In 21st Century India, owning a car has moved beyond being a status symbol to an everyday necessity.
Being owner of a car proves your financial independence, puts you in a refined league of your peers and wins you some much-needed brownie points with the family.
But the joys of owning a car or any vehicle could be short-lived if say, your vehicle meets with an unfortunate and untimely accident, is stolen, is lost in a raging flood, or worse – if it turns up to be the cause of an accident that costs the life or property of a complete stranger.
These situations can be disastrous, costly, and frustrating for anyone!
There is one solution. Get a Car Insurance Plan.
New India Insurance Co. Ltd. was incorporated on 23rd July 1919; established by the House of Tata founder member, Sir Dorab Tata.
New India Assurance is offering a wide range of effective and helpful motor insurance products that will cover all of your basic needs. It includes all those features that a Motor insurance plan should have.
Under this plan, you will get two types of coverage, Liability and package coverage. Both will assist you in their ways.
Well, one of the best features of National Insurance is a well-trained customer service team which will always be there to clear all doubts and queries.
It will also help the policyholder to make claims, apply for a policy or renew the same.
Those people who are embers of the Automobile Association of India will be eligible for special discounts.
Apart from this, policyholders can also take advantage of no claim bonus discount. Those who have anti-theft devices will also be eligible for an additional discount.
Claims will be settled in a speedy manner without any hassles. The process of initiating a claim during an emergency situation is also very convenient.
|Loss or damage caused because of :
||In case where the insured uses the vehicle contrary to mandated instructions|
|Loss that occurs because of theft, robbery, and other man-made calamities such as strike, riots, terrorist activities, accidental external damage||Accident due to intoxication|
|Damage that occurs because of travel by road, air, elevator, inland waterway||Damage due to own negligence|
|Third-party liability in cases of injury, death or damage||Mechanical or electrical breakdown|
|Personal accident cover||Loss due to nuclear risks|
|Loss occur because of electrical or non-electrical accessories||War related risks|
|Legal liability to passengers who do not pay fares||Consequential loss|
|Loss of accessories by theft|
|If used/driven outside geographical area|
Tata Aig General Insurance Company Limited (Tata Aig General) is a joint venture between Tata Group and American International Group, Inc. (AIG).
Tata AIG Motor Insurance plan takes into consideration the conventional risks as well as non-conventional risks associated with automobiles.
It ensures that the policyholders are able to put their minds at rest and in case of emergencies get immediate assistance.
The company provides vehicle cover for the following risks:
When it comes to something as crucial as car insurance and car insurance renewal policy, Bajaj Allianz Car Insurance is trusted by millions.
The company enables its policyholders to renew their car insurance quickly and conveniently.
To make things easier, you can subscribe to the renewal reminder feature on Bajaj Allianz website. Enter your name, contact details and renewal date. A reminder will be sent to renew your car insurance policy.
You cannot enjoy the benefits of having an insured car after your car insurance term expires. Hence, renewing your car insurance (once the initial term expires) is very important.
Bajaj Allianz car Insurance offers the below coverage:
This policy covers any damage or loss the owner’s car undergoes due to any of the following things:
2. Third Party or Liability
Bajaj Allianz Private Car Insurance Policy covers any injury or property damages incurred to the third-party due to the insured car
3. Personal Accident Cover
Bajaj Allianz will pay a sum Insured of ₹2 lakhs to the owner-driver of the insured vehicle in case of permanent total disability or to the beneficiary in case of accidental death.
HDFC ERGO General Insurance Company Ltd. is a collaboration between HDFC Ltd. and ERGO International AG, the primary insurance entity of Munich Re Group.
The organisation offers a complete range of general insurance products right from Motor, Health, Travel and Home to Personal Accident in the retail space.
HDFC ERGO car Insurance offer the below coverage:
A renowned company in the insurance ecosystem is Oriental Insurance.
The company provides car insurance plans that ensures that car owners are tension free in difficult situations.
The company ensures absolute customer delight by offering customized plans as per requirements of the car owner, seamless online renewals, excellent add-ons to existing plans, emergency services and a lot more.
Investing in a car insurance plan with this company therefore turns out to be a wise decision.
Oriental Car Insurance offers a comprehensive coverage for you and your prized possession. They offer the below coverage:
There is no doubt in saying that accidents occur without a warning.
But, with the help of an effective motor insurance plan, you will be prepared to face such type of situations mentally and financially.
Motor insurance offers needful financial cover to you and your vehicle in case of any kind of damage or theft. With the help of an effective motor insurance plan, driving on the roads of India will be easier and tension free.
Also, under the provisions of the Motor Vehicles Act of India, all vehicles that operate in public places must have a car insurance policy as a mandatory document.
Car insurance is the smartest way to financially secure yourself and your car.
Let’s say, you own a 1-year-old standard hatchback with Insured Declared Value of Rs. 4,00,000, but sadly, don’t have car insurance.
Following are the approximate expenses that you might incur if your car was to meet with an accident of “medium impact”:
|Frontal Damages||Rs. 25,000|
|Windshield Damages||Rs. 6,000|
|Bumper Damages||Rs. 5,000|
Car insurance policy would have cost you a certain premium:
Paying a minuscule amount like Rs. 8,000 every year can still help you cover those Rs. 50,000 [or more] worth of accident-related damages to your car.
No Car Insurance = Financial Expenses + Emotional Torture + Stress + Inconvenience
Car insurance is nothing but an insurance policy that allows you to get the required financial coverage against several forms of damages, theft, harm caused to your vehicle and third-party liability as well.
Motor insurance is a compulsory document that vehicle owners should carry while driving. It is essential in India to have motor insurance as per the Indian law.
Anyone who drives without an insurance policy has to pay heavy penalties.
To help you to buy right car insurance policy, here are the 5 best car insurance policies available in the market right now.
1.With an effective car insurance policy, the insured will get the coverage against loss or damage of the vehicle that is caused by Accident, theft, fire, explosion, self ignition, lightning, riots, strikes, Act of terrorism, Transit by Rail, Road, Air & Elevator and natural calamities, (Earthquake, Flood and more).
2.It will also offer the required cover against all financial liability that causes injury or death of a third-party or damage to the property. That is provides benefits to survivors when an accident results in death.
3. It covers lawsuits, including legal fees brought against you as the result of an accident.
Car insurance is a policy which covers your car against financial losses that you may face in case of accident or theft of a car.
A comprehensive car insurance policy covers for third-party liability, property damages, and medical expenses. It is compulsory for vehicle owners to have at least third-party liability insurance; however, some prefer to purchase additional insurance to ensure further protection.
You pay a certain amount as a premium to the insurance company to buy this cover, and they agree to pay for accidental damages and theft losses.
Disclaimer: The views expressed in this post are that of the author and not those of Groww