Insurance is a protection against the financial loss arising on the happening of an unexpected event. A person can avail this protection by paying a premium to an insurance company. The primary purpose of Car Insurance is to provide financial protection to the policy holder against losses incurred due to any physical damages to their vehicle. Car Insurance is a type of Motor Insurance/ Auto Insurance or Vehicle Insurance. But sometimes, they all can be used interchangeably.
The losses and damages to your car covered under the Car Insurance may include:
1. Loss or Damage to your vehicle against Natural Calamities
Example: Fire, explosion, self-ignition or lightning, earthquake, flood, typhoon, hurricane, storm, tempest, inundation, cyclone, hailstorm, frost, landslide, rockslide.
2. Loss or Damage to your vehicle against Man-made Calamities
Example: Burglary, theft, riot, strike, malicious act, accident by external means, terrorist activity, any damage in transit by road, rail, inland waterway, lift, elevator or air.
3. Personal Accident Cover
Coverage for the individual driver of the vehicle while travelling, mounting or dismounting from the car.
4. Third Party Legal Liability
Protection against legal liability due to accidental damages resulting in the permanent injury or death of a person, and damage caused to the surrounding property. A Third Party Liability cover is legally mandatory in India under the Motor Vehicles Act.
As per the Motor Vehicles Act, 1988 it is mandatory for every owner of a vehicle plying on public roads, to take an insurance policy, to cover the amount, which the owner becomes legally liable to pay as damages to third parties as a result of accidental death, bodily injury or damage to property. A Certificate of vehicle Insurance must be carried in the vehicle as a proof of such insurance.
Following are the 5 popular Vehicles Insurance plans available in India:1. National Insurance Company:2. ICICI Lombard Car Insurance:3. Bajajallianz Insurance Company4. United India Insurance Company Ltd.5. New India Assurance:Tags: Vehicle insurance, car insurance, car insurance online
Source from: https://blog.bankbazaar.com/top-5-car-insurance-in-india/