Car Insurance
Car Insurance
About Car Insurance
Auto insurance is a contract between you and the insurance company that protects you against financial loss in the event of an accident or theft.
In exchange for your paying a premium, the insurance company agrees to pay your losses as outlined in your policy such as damage to or theft of your car.
There are three primary types of coverage offered by the majority of car insurance providers. They include liability, collision, and comprehensive.
Get financing for whatever you need now
Achieve all your goals and aspirations; with the right kind of help, exactly when you need it.
It pays for damages
Not only are cars expensive, paying for their repairs is costly, too. Sometimes, your car may be damaged due to someone else’s negligence. A car colliding with yours, or you swerving to avoid a jaywalker and crashing into a wall, or even a stray cricket ball cracking your windshield can set you back by a considerable amount of money. However, if you have car insurance, you need not pay for these repairs by yourself.
It reduces your liability
Taking Third Party Liability (TPL) car insurance coverage is mandatory in India. The TPL policy covers you against the legal ramifications of an accident caused by you. For example, if you happen to cause an accident that results in damages to another person’s property or injuries to another driver/pedestrian, the insurance will pay for their treatment and save you from the legal repercussions of the case.
It pays for your hospitalisation
Not every car owner who suffers an accident is fortunate to get away with a few cuts and bruises. Some accidents result in fractures and other serious injuries that require hospitalisation. Instead of shelling out the high hospital and treatment costs from your own pocket, you can get your motor insurance to pay these expenses.
It compensates your family after your demise
The most unfortunate outcome of a road accident is the car owner’s demise. Once the bread-earning policy holder has passed away, it might become difficult for his or her family to sustain its daily life. However, a motor insurance policy can help pay the family’s expenses after the unfortunate event.
Features of Car Insurance
Vehicle insurance is insurance for cars, trucks, motorcycles, and other road vehicles. Its primary use is to provide financial protection against physical damage or bodily injury resulting from traffic collisions and against liability that could also arise from incidents in a vehicle.
Insured Value
The vehicle is insured for a value (called Insured Declared Value in policy parlance) based on the manufacturer’s price of the vehicle minus the depreciation as per the vehicle’s age.
Claims
Similar to your health insurance, many insurers nowadays offer cashless facility if the vehicle is repaired at their authorized garages. Alternatively, you always have the option of getting the vehicle repaired at your preferred garage and then claim reimbursement from the insurer.
Portability
Vehicle insurance is portable. In other words, you can change your insurer without losing the benefit of any no-claim bonus that you may be eligible for.
Add-ons
You can enhance the protection by opting for Add-on covers to insure for risks that are not covered under a standard policy. Some of the common add-on covers include zero depreciation, no-claim bonus protection, accidental hospitalization, etc.
Car Insurance – Eligibility
Any salaried, self-employed or professional Public and Private companies, Government sector employees including Public Sector is eligible for a personal loan.
Age
Maximum age of applicant at loan maturity: 60 years
Income
Minimum Net Monthly Income: Rs 15,000
Credit Rating
Applicant should have the bank specified credit score.
5.0/5.0
by 500000+ clients
