Car Insurance is a mandatory policy that covers the cost of damage caused to your car due to unforeseen events such as theft, collision, etc. Under this policy, the insurer covers the cost of all or part of repairs or replacement, along with any damage to the third party. All issue provide insurance for your car.
What is Car Insurance policy?
Car insurance, also known as vehicle insurance or motor insurance, provides financial protection to you & your four wheeler against any loss or damages resulting from accidents, theft, fire, calamities and third-party person or property. It also provides personal accident cover to the car’s owner-driver
Know Types of Car Insurance Policy in India
A car insurance policy is a protection shield for your car against any damages caused by natural calamities such as floods, earthquakes, cyclones, accidents, and thefts. There are three types of car insurance policies:
Third-Party Car Insurance Policy
Third-party car insurance provides coverage for third-party financial liabilities such as car damage, physical injury, death, disability as well as property damage. The coverage offered in case of death is unlimited, while for peroperty damage, the coverage is limited to upto Rs. 7.5 lakh.
Comprehensive Car Insurance
A comprehensive insurance policy provides coverage for third party liability as well as damages caused to your own car. In comparison with third party liability insurance, a comprehensive car insurance policy offers extensive coverage, more benefits & covers the damages caused to the insured car in case of an accident, collision, theft, etc.
Own Damage
Own damage policy provides coverage to the policyholder in case their car sustains any kind of damage. The third-party insurance does not cover your own damage so you have to purchase it separately.
How to easily Calculate Car Insurance Premium?
Car insurance price is decided based on several factors. It is also easy to find out the four wheeler insurance premium using an online car insurance calculator. However, the insurance provider takes into consideration the following parameters before fixing the car insurance price:
- IDV (Insured Declared Value) of the vehicle
- Age and Type of Car
- Engine’s Cubic Capacity
- Geographical zone
How To Compare Car Insurance Online With reality?
Car insurance comparison is essential for choosing the best policy for your car. Compare car insurance online from top four-wheeler insurance companies before renewing. It takes a few minutes to buy or renew car insurance online. You have to enter the vehicle details, contact information, and insured details and choose the covers as per your need i will try to fulfil.
Buying a car insurance policy is mandatory in India for all cars as per the Motor Vehicles Act, 1988. Car insurance company insurance comps compensate for the loss or damage caused to the insured car and a third party from the insured four-wheeler. It can help to all:
Car Make, Model and Variant, it’s depend
This information is critical to calculating the base premium. A luxurious, powerful and expensive car will attract more premiums. For e.g., an SUV car will always have a higher premium than a family car.
Read Also: Why don’t car insurance companies cover non-accidental damage cars?
Depends on which ,Year of Manufacture
The manufacture year of your car lets the insurance company assess its Insured Declared Value (IDV) that facilitates the underwriter to decide the annual premium for your car.
CNG Fitted Car
Being more vulnerable to combustion, a CNG fitted car is usually insured at a slightly higher premium than a plain petrol/diesel car.
Additional Covers
You need to mention whether you do or do not want to get a cover on electrical and non-electrical accessories fitted in your car. Most insurers provide a cover for your car accessories at an additional premium of 4% on its value.
