It is an agreement between the insurance company and the car owner. Wherein the car owner will pay premiums and the insurance company covers for loss or damage caused to the car. It is a need of vehicle whether it is a commercial vehicle or a personal vehicle. Most of the insurance companies have linkups with car manufacturers and they offer car owners instant quotes.
It is a necessity for every car owner, and in the last five years, there have been many positive changes, which has made buying very easy and less time-consuming. For example, digitisation has simplified the process of purchasing car insurance online. But, despite this, many still find it too complex to understand the benefits and claim related processes.
Types of Insurance in India
Third party liability insurance
offers cover limited protection, insurance of car protects you only against the costs incurred from the damage done by your vehicle to another vehicle, property or person.
Comprehensive insurance
offers cover against damage to the vehicle, death of the driver or passengers and damage caused by the vehicle to a third party vehicle, property or person. The offers cover against any risk of loss arising out of damage due to accidents or theft of the car.
Listed below are the features that are usually cover under a policy.
Bodily injury– It offers cover for any bodily injury incurred from an accident where the insured car was involved.
Damage– offers cover damage incurred to the car either due to an accident, theft or certain natural calamities.
Third party property damage– offers cover damage incurred by a third party vehicle involved in an accident with the insured vehicle.
Death– offers cover for the death of the rider/ passengers present in the vehicle at the time of accident.
Personal accident– policy also cover personal accident for driver/owner.
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