Vehicle Insurance In India
Vehicle insurance, or motor insurance, is a mandatory insurance policy designed for four-wheelers and other types of vehicles playing on the roads of India. A motor insurance policy offers coverage against third-party liabilities and accidental damages sustained by the insured vehicle.
India is a developing country, and many vehicle companies are selling vehicles in India. All government insurance companies and private companies are in this business. Vehicle owners have many options for vehicle insurance.
What is Vehicle Insurance ?
Vehicle insurance is an agreement between the insurance company and the vehicle owner wherein the vehicle owner pays premiums and the insurance company covers for any loss or damage caused to the vehicle. Vehicle insurance is mandatory in India, regardless of whether it is a commercial vehicle, a personal vehicle, or a government vehicle.
Importance of Vehicle Insurance
Today, owning a vehicle is a necessity, not a luxury. Having a motor vehicle enhances mobility. It also reduces dependence on public transportation. Yet, we cannot deny the fact that driving on Indian roads has its share of perils.
Any unfortunate accident may lead to damage to the vehicle and also cause bodily injury that sometimes could lead to death. To financially secure yourself from any such incidents or accidents, it is a wise decision to have a motor insurance policy in place. It is also referred to as vehicle insurance.
Vehicle Insurance Policy
A motor insurance policy will never leave you in financial distress. It provides optimum protection and will act as a financial cushion in times of crisis. A vehicle insurance policy provides financial security.
As per the Motor Vehicles Act, having third-party insurance is mandatory and should not be overlooked. If anyone is found to be driving the vehicle without this insurance, they should be ready for remedial legal action.
Vehicle Insurance Policy Covered in case of demise. Death is one of the scariest outcomes after a mishap or accident. Things become more serious when the primary breadwinner of the family loses his life in an accident.
Types of Vehicle Insurance
In India, the following are the types of motor insurance available:
- Third Party Motor Insurance :- This type of motor insurance provides coverage against the liabilities that may arise due to damage suffered by the third party, all because of the insured vehicle. To walk on Indian roads, third-party insurance is mandatory.
- Comprehensive Motor Insurance Policy :- A comprehensive motor insurance policy includes the benefits of own damage cover and third-party insurance. It offers 360-degree protection for motor vehicles. The motor insurance policy gives you total loss or damage coverage against a host of risks like theft, fire, mishap, and so forth.
Adding Value to Your Vehicle Insurance Policy
The Comprehensive Insurance Plan does not cover certain losses like damage to the engine or gearbox, etc. The Insurance Vehicle Insurance Policy Provider gives you add-ons to make your policy more efficient.
Add-ons like this are available in India.
- Zero-depreciation Cover
- Personal Accident Cover For Passengers And Drivers
- NCB Protection Cover
- Outstation Emergency Cover
- Return to Invoice Cover
Vehicle Insurance Claim
The vehicle owner can claim from the policy provider for his vehicle damages. There are multiple systems to claim. Whenever any incident arrives, the client can intimate the company by calling for free, sending messages on the WhatsApp app, e-mail, or by website.
After getting the notification, the company will contact the client through a surveyor or claim department. The company will act as per the present status of the incident.
It is advisable to first contact your insurance agent.
The required documents have to be provided to the company by the policyholder. Policyholders have to follow the claim process to make a claim.
How can I get this type of insurance?
It is an easy way. Contact on this website and choose the most appropriate contact method for you. We are here for you.