All you need to know about Car Insurance
Your car is one of your prized possessions. Protecting it from any kind of damage is a must. Every car owner makes it a point to take its utmost care and secure it in the best way possible. For this purpose, car insurance policies have come into play to protect you and your vehicle from any unforeseen risks.
Car insurance also known as motor insurance or auto insurance; it is designed to protect your vehicle from financial losses due to unfortunate events. It provides cover against theft or damage caused due to an accident or any kind of unforeseen event.
In India, car insurance is mandatory by law and driving without it is illegal. An insured is liable to pay a premium to the insurance company in exchange of financial cover. An auto insurance policy guards you in terms of property, liability, and medical coverage.
Property coverages cover damages caused to your car.
- Ø Liability coverage vouches for you to be legally responsible towards others for bodily injury or property damage caused due to your vehicle.
- Ø Medical coverage sums up the cost of your medical treatments due to an accident.
There are two types of car insurance policies in India:
- Ø Third party liability insurance: This type of plan covers damage to property, accidental death, and injury to a third party.
- Ø Comprehensive plan: This type of plan provides coverage against losses caused due to hazards such as cyclone, earthquake, and fire explosion. It also covers theft and damage caused due to any unexpected events.
Here are several benefits of having a car insurance plan in hand:
- Ø Car insurance policy provides an economic safety net to people.
- Ø Provides benefits to survivors when an accident results in death.
- Ø Provides cover against loss or damage caused due to fire or theft.
- Ø Vehicle repair guarantee during the entire term of policy
- Ø Immediate policy issuance: One can avail car insurance online in a few steps.
- Ø Cashless servicing facility.
- Ø Accidental coverage facility for co-passengers.
- Ø Zero depreciation cover:
Companies such as ICICI Lombard, Royal Sundaram, and Oriental General are some of the top companies providing best car insurance policies in India.