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Car Insurance

About Car Insurance
It has become essential for every vehicle owners to have insurance due the rising incidents of accident and fear of theft. Insurance provides a safeguard to our vehicles against any road mishaps. Motor Vehicle Insurance covers vehicles like Car, Trucks, Two-Wheelers and other road vehicles.Car insurance gives financial security to the vehicle against any physical injury caused due to accident or theft of the vehicle.It is for individual owners of the vehicle while driving and also for passengers. Some Insurance companies also provide Comprehensive Cover that covers the damage caused to the third party.

Car owners pay certain amount of premium to the insurance company and at times of any accident and mishaps the company reimburses the amount of loss caused to the vehicle to the owner.The premium amount to be deposited for claiming insurance varies for different cars. High valued cars come with a higher rate of premium. It premium amount also depends on the place of purchase of the car; as the car purchased in a city are more prone to thefts and accidents due to crowd and traffic.The insurance protects the car against any damage caused to it by accident or any natural calamities or incidents like loss and theft of vehicle.  In India it is compulsory for all new vehicles to have insurance. Various leading car manufacturing companies have an alliance with some trustworthy insurance companies which provide insurance to their vehicles. There are certain general insurance companies who also offer online insurance service for the vehicle. Car insurances are very easy to have and we can also renew it time to time online.

But the insurance doesn’t cover certain incidents as:

  • Usual deterioration of vehicle due to prolonged utilization
  • Mechanical and electrical breakdown of the vehicle
  • When the car is damaged by the driver under the influence of alcohol and other intoxicating substances
  • If the person who is driving the car doesn’t have a valid driving license
  • It also does not cover the loss which is caused outside the defined geographical area of the vehicle

Under the above mentioned condition the insurance companies wouldn’t offer any financial assistance to recover the loss of the vehicle.

The process to claim automatic car insurance is very easy. The person above the age of 18 who purchases the car can have insurance immediately after buying it. The owner just needs to submit a copy of the vehicle registration paper and a proposal form to claim the insurance. In times of renewal the owner is required to provide the company with the previous insurance papers as well as the vehicle registration card.

Top Car Insurance Companies in India

Some major companies which provide automobile insurance in India are the following:

  • ICICI Lombard Car Insurance
  • Bajaj Allianz Car Insurance
  • Reliance Car Insurance
  • Tata AIG Car Insurance
  • Royal Sundaram Car Insurance
  • Bharti AXA Car Insurance
  • HDFC ERGO Car Insurance

Claiming insurance not only save the car from any physical damage it also gives a huge financial relief to the owner of the vehicle to meet the untimely accidental losses.