Vehicle Insurance (also known as Motor/car/auto insurance) is an insurance policy purchased for cars, two wheelers, trucks and other road vehicles. Its primary objective is to provide financial protection against car damage, theft, personal accident cover, third party liability and additional legal liabilities.
There are different types of Vehicle Insurance in India:
– Two Wheeler Insurance
– Private Vehicle Insurance
– Commercial Vehicle Insurance
Need of Vehicle Insurance
A car is one of the biggest investments of your life. Like buying a car, there is no single best solution when it comes to buying Vehicle Insurance or Auto Insurance. Auto Insurance in India deals with the insurance covers for the loss or damage caused to the automobile or its parts due to natural and man-made calamities.
The Vehicle law mandates that every owner of a two-wheeler or four-wheeler vehicle must have one Vehicle insurance policy. In India, it is a compulsory requirement for all new vehicles used whether for commercial or personal use.
Vehicle Insurance Policy provides benefit in case of Death arising out of accidents, repair cost of the vehicle due to damage, theft, fire and third party property damage.
How does Vehicle Insurance work
Vehicle Insurance Policy issued by an Insurer as part of avoidance of public liability to protect the general public from any accident, unfortunate damage or loss. The premium of Vehicle Insurance Policy is determined by a variety of factors. It includes what kind of vehicle you drive-two wheeler or four wheeler as well as what type of insurance policy you want. The amount of Premium increases with the rise in the price of the vehicle.
Claim for Vehicle Insurance:
The procedure to make a claim in Vehicle Insurance is as fast as you can. As the accident occurs, you should note down the number of other vehicles involved in the accident. You should also note down the Vehicle model, date & time, location of loss and such other details. Then contact your Insurance Company & file a claim with required documents and FIR at the nearest police station. To claim Vehicle Insurance in India certain documents are required such as signed claim form, RC copy of the vehicle, Driving License copy, and FIR copy.