Auto Insurance Cover

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Auto insurance covered by auto insurance is auto insurance that is compulsory in India under the Automobile Act 1988. Provides financial assistance to car owners to offset costs such as repair costs due to accidents, theft or loss. in the car. Auto insurance plans include compulsory third-party insurance that covers injury or damage to other people, vehicles, or property as a result of the vehicle. Types of auto insurance Auto insurance is mainly divided into 4 parts. Namely:  Comprehensive Automobile Insurance : This is a plan that provides full coverage against all risks related to the vehicle, its party, its passengers and third parties. We provide coverage against all natural or man-made disasters, including earthquakes, landslides, floods, strikes and riots. Passenger Insurance: Some insurance companies offer passenger accident insurance, but you can take advantage of it by paying an additional premium. In the event of the death of a passenger or driver, you are entitled to 10
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Car Insurance Buy Online

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Car Insurance Buy Online - India

After the new rule implemented by the Insurance Regulatory and Development Authority of India (IRDAI) from August 1, the obligation to take third party insurance + on-damage insurance in the package form for your vehicle has ended. Now if the owner wants to buy a new vehicle, then the third party insurance and own damage cover can be taken separately. Talking about the car, with the introduction of this new rule, buying a car will become a little cheaper. But do you know what is third party insurance and own damage insurance?

Actually, it is mandatory for every person who buys his vehicle in India to buy a vehicle insurance i.e. motor insurance policy. This is applicable in the case of all three cars, two wheelers or commercial vehicles. Driving a motor vehicle in a public place without insurance is a punishable offense as per the Motor Vehicle Act 1988. Talking about the car, there are 4 types of insurance policies for this, including third party insurance and own damage insurance. Let us know about them in detail.

Third party insurance

It is legally mandatory to have third party insurance with the car. Under this, compensation is given for the damage caused by your vehicle to any person or other person walking on the road or to any property. The legal liabilities arising on you due to such an event are settled through this policy. In case of bodily harm or death to any person from your vehicle, you get compensation from this insurance plan. But in this insurance there is no responsibility to compensate for any loss caused to the vehicle owner or the driver. As per the rules of IRDA, it is mandatory to take 3 years third party cover for buying a car and 5 years for buying a two wheeler.

own damage

The policy which is purchased only to compensate for the damage caused to the vehicle, is called Own Damage Policy. In this, the insurance company gives compensation to compensate for the damage caused to the car. According to IRDAI, damages are covered under the own damage section in these situations…
  • fire, explosion, spontaneous fire, lightning
  • earthquake
  • flood, storm, cyclone, tornado, thunderstorm, deluge, hailstorm, snowfall
  • While traveling by rail/road, inland waterways, lift, elevator or air
  • landslides
  • Burglary / Robbery / Theft
  • riot and strike
  • accident due to external factors
  • malicious act
  • terrorist act
Comprehensive policy or package policy
When the Own Damage Policy is also included in the same package along with third party insurance, then it is called Comprehensive Policy. With such a policy, damage to other person and vehicle as well as damage to your vehicle is also compensated by the same policy. IRDA has done away with the requirement of taking this long term package policy.

Now it will be optional for the vehicle owner to take third party insurance and own damage insurance in the package. From August 1, it will be necessary to take third party cover for 3 years for new four wheeler and 5 years for two wheeler. There will be two options for own damage cover. First, the customer can take one year's own damage cover bundled with third party insurance and second, two separate policies for third party and own damage.

Personal Accident Insurance

Personal accident insurance comes in handy for bodily damage caused to the driver in a car accident. Taking it is also mandatory like third party insurance. In this, other than the driver and the other person sitting in the front seat, other passengers can also be included. If the car owner dies in an accident or in the event of permanent disability, he / family members get compensation.

In India, it is mandatory for the vehicle owner/driver and the person sitting with motor insurance to take personal accident insurance of minimum 15 lakhs. IRDAI has separated personal accident cover from motor insurance policy with effect from January 1, 2019. That is, the owner of the vehicle can take both the motor insurance policy + personal accident cover while buying the car. Or one can take personal accident cover separately from any other insurer as a general personal accident product. In such a situation, if someone has already taken personal accident cover of 15 lakhs or more, then there is no need to take compulsory personal cover under motor insurance.

Can add on:

If the customer wants, he can increase the benefits by adding on some additional cover in motor insurance. like…
  • accessories cover
  • engine protection
  • No Claim Bonus Protection
  • zero depreciation
Thanks For Reading.. . . . . .. 
Location: United States

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