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:
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:
Riots or Terrorism
Fire or Flood
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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