Everyone wants to own a car nowadays as it
is one of the best means of transport on road be it personal use or
family use, many people even believe that it also shows an uplift in the
financial status of a person. In India most people belong to financial
mediocrity and cannot even afford to buy a car on down payment, they
usually go for car loans to get one. Importance of Car Insurance here is
quite clear from this fact. People are generally looking for the best
car insurance company in India.
Car policy generally covers the loss in case of theft, scratch or
accidents. Your premium amount of car insurance is directly dependent
upon IDV i.e. Insurer’s Declared Value, so one need to be very careful
while choosing an appropriate and adequate insurance plan. Many Insurers
are providing Towing facility, Depreciation as value added services
nowadays, so it is wise to read all the terms and conditions on the car
insurance information brochure beforehand.
Some of the companies claiming themselves to be the best car insurance
company in India also award bonuses to policy holders at the end of each
year when no claims of policy of policy has been done throughout the
year.
Generally the plans offered by car insurance companies can be divided into two major categories:
Third Party Car Insurance: Covers damage to property, accidental death or an injury to third party.
Comprehensive package car insurance: Most people prefer it as it covers, personal accidents, legal liability of third party, theft or damage.
Car Insurance generally can be claimed under the following condition:
- For damage or loss caused to the insured vehicle due to theft, accident, act of terrorism.
- If the car gets ignited on its own, explosion, fire, strikes, riots, any unforeseen natural disaster like cyclones, lightning etc.
- If Driver (Owner) gets into accident.
- If the insured vehicle is involved in any kind of accident or death of any third person or else any kind of property damage suffered by them, any kind of legal formalities in these cases too.
- In case the insured vehicle, is driven by person without valid driving license.
- Car manufacturer’s guidelines are not followed by user.
- For degrading of vehicle with time gradually.
- Due to oil leakage or the insured person is under influence of any kind of drugs, alcohol etc.
- Loss of engine or any kind of damages to engine.
- Loss or damage if policy is not in force or has been outdated and depreciation.
However, the experts recommend getting a comprehensive insurance plan
to ensure complete protection for your prized possession. This plan is
precisely devised to cover a vehicle the loss/ damage caused by you to a
third party and loss /damage caused to your vehicle by natural/manmade
calamities. Additionally, the insurance company offers many valuable
add-ons on the basic policy to ensure more effective cover for their
customers.
In India, you will be offered three main types of Car Insurance:
- Private Car Insurance
- Commercial Vehicle Insurance
- Two Wheeler Insurance
Disclaimer: The opinions expressed in this article are the personal views of the author. CarSaleIndia is not responsible for the accuracy, completeness, suitability, or validity of any information on this article.
Source: InsuranceExperts.in