

Once you receive the vehicle invoice from the dealer, enter the engine and chassis numbers as required. You can then generate and download the official insurance policy document.

This process allows buyers to begin arranging insurance before vehicle delivery and complete the required documentation once the relevant vehicle details become available.

Conclusion

Purchasing a new vehicle during the festive season is a significant financial decision, and insurance is an essential part of protecting that purchase. PhonePe Insurance offers a digital route for buyers to explore car and bike insurance, review add-ons, assess IDV options and manage policy documentation through its app.

For vehicle owners, the objective should be to find a policy that balances affordability with suitable coverage, rather than choosing solely on the basis of the lowest premium. Reviewing policy terms and comparing available options can help buyers make a more informed decision before taking their new vehicle home.