Car insurance is a contract between a car owner and a general insurance company wherein the latter promises to protect the car owner from financial losses which may occur due to an unfortunate event involving his/her car. Depending on the scope of coverage, there are 3 types of car insurance policies - Third-Party Car Insurance, Standalone Own-Damage (OD) Car Insurance, and Comprehensive Car Insurance.
A Comprehensive Car Insurance policy is the most extensive car insurance cover under which an insurance company is liable to pay for financial liabilities incurred towards a third party as well as for the own-damages sustained by the insured’s car. In addition to road accidents, the policy is applicable in the event of natural calamities, man-made disasters, self-ignition or lightning, explosion, fire, theft, etc
Third-Party car insurance policy is a mandatory requirement for driving a car in India. It is the most basic car insurance plan and is thus also called Liability Only Car Insurance Policy. Under this cover, the insurance company is liable to pay for the bodily injuries, permanent disability, temporary disability as well as death of the third party caused by an accident involving the insured’s car. This plan also provides coverage for property damage incurred by the third party up to Rs. 7.5 Lakh.
The Insurance Regulatory and Development Authority of India (IRDAI) introduced the standalone Own-Damage car insurance policy. Under this plan, the insured gets insurance coverage only for the own-damages sustained by his/her four-wheeler in a road accident, natural/man-made calamity, fire, explosion, theft or any other mishap. A standalone own-damage car insurance policy aims at offering the insured the flexibility in terms of the insurance provider they want to choose.
Nowadays, you can easily buy a brand new car insurance coverage policy online within a few minutes. Apart from purchase, you can also file a claim online. Here are the benefits of buying a car plan online:
The cheapest car insurance policy is the policy that offers you the highest insurance cover with all the required add-ons at the lowest possible premium. Your requirement is different from other people, so what is cheapest for others may not be suitable for you. Check out this article to find out the cheapest car insurance for your car.
If you have sold your car, it is important that you transfer your car insurance policy to the new owner. You have to communicate to the insurance company about the sale of the car and submit the required documents and forms.
You can easily download your car insurance policy online from the insurance company's website. If you have bought your car insurance policy from company, you can download it from your online account by logging in with your ID and password.
You can simply visit company website and provide your car details like registration number or make and model to find out various car insurance plans available for your car along with the premium you have to pay for it.
You can download your car insurance certificate or policy document online from the insure website. If you have bought your car insurance policy from website, you can download it from your online account by logging in with your ID and password.
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