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About Car Insurance or Auto Insurance Policies in India
Vehicle Insurance or Auto Insurance policy provides a coverage for damage or Loss to the vehicle against the risk of accident, fire, theft, floods, earthquake, riot, strike etc. The auto insurance policy also gives coverage for your liability arising out of one s injury, death, death to third party and/ or third party property damage.
Type of Vehicles Covered
* Motor Cycle/Scooter
* Private Car / Commercial Vehicles
a) Goods carrying vehicles
b) Passenger carrying Vehicles
c) Miscellaneous and special type of vehicle.
There are two types of Covers Available.
a) Third Party Policy ( Act Only Policy )
Act only policy, commonly referred to as third party insurance as it covers damage or harm caused to third parties other than the insured. It is compulsory to take this cover.
b) Comprehensive Policy.
Act only & Own Damage (loss or damage to the vehicle), is commonly referred to as comprehensive insurance.
Risks covered by the Policy
Death of or bodily injury to any person
The insurance policy protects the motor vehicle from loss or damage.
By fire, lightning, self-ignition, explosion, burglary, housebreaking or theft.
Riot or strike.
Flood, earthquake, cyclone or inundation.
Transit by road, air, elevators or lifts.
Liability for third party’s injury or death, third party property and towards the paid driver too.
Loss or damage to electrical/ electronic accessories, personal accident cover for the driver and passengers is also available after paying additional premium.
Is it compulsory to buy Auto Insurance in India?
According to Law it is compulsory to take a Third Party Insurance Policy. Buying an comprehensive insurance policy is optional but it is advisable to take a comprehensive auto insurance policy for individuals.