Car Insurance

Car Insurance

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What is Car Insurance?

A car insurance policy is a contract between a car owner and an insurance provider. In exchange for a nominal premium, insurance companies offer financial protection to four-wheelers from unforeseen events like accidents, theft, fire, calamities and third-party liabilities. With a valid car insurance policy, you can also save yourself from heavy traffic fines.

Three types of motor insurance policies are third-party, own damage and comprehensive car insurance. Moreover, a car owner can buy a Personal Accident Cover of up to INR 15 Lakh to cover the death, injuries and disability of the owner and driver of the insured car.

Key Features & Benefits of Car Insurance:

Financial Protection

Covers the cost of repairs or replacement of the car in case of accidents, theft, or natural calamities.

Reduces the financial burden on the car owner.

Legal Compliance

Ensures compliance with the legal requirements for driving a vehicle on public roads.

Avoids penalties and fines for non-compliance.

Personal Accident Cover

Provides compensation for medical expenses, disabilities, or death resulting from an accident involving the insured car.

Can be extended to cover passengers as well.

Third-Party Liability Coverage

Protects against legal liabilities arising from injuries or damages caused to third parties.

Covers legal costs and compensation claims

Additional Benefits

 Rewards policyholders with a discount on premium for each claim-free year.

Allows for cashless repairs at network garages authorized by the insurer.

Add-On Covers

Offers additional protection through various add-ons like zero depreciation cover, roadside assistance, and engine protection.

 

Why Do You Need Comprehensive Car Insurance?

  1. To Abide by Law – Car insurance helps you to abide by mandatory law of the Motor Vehicles Act, 1988. This law requires all four-wheelers in India to have at least third-party insurance to legally drive on roads and avoid paying a hefty fine.
  2. Safeguard Against Third-Party Liability – Four-wheeler insurance protects you against financial losses that could occur due to damages to third-party property (up to Rs 7.5 Lakh) and offer unlimited coverage for third-party death.
  3. Protection Against Own Damages – It covers damages sustained by the car due to an accident, fire, natural or man-made calamity. It also pays monetary compensation up to the IDV in case your car gets stolen.
  4. Have Personal Accident Cover – It is a mandatory cover in addition to your car insurance policy. It reimburses your medical costs or offers compensation in case of death or disability caused by accidents. Get an affordable personal accident cover of Rs. 15 lakh for the owner-driver of the car.