Why Do I Need Car Insurance?
Saving Time When Accidents Happen
Accidents are stressful on their own without having to deal with the question of â€˜What next?’ With your car insurance, comes your insurer’s expertise in handling these tense situations. Walking you through the claims process, helping you find a good garage and settling your claim on time – things that you will be thankful for when dealing with the aftermath of an unfortunate road accident.
A Supplement for your Health Insurance
Most Car Insurance policies offer coverage for injuries that might be sustained by you and your fellow passengers as a result of your vehicle’s accident. If not, personal injury protection can be purchased as an add-on feature. This acts as a powerful supplement to your health insurance – additionally covering for items that might not be covered by your health policy, including specialist care for accident-related injuries, dental repairs, funeral costs etc.
Sustained Peace of Mind
Just imagine, cruising on an open highway or wriggling through rush hour traffic without overtly worrying about the consequences (mostly financial) of a freak accident or an â€˜innocent’ brush-up with an adjoining vehicle. Not having to pay for the mistakes of others. That’s mental peace – in it’s purest form!Sustained Peace of Mind
5. Sustained Peace of Mind
Just imagine, cruising on an open highway or wriggling through rush hour traffic without overtly worrying about the consequences (mostly financial) of a freak accident or an â€˜innocent’ brush-up with an adjoining vehicle. Not having to pay for the mistakes of others. That’s mental peace – in it’s purest form!
Types of Car Insurance Policies in India
When choosing a Car Insurance plan, car owners must compare car insurance policies across all insurance providers to get a suitable policy and the lowest premium possible. There are 2 types of auto insurance plans available in India:
Comprehensive insurance: This type of insurance will cover third party liabilities as well as damages caused to you and your car. You will receive financial protection against liabilities arising from natural disasters, theft, and accidents. Comprehensive insurance plans include third-party premium and own-damage premium. Own-damage premium is determined based on the age of the car, make and model of the car, geographical location, and engine capacity.
Third-party insurance: The most common type of insurance found in India is third-party insurance as it is mandatory for all running vehicles on Indian roads. This type of auto insurance will cover damages caused to a third party in the event of a vehicular accident. The base premium is calculated based on the Cubic Capacity of your car engine.
How Premiums are Determined for Car Insurance Policies?
There are several factors that an insurance provider will take into account to calculate your car insurance premium such as :