Car Insurance or Auto Insurance Policies

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.

Who Can Insure?

Individuals and corporate owners of the vehicle can be insured.

What else can be Insured?

On payment of additional premium the following can be covered :
Loss of or damage to electrical/ electronic accessories can be covered
This policy can be extended to cover Liability to Paid driver, other employees.
Personal Accident cover can be given to passengers of the car on a named or unnamed basis.
You should truthfully declare all the facts about yourself and your motor vehicle to the insurer.
You should maintain the vehicle in efficient condition and in case of accident/ breakdown, do not leave your vehicle unattended.
More importantly, you should not drive the vehicle without getting necessary repairs done.

What is No claim Bonus/ Malus ?

No claim Bonus is the discount which is given on the renewal of the policy in case there is no claim in the earlier year. This discount is given only on the own damage component of the premium.
Malus is the loading on the own damage premium if there is a claim in the previous year.

Exclusions

Every Policy has some exclusions and differ from company to company. Please read the fine print or terms and conditions before buying the policy.

LIFE Insurance Corp.- LIC  |   ICICI Prudential Life Insurance India  |   BAJAJ Allianz Life Insurance India  |   BIRLA SUN Life Insurance India  |   TATA AIG Life Insurance India  |   HDFC Standard Life Insurance India  |   RELIANCE Life Insurance India  |   SBI Life Insurance India  |   OM KOTAK Life Insurance India  |   MAX NEW YORK Life Insurance India  |   METLIFE Insurance India  |   ING VYSYA Life Insurance India  |   AVIVA Life Insurance India  |   BHARTI AXA Life Insurance India  |   SAHARA Life Insurance India  |  

 RELIANCE General Insurance India  |   ICICI Lombard General  |   BAJAJ Allianz General Company  |   TATA AIG General Insurance  |   HDFC CHUBB General Insurance  |   IFFCO TOKYO General Company  |   ROYAL Sundaram General  |   CHOLAMANDALAM General  |   STAR Health Insurance India  |   ORIENTAL Insurance India  |   NATIONAL Insurance India  |   UNITED INDIA Insurance India  |   NEW INDIA Assurance India