Car insurance policy is a protection plan for your car against any damages caused due to accidents or covered calamities. Enter your car purchase/registration date, RTO location, manufacturer, model and variant to get quotes from various providers instantly.
A car insurance policy covers the financial liability which arises in case the insured car injures any third party life or damages any third party property. Moreover, if the coverage of the policy is comprehensive, coverage is also given for the damages suffered by the car due to accidents or any other calamities. A car insurance policy is mandatory as per the rules of the Motor Vehicles Act, 1988. Only if the car has a valid insurance cover, it is allowed to run on Indian roads. The car owner is the policyholder who is required to pay the premium on an annual basis.
A car insurance policy is mandatory as per the rules of the Motor Vehicles Act, 1988. Thus, to legally drive your car in India, you need to have at least a third party car insurance policy. Moreover, the policy will provide financial assistance in case of third party property damages caused by your car in case of accidents. In case an individual suffers an injury or dies due to the car, you can face a considerable financial liability for the loss caused. The policy also covers this liability and gives you financial relief. Moreover, opting for a comprehensive car insurance policy will also help cover the damages suffered by your car in case of accidents or theft. Such policies pay for the repair of the car or compensate your financially in case of thefts.
Car insurance policies come in the following types:
These policies do not cover damages suffered by the car or its owner/driver. Third Party Insurance is mandatory under the Motor Vehicle Act, 1988. Premiums are fixed by the IRDAI and are relatively low.
Premiums are higher due to the wider scope of coverage.
Coverage under a comprehensive car insurance policy is given for the following contingencies:
In case of a car insurance claim, the costs incurred on repairing or replacing the damaged parts are reduced with appropriate depreciations incurred on the parts. As a result, the policy pays a reduced claim amount while you bear the cost of depreciation. Through this cover, the cost of depreciation becomes zero. The insurer settles the full claim value irrespective of the depreciation applicable on the plastic and metal parts of car. This cover is mostly available for cars of age up to 5 years. Also, when you are opting for this add on cover, you need to make sure this add on was available in your previous policy also. Else the insurer might ask for a vehicle inspection if there is a gap.
In a comprehensive car insurance policy, there are various add-on covers which help increase the scope of protection offered by the policy. Add-on covers are additional coverage options which come at an additional premium. The following are the various add-ons available for you:
To choose the best car insurance policy, you should compare the different plans available in the market. The online mode has eased the entire comparison process. While comparing, you should look at the following parameters to choose the best policy:
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