Driving is a privilege, but it comes with a price tag. There's the cost of the vehicle itself, maintenance, repairs, fuel and auto insurance. Many states require you to carry a basic, minimum level of auto insurance. It's a way of sharing the risks of driving. You pay premiums to an insurance company for coverage. In return, your coverage will protect you against most financial losses that might otherwise be staggering.
Auto insurance is more than a matter of insuring your vehicle for loss or repairs after an accident. It is a financial safety net that can help you offset the cost of:
This Web site will guide you through some important decisions about your automobile insurance. How much coverage do you really need? How much liability insurance? Is there any way to save money on auto insurance? First, you'll need to know just what kinds of coverages are available. Many states require a basic liability coverage, but you must decide how much additional insurance you need. You select a package of insurance from standard types of coverage - a package that will protect you, your family, your vehicle and your assets. Your particular package could include:
What is insured ?
Any light motor vehicle used for social, domestic and pleasure purposes and for the insurer's business.
Insured against what risks?
Who can insure?
Individuals and corporate owners of the private cars and the financier of the car having insurable interest in it.
What will policy pay and how much?
In case of death of the Insured/any person entitled to indemnity for a liability incurred under this Policy,his personal representative will be indemnified ,as in the case of insured,if he observes all conditions as the insured himself.
When will policy not pay?
Consequential loss; depreciation; wear and tear; mechanical and electrical breakdown; failure or breakage.
When vehicle is used outside the geographical area; when used contrary to limitation as to use; driven by a person other than the driver stated in driver's clause. War perils, nuclear perils and drunken driving.
This type of insurance covers all the risks covered in the Motor Vehicles Act, plus loss or damage caused to the vehicle due to:
Also included is the towing charge (up to Rs.1, 500/- for private vehicles and Rs.2, 500/- for commercial vehicles) incurred due to accident to the vehicle.
Exclusions to the Comprehensive Insurance Cover
This insurance does not cover loss or damage caused due to:
It also does not cover:
Calculation in the case of Comprehensive Insurance Cover:
In the case of Comprehensive Insurance Cover, for the purpose of premium, vehicles are categorized as follows:
This is used for personal purposes. The premium is computed on the following basis:
This is used for personal purposes only. Premium is calculated on cubic capacity and value of vehicle. Accessories are to be specified. Theft of accessories is not covered, unless the vehicle is stolen at the same time.
This is a vehicle used for hire and is classified into:
Note: all commercial vehicles are subject to compulsory excess in each and every claim for damage.
There is danger at every corner when it comes to Indian roads. Automobile insurance plays an important role in protecting consumers from serious financial losses that result from accidents
Filing an auto insurance claim
At the scene
Filing your claim
Third Party Insurance covers:
Third Party Insurance cover for Personal Injury includes:
Liability for death or injury to third parties - this means that you are insured against death or injury (caused by your vehicle) to pedestrians, occupant of other vehicles, and outsiders other than passengers, for unlimited amounts. Passengers of private vehicles and pillion riders are also deemed covered.
Liability to employees connected with operation of the vehicle - this means you are insured against death or injury (caused by your vehicle) to the vehicle's drivers, cleaners, conductors, coolies etc. , employees used in the operation of the vehicle.
Liability to passengers carried in the vehicle for hire or reward - this means that as an owner of a taxi, bus or auto - rickshaw, you are insured against death or injury (caused by your vehicle) to the passengers
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