Having a Motor Insurance in India is mandatory as per the guidelines of IRDAI. Motor Insurance rules and regulations are guided by the Indian Motor Tariff. From the several Motor Insurance such as Car Insurance, Two-wheeler Insurance, Commercial and Passenger-carrying vehicle, the most popular Motor Insurance in India is Car Insurance.
As per the recent survey, the car owners are increasing by 20% every month. Car Insurance being mandatory for the car owners, it becomes very necessary for the owners to have a right policy. A Car Insurance covers two types of entities- Own Damage and Third Party.
The Own Damage and Third Party consists of the following covers:-
|Own Damage Covers
||Third Party Covers
|Complete loss of vehicle
||Liability to paid driver
|Complete damage of vehicle
||Third party injury to someone’s life
|Partial damage of vehicle
||Third party death of someone’s life
|Damage caused by accident, fire, natural calamities
||Third party damage of a property
|Damage caused by riots, terrorist attacks, personal fights etc.
||Personal Accident cover for owner driver
|Theft of vehicle
||Personal Accident cover for passengers
The Car Insurance Policy also covers the following elements on paying an extra amount of premium
For the benefits of Customer, certain important Add-ons are also provided as listed below on paying an extra amount the rates for which are decided by Insurance Companies
The Car Insurance can either be taken for Individual or Corporate’s name. Several major Insurance Companies have tied up with OEM (Car Manufacturers), brokers or online portals to sell their policies as a distribution channel for Car Insurance to make most out of the opportunities.
The Car Owners should remember that the following covers are excluded in a Motor Vehicle Insurance:-
Best of Luck on your purchase of Car Insurance Policy!
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