In India, the car was seen as a luxury till a few years back. However, this is no longer the case. Now only cars will be seen on the road. But, with the increasing number of these cars, driving them on many rough roads of Indian is not less than any risk. The condition of the cars gets worse while driving on them. In such a situation, there was also a boom in car insurance.
Motor insurance accounts for about 45% of the total premium of non-life insurance in India. Motor insurance here means those cars, two wheelers and commercial vehicles which are registered under the Road Transport Authority.
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Many dealers insure the vehicle at the time of purchase. There are 25 non-life insurance companies in India with offices across the country and all of them sell motor insurance. They have around 3,50,000 agents. Now there is also the facility to buy insurance online, which can be availed by visiting the company’s website directly. Motor policies can be purchased through Common Service Centers in rural areas.
If you want to buy a new car or bike or want to renew your vehicle insurance then you can try these different options…
- Third Party Insurance
It is mandatory for every vehicle before coming on the road. The logic behind this is that if a third person has an accident with your vehicle, then he should be compensated. The Motor Vehicles Act makes it mandatory to insure third party injuries and damages. The amount of insurance cover for the damages of the vehicle depends on the customer.
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- Comprehensive Insurance Cover
This policy covers the damages of the vehicle as well as liability towards third party who gets hurt or injured in an accident. Not only this, in this the vehicle of the insurer is also insured. In this, the vehicle is covered by accident, fire, theft, natural calamity or terrorism.
- Zero Depreciation Insurance Cover
Depreciation is not included in determining the value of the vehicle under this policy. Due to this, if your vehicle is damaged due to any accident or other reason, then the insurance company pays the full amount of the claim. The premium for zero dep cover can be up to 20 per cent more expensive than normal car insurance.
How to claim insurance?
There are third party claims and on damage claims under a motor insurance policy. If your vehicle gets into an accident and another person gets injured or damages his vehicle, then it is covered by third party insurance.
On the other hand, the damage cover of your own vehicle is included in the on damage claim. If you or your vehicle is damaged in an accident, then you have to inform the insurance company and the police about the accident.
The insurer provides several channels to the customer for making a claim. In this, the claim can be applied for through the customer contact center of the insurer, by message or through its website.
If the vehicle is badly damaged, then a surveyor appointed by the insurance company will survey it. It will be prepared according to the estimate of the workshop. In cases with less damage, the insurance company’s official can also be checked. Many insurance companies have tie-ups with workshops where you can get your damaged car or bike cashless.