Car insurance is a unique insurance policy meant for vehicle owners to protect them from incurring any financial losses that may arise due to damage or theft of the vehicle. Whether you have a private car, a commercial vehicle, or a two-wheeler, you can purchase a motor insurance policy. It is mandatory under Indian laws if you own a motor vehicle. Motor insurance helps you meet any unexpected expenses that may arise if your vehicle meets with an accident. It can also monetarily assist you in case of bike/car theft.
Please note that you cannot raise any claim under any type of motor insurance policy, if:
You will come across three different types of insurance policies in the market that provides coverage for motor vehicles:
Obtaining this insurance policy is a statutory requirement. Without this policy, it is illegal to drive your motor vehicle in India. The chief objective of this policy is to provide coverage for any injury caused to a third party by your vehicle. Therefore, in case of an injury or death of a third party, the third party can raise a claim under such a policy and receive the insured amount. Some insurance companies offer a personal accident cover for the owner-driver along with the third-party liability insurance plan.
This type of insurance policy provides you the best of both worlds as it provides both third-party cover and own damage cover. Even if your car gets stolen, you can file a claim under such a policy and get compensated. Typically, most policyholders prefer purchasing a comprehensive insurance policy and also take on various add-on covers such as zero depreciation cover, personal accident cover, engine protector cover, no claim bonus protector, consumables cover, daily allowance cover etc., to make it more useful.
In case of any damage to your vehicle due to fire or rain, or theft, you can raise a claim under this policy to compensate you for the expenses incurred for repairing your vehicle.