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Car Insurance

Car insurance is a type of insurance policy that efficiently takes care of expenses arising from accident, theft, and any third-party liability. Car insurance is the best way you can protect oneself from financial emergencies, including any legal liability, resulting from physical damage, traffic collision, bodily injury caused to you, your car, or a third party. Various car-insurance specific; conditions are subject to vary with legal regulations in different regions of the country.

Benefits of Car Insurance:

  • Personal accident cover.
  • Coverage against financial liability caused by injury/death of a third party or damage to the property.
  • Coverage against loss or damage to the insured vehicle.
  • Coverage against loss or damage to your vehicle caused by accident, theft, fire, explosion, self ignition, lightning, riots, strikes or act of terrorism, natural calamities.

Coverage under Car Insurance:

There are basically three types of Car insurance available:

  1. Third Party Coverage
    Third Party car insurance provides cover against any legal liability to a third party caused when you are at-fault driver. It covers damage and injury caused by the person to another person and property. A Third Party Liability cover is legally mandatory in India under the Motor Vehicles Act and if not found on person at time of using the car, the person can land in jail.
  2. Collision Coverage:
    Collision coverage protects the insured financially against damage of their own car. Also pays the insured for damage caused by collision caused by an accident.
  3. Comprehensive Coverage:
    Comprehensive as the name suggest is a coverage that covers extensive and includes damage of car, theft of vehicle, third party legal liability and personal accident cover. This policy also has add-ons like accessories cover, engine protector, zero depreciation cover, medical expenses, etc. This kind of coverage is most preferred coverage as it offers end-to-end coverage and is less stress for the policyholder.

What is not covered in Car Insurance?

  • Loss or damage if a policy is not in force.
  • Loss or damage to vehicle when driven by person without a valid driving license.
  • Loss or damage to vehicle as a result of intoxication due to drugs, alcohol
  • Loss or damage to engine as a result of oil leakage. Loss or damage to vehicle as a result of abuse of car manufacturer's guidelines.
  • Gradual wear and tear of car and its parts.

Eligibility for Car Insurance:

For getting a car insured one must submit the filled up form and copy of Registration Certificate (RC).

Two Wheeler Insurance:

Two wheeler insurance is taken to cover against any damages that may occur to a motor cycle or its riders due to an unforeseen event like an accident, theft or natural disaster. Also provides protection against liabilities arising from injuries to one or more individuals due to the accident. The bike insurance cover provides protection to all types of two wheelers.

There are two types of Insurance:

Comprehensive

This covers against all types of wear and tears to the vehicle and its riders.

Liability-only

This covers only against injuries arising from third-party action.

Choosing any one these above mentioned covers varies from person to person. These polices also have add-on covers as mentioned below.

Instant Policy:

In the earlier days, customers buying or renewing a two wheeler policy would get a cover note and not the policy itself. The main bike insurance policy document was mailed to them at their address at a later date. With the emergence of new technology and faster banking facilities, a digitally signed policy is nowadays issued immediately to the policyholder at the time of making the payment to either buy or renew.

Optional Covers:

These include personal accident cover for pillion riders, enhanced cover for spare parts and accessories. The additional coverage costs extra but is very helpful for the rider.

Easy transfer of No-Claim Bonus:

The insurance companies offer easy transfer of the No-Claim Bonus discount if the person buys a new vehicle. This is given to the owner and not to the vehicle. The easy transfer option means that the person is rewarded for safe driving practices and for not making a two wheeler policy claim in the earlier years.

Discounts:

IRDA approved insurers provide discounts for certain factors such as membership of a recognized automotive association, discount for vehicles that have approved anti-theft devices, etc. Owners with an unblemished record also receive concessions in NCB (no claim bonus).

Online Purchase or Renewal:

The insurance companies offer online purchase or policy renewal through their websites and sometimes even through mobile apps. This makes it easy for the policy owner to get their needs fulfilled. Since all prior two wheeler policy claim or additional details are already in the database, the bike insurance renewal process is quick and highly convenient for the customer.

Benefits of Two Wheeler Insurance:

  • Quick Policy
  • Comprehensive and Liability Only Coverage
  • Optional Coverage
  • Discounts
  • Easy Transfer of No Claim Bonus (NCB)
  • Property damage and/or physical injury coverage in surroundings Quick Registration for Online Purchase

Third Party Insurance:

'Third Party Insurance' is a statutory requirement, as per Motor Vehicles Act, 1988. Third party comes from the fact that the prime beneficiary of the policy is neither the original insured nor the insurance company, but a pretentious third party. Third party insurance policy will cover for the liability that is incurred by the owner of the car in the event of unforeseen demise or permanent disability of the third party, sustained during a crash by the vehicle by the policy holder in an accident. As per the rules, Insurance Regulatory and Development Authority (IRDA) of India compute the damages.

Importance of Third Party Insurance:

Third Party Insurance comes in handy when your vehicle hits another vehicle and is beneficial in the legal clause. If in case at the time of accident a death occurs and the victim press charges this allows to register case for claiming compensation. Here the third party motor insurance comes into the picture. It covers the insured vehicles in case any liability claim arises out of bodily injury, property damage, or death of a person. As per IRDA third-party property damage cover is limited up to 7 Lakhs. Also it’s important to have a third party liability insurance if insured owns an old car and doesn’t want to spend his hard-earned money on it.

Third party Insurance is categorized into 2 parts:

  1. Third Party Liability Car Insurance:
    Third Party Car Insurance is a risk cover, which the insurer can compensates any legal liabilities claimed by the other party, in case the insured vehicle is at fault. As per the Motor Vehicles Act 1988, Section 146, plying an uninsured vehicle on Indian roads is an offence. This is why liability insurance is also known as ‘Act only’ plan. This plan doesn’t cover the insured or his car.
  2. Third-Party Liability Two Wheeler Insurance:Motor Insurance in India is necessary by law for all the registered vehicles and plying on the roads. This rule is applies for two-wheelers as well. Non-compliance may lead to the enforcement of legal punishment, which includes hefty fines and trial under the laws of road safety under the Motor Vehicle Act. Enforcement of legal punishments can be due to non-compliance that will include hefty fines and trial under the laws of road safety under the Motor Vehicle Act. Owing to the risk associated with this type of vehicles (bikes), insuring it with an adequate plan is an ideal decision to keep the stress at a bay.

Third-Party Insurance for Private Vehicle:

Coverage:

  • Body Injury or death of the third party
  • Damage to the property of third party
  • Accidental death of owner or driver of the insured vehicle.
  • Permanent Total Disability of the driver/owner of the insured vehicle

Exclusions:

  • Liability that may arise either directly or indirectly from nuclear materials.
  • Liability claims on contract basis.

Third-Party Insurance for Commercial Vehicles:

Coverage:

  • Demise or body injury to third party.
  • Property damage caused to third party.
  • Permanent total Disability of the owner or driver of the insured vehicle.
  • Legal liability incurred for the injury or damage to the car.

How to claim Third Party Insurance?

  • The victim or the legal envoy of the departed can make an application against the owner of the vehicle for third-party liability compensation
  • Once the application is completed, file an FIR with the police, furnishing the required details. You must have a copy of the FIR and the original records of the expenses incurred by the victim, also have Driver’s Licence number and any witness around then their name and contact number.
  • After filling the First Information Report (FIR) successfully, the next step is to register the case with Motor Accidents Claims Tribunal.
  • There is no pre-decided limit for claiming third party insurance. The insurer compensates the full amount decided by the court in its final verdict. However, IRDA limits the cover for property damage up to 7 Lakhs.

Difference between Comprehensive and Third Party Liability Car Insurance:

Third Party Liability Insurance Comprehensive Car Cover
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