Vehicle Insurance Types In India
Apart from the mandatory third party cover insuring your car with the comprehensive insurance will provide financial cover in the event of your car being damaged.
Vehicle insurance types in india. Here are the different types of motor insurances available in india to protect your vehicles also learn about add ons for insurances anti theft device cover no claim bonus protection etc. This insurance provides protection against natural and man made calamities like. Defence vehicles belong to armed forces and the attached equipment used by the indian army. Car insurance is a mandate in india as per the indian motor act.
3 types of car insurance policies. Importance of car insurance. Auto insurance offers financial protection to car owners from various risks to their vehicles. In india three types of car insurance policies are offered by all the general insurance companies.
However it needs to be noted that only third party insurance is compulsory. It is governed by the indian motor tariff. New products are discovered and existing products are enhanced as per the guidelines of the irdai. Comprehensive insurance is one of the most valuable types of vehicle insurance that covers both third party liabilities and damages to your own vehicle as well.
The insurance companies will design various kinds of products as per the needs of customers. Vehicle insurance policies are valid for only one year and need to be renewed annually. By the type of vehicle on the roads there are three types of motor insurance popular in india. Two wheeler insurance is another type of popular auto insurance in india.
To choose the most suitable motor insurance based on your requirements it s important to first know the types of car insurance provided by insurance companies. When it comes to vehicle insurance there are different types of policies available in the market. In india third party vehicle insurance is mandatory and a legal requirement under the motor vehicles act 1988. With india being the sixth largest manufacturer of cars in the india the number of cars on the roads ought to be massive.
The mine protected vehicle artillery tractor and heavy utility trucks can be seen sometime. Indian law makes it compulsory for new car buyers to avail insurance coverage against third parties in case of claims arising from accidental injury or death. Fire rockslide landslide storm hurricane flood earthquake burglary theft riots or any damage caused to the vehicle in transit by road air inland waterway or rail. These policies cater to the different coverage needs of different vehicle owners.
This is also the reason car insurance is the most popular form of motor insurance in the country.
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