Kornow Your Car Insurance Policy

Kornow Your Car Insurance Policy

 

Every person dreams of owning a beautiful car  They buy the car and treat it with utmost care so  However, no matter what care you take, there may be unforeseen situations, such as accidents, theft, acts of terrorism and natural calamities that come uninvited.  You can then get your car back in shape or buy a new car.  You may also have to pay attention to your medical expenses  When you buy a car, you should also think about such unforeseen situations.  An insurance cover for your car is what you need to save yourself from such risks and the subsequent financial liabilities.

Vehicle or Motor Insurance in India is now compulsory for all new vehicles.  So insuring your car is now a must by law.  As a result, private car insurance is a fast growing sector.  All these aspects and more that come under Car Insurance in India and its various features will be covered here.

How to Choose a Car Insurance Policy

With so many car insurance companies in the market, you must make sure that you choose a reliable and good insurance company, and also the right policy for your car.  There are two types of policies, which are:

Package Policy
This type of policy provides cover for insured vehicle, its owner, and third party coverage

Liability Only Policy
This type of policy provides cover for a third party, damage to third party’s vehicle and life of the driver.  Also, you must compare and select an online car insurance quote based on the following factors:

Good name and reputation of the company

Premiums and add-on Coverage options, riders, benefits etc.

Payment options like EMIs, lump sum etc.

Company’s and garage tie-ups for settlement of claims

Insurance Amount and Renewal

Car insurance in India generally provides cover for you, the insured party.  It also provides insurance cover for other passengers, the car itself and its parts.  In addition, third-party legal liabilities, including people and car are also covered under this kind of insurance.  These days there are some general insurance companies who also offer online insurance services.

The insured amount is always the market value of the automobile at that particular point of time.  It is not the booking price  The amount of premiums on the following factors:

Make, model and value of the car

Which state is the registered

The year of manufacture of the vehicle

Capacity of the vehicle

Previous Claim History

The renewal of the policy should be done before its expiry;  else the insurance policy becomes invalid  As you already know, you can not drive an uninsured vehicle.  Also, if the policy gets expired, one should take the form of the insurance company again for renewal, which is an added burden.

Car Insurance Companies

You can get the car insurance from the government-owned General Insurance Company (GIC) or the four subsidiary companies of GIC:

National Insurance Company

Oriental Insurance Company

New India Assurance Company

United India Insurance Company

When Can You Claim Insurance?

Listed here are some possible cases when you can claim for loss or damage:

Self ignition

Accident

External Explosion

Sabotage

Robbery

Riots or Terrorism

Fire or Flood

During Transit

When You Can not Claim Insurance?

Listed here are some possible cases when you can not claim car insurance:

Drunken driving caused accident

Depreciation in value of the vehicle

Mechanical and electrical breakdown

When the vehicle is used outside the geographical area

Driver is different from the one mentioned in driver’s clause

War like situations, nuclear disasters

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