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.
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.
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.
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 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 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:
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.
Understanding the various terms and complexity of buying a health insurance always bothered me and I always left the transaction mid-way. 121Policy is explanatory and easy to comprehend.
Pretty good site. I liked the fact that it works smoothly on mobile. It’s easy to navigate through various options. The filters thing is helpful in deciding.
I love this site. Have been procrastinating for long about buying insurance for my parents. This site makes it easy to understand everything.
The site is intuitive and easy to use. As easy as someone doing it for you personally.
I had a lot of questions with respect to claims process. The support team was helpful in answering the doubts. I would have spent searching endlessly on the web otherwise
One of the most efficient support team I have spoken to. Understands the question with little effort and gets the work done. Highly recommended.
We have a long relation with some of the largest insurance providers in India for various products.