Insurance of car in India: How to claim, types of car insurance and Car insurance policy
Wheather you are an owner of commercial car (vehicle) or personal car. Insurance of car is mandatory in India. So, in this article you will come to known about the complete details of the Insurance of car (car insurance) in India.
What is car Insurance?
Car insurance is an agreement between the car owner and the insurance company wherein, the owner of car have to pay some amount as a premium. In return of that the insurance company covers for damage or loss of the car. In Inndia, Most of the insurance companies have tie-ups with car manufacturers companies and they offer car owners instant quotes.
Types of Car Insurance in India
There are two types of car insurance listed below which includes
Third party liability insurance cover- It gives the limited safety. This kind of automobile coverage protects you best towards the prices incurred from the damage done via your automobile to any other car, property or individual.
Comprehensive insurance cover- Complete automobile coverage gives cowl in opposition to harm to the vehicle, demise of the motive force or passengers and harm as a result of the automobile to a 3rd birthday celebration automobile, property or character.
Comprehensive car insurance offers cover against damage to the vehicle, death of the passengers or driver and damage caused by the vehicle to a third party vehicle,person or property.
Car Insurance policy Covers the following-
Bodily injury- It offers cover for any bodily injury incurred from an accident where the insured car was involved
Damage- It offers cover for the damage incurred to the car either due to an accident, theft or certain natural calamities
Third party property damage- It pays up for the damage incurred by a third party vehicle involved in an accident with the insured vehicle
Death- It also offers cover for the death of the driver/ passengers present in the insured vehicle at the time of accident or calamity
Factors that influence the premium of the car insurance
Listed below are some of the factors that influence the premium of a car insurance
Vehicle related factors-The make, type of fuel, model etc, all matter when it comes to determining the insurance for the car premium. Usually diesel cars attract a higher premium when compared to petrol cars.
Location-The premium usually tends to be higher in urban areas and near highways.
Driver-The age and profession of the driver also plays a role in determining the premium of the car insurance . Multiple drivers leads to higher premiums.
Car Insurance clauses and exclusions
Listed below are some of the car insurance clauses and exclusions.
Any issues related to the vehicle due to general aging of the car
Mechanical breakdown of the car
Wear and tear of car parts such as tires
The policy won’t offer any cover for the damages incurred from using the car outside the geographical location of the country
No cover will be offered if the person is driving without a license
No cover will be offered if the driver was under the influence of alcohol or drugs
Damage incurred to the vehicle during a war or nuclear attack
The policy does not offer cover if the car was damaged while being used for purposes other than what was mentioned in the policy
How to make a car insurance claim?
Given below is the procedure to make a claim in case your car was involved in an accident or in any other valid incident.
As soon as the accident occurs, the driver or the passenger should note down the number plate of the other car in case of an accident with another car
Contact your insurance company immediately
File a claim with the insurance company and note down the claim reference number
Submit the documents required by the insurance company in order to make the claim
File an FIR at the nearest concerned police station
Advantages of a car insurance
Listed below are the advantages of a car insurance.
Car insurance provides benefit in case of death arising out of accidents
Covers the repair cost of vehicle repairs due to damage caused in an accident.
Covers damage caused by other than an accident for example, theft, fire, etc.
Offers cover for damage caused to third party
Car insurance is a very efficient tool that will protect your dream car against damages and mitigate your costs in case of an accident. There is no dearth of options for car insurance schemes on the market. It is always advisable to compare between different plans and choose the one suitable for you best.