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Car Insurance is a transport insurance policy to protect yourself from financial losses coming from uncertainable risks such as accidents, thefts or third party liabilities. It is also known as auto or motor vehicle insurance. There are two types of motor vehicle car insurance in India.
Third party insurance which protects you from claim arising out from accidents involving the third parties.
is comprehensive cover which involves third party cover and Own Damage (OD) cover also. OD insaurance protects you from financial losses against accidental damages done to your vehicle.
As per the Motor Vehicles Act, 1988, motor vehicle third party insurance is mandatory in India. You can avail four wheeler insurance to get cover for yourself (insured party), your car (insured vehicle) and third parties (other vehicles and their property) from us. You can renew or buy car insurance for both new as well as old cars. The validity of an car insurance policy for old cars is for one year and for a new car the owner has to buy mandatorily 3 years compulsory Third Party with an option of 1 year Own Damage or a 3 year Own Damage.
Before purchase of any car insurance, you must understand two primary type of car insurance plans
This type of car insurance policy provides protection to you, your car and third party and against all possibly done risks. It covers all type of damages done to your vehicle due to natural calamities such as flood, earthquake, landslide and storm, and also man made disasters such as thefts and strikes etc. We are giving the all-around coverage that comprehensive car insurance offers under the one umbrella, this type of four-wheeler car insurance policy is highly recommended for all cars and car owners.
|TYPE OF INJURY||COMPENSATION LEVEL|
|Loss of two limbs or sight of two eyes or one limb or sight of one eye||100%|
|Loss of one limb or sight of one eye||50%|
|Permanent total disablement from injuries other than named above.||100%|
This is the minimum and must have four-wheeler car insurance cover that you need to take as per the motor vehicle insurance law in India. This type of insurance policy provides coverage with respect to property damages, injuries, disability or death of third parties such as pedestrians as well as drivers and occupants of other vehicles. However, this type of insurance protects the interest of only third parties but not yours.
Note: IRDAI (Insurance Regulatory and Development Authority of India) decides and revises the rates for third-party coverage every year. The revised third-party premium rates on motor car insurance as of 16th June 2019 are mentioned in the table below:
|Engine Capacity||TP Premium for Renewal of existing vehicle (Annual)*||TP Premium for New Vehicle(3 Years Policy)|
|Less than 1,000cc||Rs. 2,072||Rs. 5,286|
|Above 1,000cc but less than 1,500cc||Rs. 3,221||Rs. 9,534|
|More than 1,500cc||Rs. 7,890||Rs. 24,305|
Floods, earthquakes, cyclones, etc. are covered under car insurance.
Car insurance covers fire, terrorism, riot, strike, and accidents, house breaking, theft, burglary, etc.
Compensates for injury or damages to a person or property caused by you to another person in a car accident is covered under car insurance policy.
Coverage of Rs. 15-lakhs for the owner-driver of the car and optional personal accident cover for passengers is covered under car insurance.
Damages caused to the car if you or anyone else was caught driving under the influence of alcohol at the time of an accident is not covered under car insurance policy.
Deliberate accidental loss is not covered under car insurance policy. If it is proven that the accident was entirely staged/preplanned, the claim would be rejected.
Illegal activities like driving on the wrong side of the road or without a valid license, or if the car’s driven by an underage person will not be covered under car Insurance policy.
Driving your private vehicle for commercial purpose and vice versa will be an exclusion under car insurance policy.
An expired policy, consequential damages, contractual liability, electrical and mechanical failure, regular wear and tear, and driving outside geographical limits are other reasons where claim will be rejected under car insurance policy.