Car insurance is mandatory in India, and for a good reason. To begin with, under the Indian Motors Act, all car buyers are required to have their cars insured. Second, insurance protects your funds in the event of an accident. The extent is determined by the policy you have chosen. The damages to your car caused by the collision will be covered by your insurance company. To gain the benefit of insurance, you must pay an annual premium.
These are the few aspects covered by your car insurance: - Liability to a third party - Accident-related damages and repairs are covered by insurance. - In the event of an automobile accident, hospitalization coverage is included. - Compensation in the event of the insured's death as a result of an accident
Note: This is only an overview of vehicle insurance in India. Detailed information can be found in your policy paperwork.
These are the things not covered under your car insurance policy.
There are many kinds of car insurance policies available in the market. We�ll talk of mainly two.
This policy only covers harm caused to the third party. Highlights include: - Very low-cost - Third-party bodily injuries and death are covered. - Third-party property damage is covered. - Appropriate for older cars
This policy protects you against both your own and third-party harm. Here are a few highlights: - Covers a wide range of add-ons. - New vehicle compatibility - On the upper end of the scale of cost - Third-party and own-vehicle coverage
Brand Reputation
Coverage
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IDV
stands for Insured Declared Value and is the highest amount you may claim on the insurance if your automobile is stolen or misplaced. It is a car's current market worth, which decreases as the vehicle becomes older.
Claim method
Selecting the appropriate auto insurance may be a time-consuming and challenging process. But don't worry, we are here for you! You may now purchase or renew your auto insurance using the Park+ app.
Park+ allows you to get insurance with only a few taps.
Not only can you get vehicle insurance using the app, but you can also create a unique reminder to renew it. Set up an insurance renewal notification in the Park+ app to avoid paying penalties. Let's see how.
It's done!
Insured Declared Value
: It is the market value of your vehicle. This is the highest amount your insurance provider will pay if your automobile is damaged or stolen. Depreciation affects the IDV each year.
No Claim Bonus
: An insured receive a discount if they do not file a claim during the policy year.
For instance, if you bought your insurance from May 2020 to May 2021 and didn't make any claims during that time, you will be given a discount when renewing it for the following year.
Compulsory deductible
: It is the lowest amount that the policyholder must pay when a claim must be submitted. The Insurance Regulatory Development Authority of India has set this as a necessary amount.
The fee is Rs 1,000 for four-wheelers with engines less than or equal to 1500 cc. The price is Rs 2,000 for those with more than 1500 cc.
Voluntary deductible
: It is a portion of a claim that the policyholder chooses to pay out of pocket in the event of an accident. The only advantage of choosing this amount is that the overall premium amount is considerably decreased. Meanwhile, in the event of an accident or damage, the out-of-pocket costs are relatively higher.
These are the reasons why your vehicle should be covered with insurance:
In any situation, you must: