Get coverage built to protect your car
We all know about different different types of insurance and about their profit. Here we know about Car insurance. it 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. To continue to avail the benefits of these policies, the car insurance renewal should be processed on time by policyholders.
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Types of Car Insurance
Comprehensive Car Insurance
This policy is the most extensive car insurance coverage 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
A 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.
Own Damage Car Insurance
The Insurance Regulatory and Development Authority of India (IRDAI) introduced the standalone Own-Damage car insurance policy in September 2019. 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.
How to Choose Four Wheeler Insurance Policy Online?
You can choose ideal car insurance online plan by following some points given below:
- Select the Type of Plan Assess your car insurance needs and finalize the type of policy you need. Choose a third-party cover or comprehensive cover based on your requirements.
- Compare Policies You should compare different car insurance plans online. The comparison makes it easier to pick the best car insurance plan as per your budget and needs.
- Check for IDV and Premium The IDV refers to the current value of your car in the market and the amount that an insurer can maximum pay you in case of total loss or car damage beyond repair. A higher IDV can give you extended coverage but it increases the premium as well. So, check for the amount of IDV and select the one which you can afford and require.
- Ask for Add-on Covers Add-on covers expand the coverage of your policy. You can buy it by paying an additional premium. You should inquire about the add-ons and choose the one which suits your needs the best. However, you can have these covers only with the comprehensive insurance plan.
- Look for the Claim Process Look for an insurance company that has a simple and swift claim process. To confirm the quality of the claim process of insurers, you can check their Claim Settlement Ratio (CSR) before finalizing. It refers to the percentage of claims settled by the insurer in a year. It is better to buy a plan from a company with high CSR.
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