Car insurance is purchased for cars that are used for personal as well as commercial purpose. Its primary use is to provide financial protection against physical damage and/or bodily injury resulting from traffic collision. The specific terms of car insurance vary with legal regulation in each region in many jurisdictions. It is compulsory to have car insurance before keeping a car on public roads. Most jurisdiction relate insurance to both, the car and the driver. However the degree varies greatly several jurisdiction have experimented with the pay as you drive insurance plan, which is paid through a petrol tax. This would address issue of uninsured motorist and also charges based on the miles (kilometres) driven, automobile and its parts due to natural and man -made calamities. It provides accident cover for individual owners of the vehicle while driving and also for passengers and third party legal liability. There are certain general insurance companies who also offer online insurance service for the vehicle.
Car insurance in India is a compulsory requirement for all new vehicle used whether for commercial or personal use. The insurance companies have tie ups with all leading automobile brands, they offer their customer instant auto quotes. A number of factors determine auto premium and the premium increases with the rise in the price of the vehicle. The claims of the car insurance in India can be accidental, theft claims and third party claim. Certain documents are required for claiming car insurance in India, like duly signed claim papers, RC copy of the vehicle, driving licence copy, FIR copy, original estimate or policy copy.
- There are different types of car insurance in India.
- Private car insurance- In the car insurance in India, private car insurance is the fastest growing sector, as it is compulsory for the entire new vehicle. The amount of premium depends on the make and value of the car, state where the car is registered and the year of manufacture of the car. Under the car insurance in India, covers accidental insurance for the driver of vehicle. The amount of premium depends on the current showroom price of the vehicle multiplied by the depreciation rate fixed by Tariff Advisory Committee at the time of beginning of the policy period.
- Commercial car insurance- commercial car insurance under the car insurance in India provides cover for all the vehicle which are not used for personal purposes 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 state where the vehicle is registered.
-
- The car insurance generally includes :
- Loss or damage by accident, fire, lightening, self ignition, external explosion, burglary, housebreaking or theft, malicious act.
- Liability of third party accident/death, third party liability to paid driver.
- On payment of appropriate addition premium, loss/damage to electronic/electrical accessories
-
Car insurance does not include:
- Consequential loss, depreciation, mechanical and electrical breakdown, failure of breakage
When car is used outside the geographical area.
War and nuclear perils and drunken drivers
| 
Home
