Auto insurance policy is mandatory for vehicle owners as per Indian Motor Vehicles Act 1988.
This Plan is designed to give coverage for losses which insured might incur in case his gets stolen or damaged.
The amount of Auto insurance premium is decided based on the Insured Declared Value of a car.
The premium will increase, if you raise the IDV limit and vice versa.
Why do I need to insure my vehicle?
It is mandatory to insure your vehicle as per the Motor Vehicles Act 1988.
That apart, insuring your vehicle saves you from any financial loss caused due to accidents, damage or theft of your car.
Additionally, insurance covers the safety of the co-passengers, someone else's property and pedestrians too.
Key features of Auto Insurance
1) Policy protection against loss or damage to the covered vehicle
2) Coverage against financial liability caused due to injury or death of a third party or damage to the property.
3) Auto Insurance protects you for the below mentioned damages, should they occur:-
Accident
Fire
Lightening
Explosion
Self-Ignition
Transit by Rail, Road, Air & Elevator
Theft
Terrorism
Earthquake
Riot & Strikes and / or Malicious Acts
Flood, Cyclone
Inundation
4) Personal Accident Coverage.
1)Comprehensive Coverage
It is a complete package policy wherein own vehicle damages will be covered up to the Insured Declared value.
Any third party property damage or third party injury/death can be covered.
Policyholders feel less stressful as it gives end-to-end coverage.
2)Third Party Liability Coverage
In India, third party liability coverage is legally compulsory under the Motor Vehicles Act.
This vehicle insurance type offers coverage against all legal liabilities to a third party caused when insured is at-fault.
It insures injury/damage caused by policyholder to third person or property.
3) Collision Coverage
It financially protects the policyholder against damage of insured’s own car.
Collision coverage pays the policyholder for damage caused because of
Collision which generally occurs due to an accident.
Loss or damage because of vandalism or theft
Why do you need Add-On Covers / Additional Riders?
This cover makes you eligible to claim the full amount for replacing damaged parts of your car.
It doesn't consider the depreciation value of the parts and allows you to receive the entire claim amount. It is generally available for cars under three years
What is not covered by Auto insurance?
General Ageing, wear and tear
Damage by a person driving without a valid driving license
Mechanical or Electrical breakdown, failure
Damage by a person driving under the influence of Liquor/Alcohol/Drugs
Depreciation, any consequential loss
Loss /Damage attributable to War /Mutiny /Nuclear risks
Damage to tyres and tubes unless the vehicle is damaged at the same time in which case the liability of the company shall be limited to 50% of the cost of replacement
Loss /Damage, outside India
Important points to remember in the event of an accident
While we hope and pray that you may never need to use this information,
it is important to be well-informed than lose money in the event of an unfortunate accident
Some points to remember in such situation are mentioned below:-
Always carry in your vehicle:-
1) Copy of policy/cover note
2) Car Registration Copy (RC Book)
3) Driving License Copy
Claim Process
1) Register an FIR
Note down the vehicle no. involved in the accident
Note down the witness name and contact no.
Intimate the claim by calling on toll free no. and providing the required details
2) Ask for the network garage near by calling the toll free no. and in case of non-networked garage,
the bills will be reimbursed later after accessing the damages.
Video links from you tube explaining Auto Insurance
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points to remember
Copy of policy/cover note
Car Registration Copy (RC Book)
Driving License Copy
Register an FIR
Note down the witness name and contact no.
Note down the vehicle no. involved in the accident
Ask for the network garage near by calling the toll free no
