Motor Insurance is mandatory, that is not only reason you want to buy insure. You care for your car / bike as you have worked hard to get it and accidents happen though you drive careful. So let’s understand what motor insurance entails, what it covers and what it doesn’t.
Auto Insurance in India is a compulsory requirement for all new vehicles used whether for commercial or personal use.
Loss or damage by accident, fire, lightning, self ignition, external explosion, burglary, house breaking or theft, malicious act.
Liability for third party injury/death, third party property and liability to paid driver
On payment of appropriate additional premium, loss/damage to electrical/electronic accessories
Consequential loss, depreciation, mechanical and electrical breakdown, failure or breakage
When vehicle is used outside the geographical area. War or nuclear perils and drunken driving
The amount of premium depends on the make and value of the car, state where the car is registered and the year of manufacture.
This covers accidental insurance for the drivers of the vehicle. The amount of premium depends on the current showroom price multiplied by the depreciation rate fixed by the Tariff Advisory Committee at the time of the beginning of policy period.
Car insurance
Two wheeler insurance
Commercial vehicle insurance
The amount of premium depends on the make and value of the car, state where the car is registered and the year of manufacture.
This covers accidental insurance for the drivers of the vehicle. The amount of premium depends on the current showroom price multiplied by the depreciation rate fixed by the Tariff Advisory Committee at the time of the beginning of policy period.
Commercial Vehicle Insurance under the Auto Insurance in India provides cover for all the vehicles which are not used for personal purposes, like the Trucks and HMVs. The amount of premium depends on the showroom price of the vehicle at the commencement of the insurance period, make of the vehicle and the place of registration of the vehicle. The auto insurance generally includes:
It covers the liabilities, the insured party has to pay due to damage or injury occurred to any other individual by him/her. The insurance does not cover any damage being caused to one's own property.
It takes care of damage to the individual's own vehicle due to natural calamity like flood, earthquake or man-made calamities like theft, burglary, riot, strikes etc. It also covers damage to the third party as well. So the premiums for comprehensive policy covers are costlier compared to third party insurance covers.
Loss or damage by accident, fire, lightning, self ignition, external explosion, burglary, house breaking or theft, malicious act.
Liability for third party injury/death, third party property and liability to paid driver/p>
On payment of appropriate additional premium, loss/damage to electrical/electronic accessories/p>
Consequential loss, depreciation, mechanical and electrical breakdown, failure or breakage
When vehicle is used outside the geographical area. War or nuclear perils and drunken driving
The premium may vary depending following factors
IDV insured declared value which is car market value minus depreciation. Premium decreases each year at renewal as depreciation increases each year
For private cars the make, model and year of manufacture, the location in which the vehicle will be driven also play role in determining the premium amount.
Age – younger drivers get higher premiums due to no driving history
Gender- gender & profession influences premium
Driving history- less accidents history will get less premium
Claim history – no claims history will get no claims bonus
Commute to work or not, kind of places it’s driven in, predicted annual distance driven might influence premium amount
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