Motor Insurance is an agreement between the insurer and the insured wherein the insurer provides financial cover for the vehicle and the insured in return pays specific premium annually. Auto Insurance provides protection for your vehicle against the financial loss and liability that could result as a part of accident or theft.
Car Insurance or motor insurance as commonly referred to, helps to protect the losses you might incur while driving on a busy road. The loss could be a result of an accident, scratch or a theft. The premium amount of your car insurance is basis the Insurer's Declared Value or IDV as used in common parlance. A slight change in IDV can make a whole lot of difference to the motor insurance premium, i.e., if you raise the IDV your premium starts to rise and if you lower it reduces. Thus it becomes very important for any policyholder to always before going for a car insurance renewal, or buying a new policy, to do compare various options.
How does car insurance comparison helps
Every day we come across hundreds of motor insurance ads and all offering the cheapest car insurance. But all of them may not be true; a simple car insurance query can clarify that. Today many insurers also offer many value add on's like Towing Facility, Depreciation cover, etc. Such add on's have a lot of value along with the regular motor policy, but these advertisements never tell you that. Also, what they do not tell you is you can save up-to 55% on your car insurance renewal premium and new car insurance premium. Thus it becomes more necessary for the policy buyer to do a car insurance comparison before purchase.
Coverage under Car Insurance
Car insurance is of 2 types Third Party Car Insurance and a comprehensive package policy, to know them better let's understand them in a little detail.
Third Party Car Insurance
Third Party Car Insurance covers you against any legal liability resulting from accident of your vehicle. It covers damage to property, accidental death or an injury to a third party. A Third Party Liability cover is legally mandatory in India under the Motor Vehicles Act. A typical Comprehensive Package Policy comprises of 3 things, firstly, damage to your vehicle, Secondly, a third party legal liability cover and lastly; A personal accident cover to driver (owner) of the vehicle for up to Rs.2 lakhs for a premium of Rs.100.
Comprehensive Package PolicyA comprehensive package car insurance policy is more extensive and preferred by most people. The coverage includes damage or theft of vehicle, third party legal liability and personal accident cover for owner or driver. Many new car insurance plans also provide inbuilt roadside assistance cover with comprehensive car insurance cover. The policy coverage can also be extended by opting for add-ons like accessories cover, engine protector, zero depreciation cover, medical expenses etc.
We provide an very affordable Vehicle Insurance or Automobile Insurance or more precisely Commercial vehicle insurance & Private Vehicle insurance through an instant Insurance policy methods wherein renewal of Car Insurance and other vehicle Insurance with 100% Coverage, we also facilitate online insurance where you can check premium online and calculate premium and provide value add on like 100% depreciation coverage, cashless claim facility, road side assistance, toll free assistance, towing services etc
To know more about the motor insurance Interest rates and eligibility click here.