A car is one of the expensive assets in a family or business. Car Insurance protects this asset and helps in coping with the expense of accidents, potential damages, injuries in case of an unforeseen accident or theft. And above all, under the provisions of Motor Vehicles Act all the vehicles, which are running in public places, shall have at Car insurance policy at least to cover third party liability. The deciding factors for buying a car insurance policy are very different from other policies.
There are two types of car insurance policies: The Third party Car Insurance Policy and Comprehensive Insurance Policy.
Third Party Car Insurance provides cover to pay compensation for death or bodily injuries to third parties and damage to the property of third parties. The Insured here is treated as the first party and the Insurance Company second party, all others would be third parties.
Comprehensive Car Insurance Policy covers in addition to third party accountability, loss or damage to the vehicle itself by way of accident, theft, etc. and specified dangers.
The Indian Motor Tariff is managed by Motor Insurance in India.The insurance premium depends on the car's value, the engine power, its seating capacity, and the value of other accessories like the air-conditioner. However, it is advised to check the competitive rates provided against coverage by various companies.
There is no such thing as standard rate. Insurance companies fix their own rates according to their own claims experiences and their own data. One should also check the claim settlement history from existing customers to weigh the company on basis of its services.
While purchasing a policy ensure that the quality and locations of garages is appropriate and the claims are directly settled by the insurer. The insurance company pays for cost of damaged parts which are replaced and the labor cost to repair the vehicle.
Some companies offer zero percent EMI option allowing the policy holder to pay in easy installments. Look for special model discounts and extra covers on premiums.
You should use online policy issuance because the process is simple, convenient and easy, and claims service is quick and hassle-free. With many options in the market, you can plan on the parameters above and get the best policy for your need.
We can help you. You can buy insurance policies offered by insurance companies in India through our website, while receiving very competitive quotes from qualified and IRDA registered Insurance Agents.