How Car Insurance Work In India? With the procedure of claiming Car Insurance getting better, it is straight off possible to teach your vehicle repaired as well as inquire the insurer to pay for it using your insurance policy. Here’s all you lot request to know.
The start affair you lot must create is to teach through the insurance company’s preferred garages as well as teach the repairs done at 1 of them. The insurance companionship volition as well as then pay for the repairs minus the items non covered nether the policy, which volition conduct keep to live on paid past times the possessor of the vehicle, which is you. This is known equally a cashless claim.
Types of Vehicle Insurances
There are 2 types of Vehicle Insurances – Comprehensive as well as Third Party
As the holler suggests, a comprehensive insurance conception helps ensure the vehicle against whatever risk arising out of theft or harm to the vehicle, expiry of the driver and/or passengers inwards the vehicle during an accident, as well as harm caused past times the vehicle to other people or property.
Coverage amongst Comprehensive Insurance
Comprehensive Insurance ensures the vehicle against:
E.g. Earthquakes, floods, typhoons etc.
E.g. Burglary, thefts, riots, strikes etc.
Personal accident cover
Provides personal accident encompass for the private owner-driver as well as passengers of the insured vehicle piece travelling in, mounting, or dismounting from the vehicle.
Third Party Insurance
Third Party insurance only covers the harm done past times your vehicle to other vehicle or property. It does non encompass accidents, theft or harm to the vehicle.
Read Also Top v Car Insurance Companies In India
Coverage using Third Party Insurance
Third political party legal liability coverage protects you lot against legal liability arising due to accidental damages, such as:
- Any permanent injury/death of a person
- Any harm caused to the property
- Caused piece anyone is driving the insured vehicle
Both kinds of insurance covers are valid for only a year. They request to live on renewed every year. The premium of the insurance depends on for sure parameters similar vehicle classification, value etc.
Car Insurance Clauses
There are unopen to clauses which are a role of your Car Insurance that you lot request to live on aware of. You won’t live on able to claim for whatever damages occurring to the insured vehicle because of:
- Wear & tear or full general ageing of the vehicle
- Depreciation or whatever consequential loss
- Mechanical/electrical breakdown
- Wear as well as tear of consumables similar tires as well as tubes
- The insured vehicle beingness used for purposes other than mentioned inwards the limitations of usage inwards the insurance agreement
- A vehicle beingness used exterior the geographical boundaries of India
- A individual driving whatever vehicle without a valid license
- A individual driving the vehicle nether the influence of drugs or liquor
- Loss/damage encountered due to war, mutiny or nuclear risk
In example you lot are involved inwards an accident or you lot accidentally bang your machine somewhere which causes unopen to damages to your vehicle, you lot tin claim insurance.
To claim insurance, you lot request to:
- Note the licence plate pose out of the other vehicle involved inwards the accident (if any)
- Note names as well as contact numbers of witnesses (if any)
- Call the insurance companionship as well as file a claim.
- Make a complaint of the claim reference pose out given as well as the listing of documents required for claim processing.
- Check whether the insurance companionship has a preferred garage listing as well as brand a complaint of the same.
- File an FIR at the nearest law station inwards example of belongings damage, bodily injury, theft, or major damages.
- Submit the documents to the insurance company’s representative as well as verify it amongst the originals.
- Make whatever additional payments required to the garage if the insurance companionship does non encompass the consummate repair expenses.
Advantages Of Cashless Claims
- Responsibility lies amongst the insurance company
- The surveyor would accept the machine to the garage, teach it repaired as well as render it dorsum to the owner
- The company’ garage network is to a greater extent than oftentimes than non reliable
- The service provided past times them is much improve than whatever other local garage
Disadvantages Of Cashless Claims
- A lot of formalities request to live on followed earlier whatever activity is taken
- Often, the preparations are delayed since the surveyor may create the consummate inspection earlier taking whatever decisions
- The garage, which the insurance companionship chooses mightiness live on expensive as well as since the possessor has to pay unopen to per centum of the expenses, he may destination upwards shelling out to a greater extent than coin than estimated.
Advantages Of Reimbursement Claims
- You tin teach your machine repaired at your preferred garage past times your trustworthy mechanic
- Immediate activity tin live on taken only afterwards the inspection
- The expenses may live on inside your budget
- You may besides teach to repair other parts of the vehicle which were non damaged at the fourth dimension of an accident, if required
Disadvantages Of Reimbursement Claims
- Responsibility is solely yours
- Repairs done past times local garages may non live on dependable
Now that you lot know all the necessary details nearly Car Insurance plans
, it’s fourth dimension to secure the machine of your dreams using the encompass it deserves.