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Car Insurance
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An insurance contract that covers potential monetary losses and liabilities brought on by theft, accidents, and other damages to the insured car.
According to the Motor Vehicles Act of 1988, it is a requirement in India to have at least a third-party automobile insurance policy, which covers losses or harm to third-party people or property in the event of an accident involving the insured vehicle.
Car owners can also choose comprehensive car insurance policies to cover both third-party liability and damages to their vehicles brought on by various events, including accidents, theft, natural disasters, and other unforeseen occurrences.
Various insurance companies typically offer car insurance policies in India.
**Note: The premium cost and coverage options may change depending on the kind of car, how old it is, where it is registered, the owner's driving history, and other relevant factors.
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Car Insurance Policy Types
Third-party car insurance, comprehensive insurance, and standalone insurance are the three categories of auto insurance policies offered by general insurance companies in India. You can select a car insurance policy based on your needs and financial constraints.
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Car Insurance for Third Parties
All car owners must have a third-party or liability-only policy to operate a vehicle on Indian roads. Compensation is given for property damage, injuries to third parties, and other harms (up to Rs 7.5 lakh). However, it does not pay for the harm done to the insured vehicle. Consequently, purchasing a comprehensive or standalone auto policy is advised.
Complete Auto Insurance
A comprehensive auto insurance policy covers both third-party liabilities and own damages. The insured may use cashless repair services at the network garages under this plan. Additionally, for a small additional premium, the policyholder can add riders or add-on benefits to their policy, such as coverage for roadside assistance or zero depreciation.
Independent Own Damage
A standalone own-damage car policy financially covers accidental damages to the insured car. With an active third-party insurance policy, you can buy it. According to the Motor Vehicles Act, all car owners in India must carry third-party liability insurance at the very least. However, having standalone insurance provides financial assistance if the insured car sustains its damage and third-party liabilities.
Essential Elements of Car Insurance Policies
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Categories
1. Defendant's (Third Party) damages - Injuries, fatalities, and property damage
2. Own damage insurance - Available under the terms standalone and thorough
3. Unclaimed Bonus - 50% of the cost of auto insurance
4. Car Insurance Premium - beginning from Rs. 2094 (TP price for vehicles with less than 1000 CC)
Extra covers
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1. More than ten add-ons, including Roadside Assistance, NCB protect, and Zero dep.
2. Online Personal Accident Coverage Purchase maximum up to Rs. 15 Lakh and Renewal Process
3. Available cashless garages and repairs
Car Insurance Differences: Own Damages, Third Party, and Comprehensive
Here is a table to help you compare features provided under various types of car insurance policies in India so that you can select the best four-wheeler policy:
Advantages of Online Car Insurance Renewal
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A new car insurance policy has a time limit before it needs to be renewed. You must therefore renew your car insurance online before the policy's expiration date if you want to continue receiving coverage under it. Here are some critical advantages of renewing your car insurance online.
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Simple Comparison
Online auto insurance renewal allows you to compare the plans provided by various insurers quickly. The additional services the program offers, such as a free pick-up and drop-off service, 3-day repair assistance, cashless assurance, and self-video claims, will also be more accessible for you to understand.
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Simple Customization
You can easily modify the coverage of your car insurance policy during renewal by adding or removing the add-on covers. However, remember that your car's premium will depend on it before modifying your policy with an add-on cover.
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Easy to Change Insurers
When your policy is up for renewal, you can change insurers if you're unhappy with your current one or want to improve your coverage benefits. Additionally, you can do this from the convenience of your home if you find another insurer offering better features and services at a premium that fits your budget.
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Protected and Transparent
Renewal of a car insurance policy is made simple and safe by secure payment gateways. Credit/debit/UPI cards are convenient ways to pay for premiums.
Documents Needed to Submit an Insurance Claim for a Car
The insurance company requires a plethora of documents to be submitted, regardless of whether the claim is for a theft, an accident, or third party.
The following is a list of the various documents you will need to register a claim under your four-wheeler insurance:
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1. Completely completed and signed claim form
2. KYC
3. Car insurance policy copy
4 Copy of the driver's RC license for the vehicle that was involved in the collision.
5. Police FIR copy in the event of theft allegations
6. Original repair invoices and receipts for payments
7. Estimated costs for repairs
