Car Insurance: Essentials For A Safe Trip 2023

Car Insurance: Essentials For A Safe Trip 2023

Car insurance

Auto insurance provides protection for your vehicle (car, truck, etc.) against loss or damage due to unforeseen risks. Basically it covers economic losses that may be derived from accidents, thefts or natural or man-made calamities. Car insurance is also known as car insurance/car insurance/car insurance.

In India, third party insurance is a legal requirement. The Motor Vehicle Act of 1988 makes driving without car insurance a legal offense.

Types of car insurance The types of auto insurance or auto insurance can be broadly categorized as follows:-

1. Personal Auto Insurance:

Auto insurance provides coverage against accidental loss or damage to your own car or to someone else's. An automobile / car insurance is mandatory for all vehicle owners. The premium amount for this policy will depend on the make and value of the vehicle, the state in which the vehicle was registered, and the year of manufacture.

2. Two-wheeler insurance:

Two-wheeler insurance protects the vehicle owner from unexpected events such as accidents. An insurance policy for two-wheelers is provided by any approved insurance company registered with IRDAI i.e. Insurance Regulatory Development Authority of India.

3. Third party insurance:

As the name implies, it covers the third person injured in the accident. Third party insurance only covers your legal liability arising from damage to third parties (death, bodily injury and damage to third party property) during the use of your vehicle. 

Soo this policy doesn't cover damage and problems caused by damage to the vehicle or the insured. Having third-party insurance protects you from the legal repercussions derived from civil liability. Having third party insurance is mandatory under Indian law.

4. All Risk Insurance:

Comprehensive insurance is a type of insurance that provides coverage against third party loss/damage to the insured vehicle or bodily injury to the insured. This plan also covers damage to the vehicle due to theft, legal liability, personal accident, natural or man-made calamities, etc.

5. Commercial Vehicle Insurance:

As the name suggests, these are vehicles used for business and not personal purposes. This policy provides coverage for all vehicles that transport merchandise, such as trucks, trucks, etc. Commercial vehicle insurance guarantees protection against financial losses that can occur due to third-party liability. It also pays for damage to your own vehicle.

Auto Insurance Coverage:

These are the following perils covered in a car insurance policy.

• Man-made calamities such as robberies, break-ins, riots, strikes, explosions, terrorism, etc.
• Natural calamities such as typhoons, earthquakes, floods, fires, lightning, storms, etc.
• Civil liability against third parties during transit by road, rail, air or sea.

Auto Insurance Claims:

The auto insurance claim process will depend primarily on the type of vehicle and the nature of the damage. In order to process the claim, the policyholder must submit details of the estimated loss to the insurer. The insured must present the driver's license, the police report, the final invoice of the repair and the documents of the certificate of aptitude. The insurer then carefully inspects the vehicle for damage. In case of third-party claims, the whole matter is transferred to the lawyer.

Auto Insurance Renewal:

Policy renewal can be done online in just a few steps. Almost all banking and insurance sectors have become connected and use high technology. You can visit the official website of your insurer and renew car insurance. Before renewing, you should ideally compare policies, calculate your premiums, and renew the plan accordingly. Here are some important auto insurance policy renewal tips: Don't miss your renewal date. Generally, insurance companies send reminders to customers via email or SMS, about the expiration of the policy and request that they renew it. At the same time, it is recommended to set a reminder on the phone or laptop so as not to miss the renewal date. Please complete the policy details carefully. Follow the instructions, double check, and then proceed to the next step to checkout. If your policy is about to expire, be sure to consider the no claims bonus. If you have not filed a claim in the entire previous year, you will be eligible for a discount on your premium. However, there may be some terms and conditions about it. Take advantage of offers and discounts. As you renew your plan, consider opting for additional coverage that offers more coverage, such as medical expense coverage and zero depreciation coverage.