How Car Insurance Work In India? With the procedure of claiming Car Insurance getting better, it is at i time possible to larn your vehicle repaired together with inquire the insurer to pay for it using your insurance policy. Here’s all you lot require to know.
The start affair you lot must create is to larn through the insurance company’s preferred garages together with larn the repairs done at i of them. The insurance fellowship volition together with therefore pay for the repairs minus the items non covered nether the policy, which volition direct maintain to live on paid yesteryear the possessor of the vehicle, which is you. This is known every bit a cashless claim.
Types of Vehicle Insurances
There are 2 types of Vehicle Insurances – Comprehensive together with Third Party
Comprehensive Insurance
As the yell suggests, a comprehensive insurance conception helps ensure the vehicle against whatever opportunity arising out of theft or harm to the vehicle, give-up the ghost of the driver and/or passengers inward the vehicle during an accident, together with harm caused yesteryear the vehicle to other people or property.
Coverage amongst Comprehensive Insurance
Comprehensive Insurance ensures the vehicle against:
Natural calamities
E.g. Earthquakes, floods, typhoons etc.
Man-made calamities
E.g. Burglary, thefts, riots, strikes etc.
Personal accident cover
Provides personal accident encompass for the private owner-driver together with passengers of the insured vehicle spell travelling in, mounting, or dismounting from the vehicle.
Third Party Insurance
Third Party insurance only covers the harm done yesteryear your vehicle to other vehicle or property. It does non encompass accidents, theft or harm to the vehicle.
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Coverage using Third Party Insurance
Third political party legal liability coverage protects you lot against legal liability arising due to accidental damages, such as:
- Any permanent injury/death of a person
- Any harm caused to the property
- Caused spell anyone is driving the insured vehicle
Both kinds of insurance covers are valid for only a year. They require to live on renewed every year. The premium of the insurance depends on sure enough parameters similar vehicle classification, value etc.
Car Insurance Clauses
There are only about clauses which are a business office of your Car Insurance that you lot require to live on aware of. You won’t live on able to claim for whatever damages occurring to the insured vehicle because of:
- Wear & tear or full general ageing of the vehicle
- Depreciation or whatever consequential loss
- Mechanical/electrical breakdown
- Wear together with tear of consumables similar tires together with tubes
- The insured vehicle beingness used for purposes other than mentioned inward the limitations of usage inward the insurance agreement
- A vehicle beingness used exterior the geographical boundaries of India
- A somebody driving whatever vehicle without a valid license
- A somebody driving the vehicle nether the influence of drugs or liquor
- Loss/damage encountered due to war, mutiny or nuclear risk
Claiming Insurance
In example you lot are involved inward an accident or you lot accidentally bang your auto somewhere which causes only about damages to your vehicle, you lot tin claim insurance.
To claim insurance, you lot require to:
- Note the licence plate release of the other vehicle involved inward the accident (if any)
- Note names together with contact numbers of witnesses (if any)
- Call the insurance fellowship together with file a claim.
- Make a Federal Reserve annotation of the claim reference release given together with the listing of documents required for claim processing.
- Check whether the insurance fellowship has a preferred garage listing together with brand a Federal Reserve annotation of the same.
- File an FIR at the nearest constabulary station inward example of belongings damage, bodily injury, theft, or major damages.
- Submit the documents to the insurance company’s representative together with verify it amongst the originals.
- Make whatever additional payments required to the garage if the insurance fellowship does non encompass the consummate repair expenses.
Advantages Of Cashless Claims
- Responsibility lies amongst the insurance company
- The surveyor would accept the auto to the garage, larn it repaired together with render it dorsum to the owner
- The company’ garage network is mostly reliable
- The service provided yesteryear them is much improve than whatever other local garage
Disadvantages Of Cashless Claims
- A lot of formalities require to live on followed earlier whatever activity is taken
- Often, the preparations are delayed since the surveyor may create the consummate inspection earlier taking whatever decisions
- The garage, which the insurance fellowship chooses mightiness live on expensive together with since the possessor has to pay only about per centum of the expenses, he may goal upward shelling out to a greater extent than coin than estimated.
Advantages Of Reimbursement Claims
- You tin larn your auto repaired at your preferred garage yesteryear your trustworthy mechanic
- Immediate activity tin live on taken only subsequently the inspection
- The expenses may live on inside your budget
- You may every bit good larn to repair other parts of the vehicle which were non damaged at the fourth dimension of an accident, if required
Disadvantages Of Reimbursement Claims
- Responsibility is solely yours
- Repairs done yesteryear local garages may non live on dependable
Now that you lot know all the necessary details nearly Car Insurance plans, it’s fourth dimension to secure the auto of your dreams using the encompass it deserves.
