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Car
insurance
Fundamentally, car insurance means an agreement between a vehicle owner and an insurance company in which policyholder pays a certain amount i.e. premium for a policy which gives economic coverage to policyholder against losses in case the insured vehicle is damaged or stolen. Auto insurance policy covers loss of vehicle, damage to automobile, damage which your vehicle causes, and protection against liability if you will be sued after an accident. The premium amount is based on the make and value of the car, car registration state and manufacturing year. Insurance buyers can make use of car insurance premium calculator to buy car insurance online and save some money on premium. Online car insurance calculator does not charge you anything for access.
Why Vehicle Owner Needs
As per Indian Motor Vehicles Act 1988,
it is mandatory to own car insurance to drive. Every personal,
commercial or business purpose vehicle needs to be covered as it
financially saves vehicle owner during unexpected situations. The
best motor insurance India provides protection against following
risks:
• Natural
Calamities
Fire, explosion, self-ignition or lightning,
flood, typhoon, hurricane, storm, tempest, inundation, cyclone,
hailstorm, landslide, rockslide, earthquake (fire and shock
damage)
• Man-made
Calamities
Burglary, housebreaking or theft, riot, strike,
accidental external means, malicious act, terrorist activity,
whilst in transit by road, train, inland waterway, elevator, lift
or air
• Third Party Legal Liability
It means that policyholder is insured against
injury or death resulted by your vehicle to pedestrians, passengers
and occupant of other vehicles.
The policy does not
cover
• Pace
making
• Organized
racing
• Speed
testing
Sum Insured
Vehicles are covered at a specific value called as the 'Insured's Declared Value’ and it is calculated on the basis of the manufactures listed selling cost of the vehicles along with the listed cost of any accessories after deducting the depreciation for every year according to the schedule offered by the Indian Motor Tariff. If the cost of any electrical and / or electronic item installed in the vehicle is not included in the manufacturer’s listed selling price, then the actual value (after depreciation) of this item can be added to the sum insured over and above the IDV.
Saving
Tips
Below are a few tips to get the best car
insurance online in India:
• Proper
research is necessary to select the best motor insurance
policy.
• Ask for
explanation of all the points in a simple
language.
• To get a
quote, compare costs and benefits from various motor insurance
companies.
• Always demand
for added advantages.
• Access online
car insurance calculator to know approximate premium
amount.
Tax Benefits
No tax benefits are available
on motor insurance.