What is Car Insurance? & Top 4 Car Insurance Policies

What is Car Insurance? & Top 4 Car Insurance Policies 1

What is Car Insurance?

Car insurance (also known as a motor vehicle or motor insurance) is finished to protect your vehicle from unforeseen risks. It primarily provides protection against the losses incurred as a result of inescapable instances. It helps cover against stealing, loss caused by accidents and any subsequent liabilities. the duvet level of insurance will be the insured party, the insured vehicle and third parties (car and people). The premium of the insurance depends on sure parameters like the price of the car, the form of coverage, vehicle classification; voluntary excess, etc. car insurance provides confidence to drive peacefully.

Policies are generally issued for six-month or one-year timeframes and are renewable.

Benefits of Car insurance

Any damage to your car is covered by an accident.

In case of permanent disability and death, the insured can avail personal accident cover

Any type of disaster by nature like flood, earthquake, it covers financial security.

In case of theft, your insurance company will pay an amount that is equal to your IDV

If your car is stolen, the company will pay an amount equal to your IDV.

Riots, attacks, fire and terrorism (man-made disaster) were also covered

Additional discounts: Car insurance policies allow premium discounts for stealing or owning more than one policy with the same insurer.

It also provides additional benefits to provide coverage to others driving your car with your permission.

No Claim Bonus: If you do not make any claim during the policy term, no claim bonus is given on renewal provided you fulfill certain terms and conditions

Types of Car Insurance Policies in India

1-Third-Party Liability Coverage

What is Car Insurance? & Top 4 Car Insurance Policies 2

Third-party insurance is a sort of insurance plan bought to safeguard against the claims to a different. during this class of motor insurance, the third-party can protect the financial liability that’s incurred by the owner of the automobile within the event of unforeseen ending or permanent incapacity of the third party, that was crushed by the vehicle of the customer in associate degree accident. As per the motorcars Act, 1988, ‘Third Party Insurance’ could be a statutory demand. the thought of the third party comes from the very fact that the prime beneficiary of the policy is neither the initial insured nor the insurance company, but a pretentious third party. As per the rules, the Insurance regulative and Development Authority (IRDA) of India calculate the damages.

Comprehensive Coverage

Comprehensive cover is the best form of car insurance and designed during a method that may provide wider coverage to the insured and also the third party as well. beneath an equivalent, you not only get the fundamental third party liability cover however additionally the entire coverage to your vehicle moreover. it’ll offer cover against most expenses to the insured automotive and third party liability.

What is Covered

Car Insurance Cover all loss caused by your car because of an accident.

In case of death or permanent disability, it would be very useful.

in the case of Natural disasters like Earthquakes, volcanic eruptions, tsunamis, Cyclone, etc insurance will protect your financial status.

In case of theft, the car insurance company pays you an equal amount to your IDV.

Man-made disasters such as riots, strikes, fire, and terrorism will be covered

What is not Covered

Damages that caused to the vehicle while driving under the influence of alcohol

What is Car Insurance? & Top 4 Car Insurance Policies 3

All damage due to war and nuclear will be covered

Accidental loss while using your car for illegal activities

Drive without a valid driving license is an illegal activity in India. insurance does not cover any damage incurred during doing any illegal activity.

Mechanical expenses are required by regular use, it will not be covered.

Top 4 Car Insurance Policies

TATA AIG Car Insurance

Main Features of TATA AIG Car Insurance

quick renewal – Renewal service very fast go online give important details pay the renewal fee and you renewed your TATA AIG Car Insurance policy.
claim settlement service very user-friendly just call customer care helpline and they will assist you in every single step.
Availability of more than 4000 garages in all over India with cashless service.
addition addon cover is available in the TATA AIG Car Insurance policy.

Special Addon cover also available in TATA AIG Car Insurance

Bajaj Allianz Car Insurance

Main Features of Bajaj Allianz Car Insurance

Hassle-free instant paperless renewal
24/7 – claim assistance
Bajaj Allianz provides mobile app support for roadside assistance
More than 4000 garages across India with Cashless facility
Special Add-on covers – Depreciation cover, No-Claim Bonus Protector, etc.
Claim settlement – Quick claim settlement process

ICICI Lombard Car Insurance

Features of ICICI Lombard Car Insurance

Third-Party Personal Liability covers you against:

Loss or damage to your own vehicle in an accident
Loss or damage due to natural (fire, earthquake, etc.) or man-made disasters (theft). Personal Accident provides enough financial protection in case of Permanent Total Disability, death and cost of hospitalization due to a car accident.

Other Features  of ICICI Lombard Car Insurance

National Car Insurance

National Car Insurance Benefits

Zero Depreciation Cover: This add-on makes you entitles you to claim the entire amount for the replacement of damaged parts of your car.
Garage Cash: With this add-on, the policyholder can request to compensate for the inconvenience caused while his/her car is being repaired.

National Car Insurance has garages all over India with a cashless facility.

Special Add-on covers – Zero Depreciation, Return to Invoice, etc.
Policies– third party insurance and the comprehensive type of insurance policies offered by national car insurance.

Zero Depreciation Cover: National Insurance will pay you the amount of depreciation deducted on the value of depreciable car parts, such as rubber, plastic, metal, nylon, etc.

Special Condition: Provided all the repairs are done at an authorized garage network.

No Claim Bonus (NCB) Protection Cover: No Claim Bonus is the concession that you get on the car insurance premium provided, you have not made any claim during the policy period.

Special condition:

Standalone windscreen glass or rear glass or door glasses, sunroof glass is not covered, claims will not be considered as a claim.
The claim of partial theft will not be considered as a claim under this cover.

Roadside Assistance cover provided a service facility to take care of your vehicle and your concerns in an unfortunate event of meeting your vehicle with an accident or breakdown. Some of the benefits are flat tire service, flat battery – jump start service, on-the-spot repair, fuel support (emergency fuel delivery), emergency towing assistance, spare key recovery/service for keying inside, continuity/return trip (Taxi support).

Special Conditions:

Vehicles should not be used for the purpose of racing, rallying, motor-sports, or in any instance where the Vehicle is not being used in accordance with applicable laws and regulations.

Return to invoice: If the car is stolen or completely damaged, the policyholder gets a requital amount from the insurance company as per rules.

No Claim Bonus (NCB) Protection Cover: No Claim Bonus is the concession that you get on the car insurance premium provided, you have not made any claim during the policy period. you are benefitted with the huge discount on the next year’s premium. If for the first year you made no claims you are offered with a 20% discount on the second year premium and so on. It keeps on increasing. The following table will provide the details.

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