- Accidental cover from day 1.
- 30 days waiting period: Any disease/illness/condition or treatment mentioned in 2 year exclusion list w [...]
Car Insurance is an agreement between the insurance company and the insured which aims at safeguarding the policyholder against any monetary loss in case of theft of the vehicle or an accident. This policy also extends coverage for loss or damage affected to your car. As far as India is concerned, it is mandated to buy car insurance or all vehicle types.
The Parliament in India has passed the amendments to the Motor Vehicle Act, is effective from September 1, 2019, has proved to be not a great sign for the car owners since the various driving errors are making a significant dent in their regular budget. The Insured Declared Value or IDV of the vehicle decides the premium amount for the car insurance. Thus, IDV is directly proportional to the car insurance premium amount. It is prudent in the part of the policyholder to compare various available car insurance in the market before deciding one.
Third-party liability car insurance is a mandate in India under the Motor Vehicles Act, 1988 and it protects you from any legal liability when your own car is involved in an accident. Your insurance provider compensates you for disability, injury, death or property damage to any third-party. Thus, it protects you from the financial liability towards any third-party.
A comprehensive car insurance policy provides protection and coverage for both the third party liability as well as damages caused to your own car in case of an accident, collision, theft, amongst others. A comprehensive car insurance policy, as compared to the third party liability car insurance, offers wide-ranging coverage, additional benefits and thus is most popular with the policyholders as it provides end-to-end coverage. A comprehensive policy has the option of further extension by opting for add-ons like accessories cover, zero depreciation cover, engine protector, medical expenses, and so on.
The car insurance plan offers the following benefits:
I pay for homeowner's insurance, I pay for car insurance, I pay for health insurance. -Elizabeth Warren
Third party liability does not cover you or damages caused to your vehicle. It only provides coverage for the damage caused to the third party vehicle, damage to property and medical costs for the person affected.
The major exclusions of a comprehensive motor insurance are:
A comprehensive motor insurance policy can be enhanced by opting Add-ons. Some of the common Add-ons and their benefits are:
Car insurance premium is calculated based on the following factors:
Yes, installation of anti-theft or alarm locking systems are encouraged by insurance companies and makes you eligible for discounts. In case you install an anti-theft device mid-policy, you will be eligible for discount as per the remaining policy term, proportionately. You would be also eligible for the discount if you are a member of the Automobile Association of India.
Insured Declared Value (IDV) is the fixed maximum amount the insurer will reimburse in case of damages or loss of the vehicle. IDV is calculated as the current market value of the vehicle, as listed by the manufacturer and installed accessories, if any, less the depreciation value of the vehicle.
Several untoward incidents can lead to a motor insurance claim. In case you need to file one, follow these general instructions:
Some of the common reasons for claim rejection are:
If the driver is a valid license holder, and the vehicle has comprehensive insurance, you can register a claim. However, to avail compensation for medical care of the driver, a personal accident rider must be availed.