What is Car Insurance?
As per IRDA, car insurance gives protection to the vehicle owner against (I). damages to his/her vehicle and (ii) pays for any Third Party Liability determined as per law against the owner of the vehicle. It provides coverage against theft, physical damage, etc to the vehicle that are caused due to the man made or natural calamities.
Private / Two-Wheeler Car Insurance
Car insurance includes loss or damage by accident, third party insurance, insurance against burglary etc. The amount of premium will depend on value of the car, state where the car is registered, year of manufacture etc.
Commercial Car Insurance
Similar to top-ups for mobile network services, this adds supplementary coverage to your existing car plan. The aim is to increase overall sum assured with its corresponding coverage by paying a relatively lower premium.
Frequently Asked Questions
Private Car/Two-Wheeler Insurance - Car insurance includes loss or damage by accident, third party insurance, insurance against burglary etc. The amount of premium will depend on the value of the car, state where the car is registered, year of manufacture etc.
Commercial Car Insurance - Commercial Vehicle Insurance protects the vehicle against damage caused due to the accident, third party injury, natural calamity, theft etc. The amount of premium depends on the showroom price of the vehicle at the commencement of the insurance period, make of the vehicle and the place of registration of the vehicle, etc.
Depending on the benefits, it is further subdivided into two categories:
Third Party Liability Only Insurance Policy - It is mandatory to take third party liability insurance. The liabilities which require compulsory insurance are as follows:
(a) any liability incurred by the insured in respect of death or bodily injury of any person including the owner of the goods or his authorised representative carried in the carriage;
(b) liability incurred in respect of damage to any property of a third party;
(c) liability incurred in respect of death or bodily injury of any passenger of a public service vehicle;
(d) liability arising under Workmen’s Compensation Act;
(e) liability in respect of death or bodily injury of passengers who are carried for hire or reward or by reason of or in pursuance of a contract of employment.
Package Policy or Comprehensive Policy - These policies are designed to provide a complete cover, including coverage for own vehicle. You get cover against theft, burglary, riots, self-ignorance, fire, lightning, explosion etc, along with all benefits offered by third party only insurance. It would be beneficial to take package policy for your vehicle instead of third party only insurance.
Why Car Insurance
The insurance of motor vehicles against damage is not made compulsory, but the insurance of third party liability arising out of the use of motor vehicles in public places is made compulsory. No motor vehicle can ply in a public place without such insurance.
What is covered
The risks covered are:
Fire, explosion, self-ignition or lightning.
Burglary, house-breaking or theft.
Riot and strike.
Earthquake (fire and shock damage)
Flood, typhoon, hurricane, storm, tempest, inundation, cyclone, hailstorm, frost.
Accidental external means.
Transit by road, rail, inland waterway, lift, elevator or air.
What is not covered
Here are some exclusions in motor insurance: Wear and tear due to the age of a vehicle. Insurance companies do not pay any type of claim if the driver does not have a valid driving license. Periodic depreciation applicable on insured vehicle. Electrical/mechanical breakdowns are not covered. If the vehicle is used for unlawful activities then no claim shall be paid.
Choosing the best motor plan for your family
1. Kind of insurance plan
2. Cashless facility
3. After-Sales Customer Support
4. No claim bonus
5. Easy claim procedure
Why our users love us?
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