India Vehicle Insurance, Vehicle Insurance India

All Indian vehicle owners are expected to opt for India vehicle insurance as it is mandatory. The Motor Vehicles Act is the legal reference point in case of doubt. Under the India vehicle insurance policy, a vehicle is insured against the market value of the car. The price in a typical India insurance policy is regulated by the law, so price variations do not differ significantly. However, the scope of cover and ease of services may vary between different insurance companies.

Types of India Vehicle Insurance

Insurance companies offer two levels of cover under India vehicle insurance. The first type is third-party insurance. This covers financial loss that happens to another person’s property in an accident.

The second type of India vehicle insurance offers comprehensive cover, provides third-party benefits and covers damage to the insured vehicle. This policy can be extended to cover tariffs, motor services and modification in the vehicle.

The following list of events is usually covered under an India vehicle insurance policy:

Fire or explosion

Burglary or theft

Vandalism or malicious attack

Natural disasters such as earthquake, floods and storms

Terrorist activity

Land slide

An increase in the cover results in an increase in the policy premium too. Apart from the cover, the policy premium depends on several factors. These factors are the age of the vehicle and the driver, locality, income group and market value of the car.

How to Claim for India Vehicle Insurance?

With so many insurance companies in the market, buying India vehicle insurance is easier than claiming insurance.

To claim, follow these guidelines:

File an FIR with the nearest police station in case of an accident, fire or theft.

Report the vehicle number and name of a witness to the local police in case of accident.

Contact the insurance company to file the claim against the financial loss. The claim application must have all essential documents as required by the insurance company. These include a copy of the driving license, FIR and registration certificate.

Once the application is duly filed, the insurance company appoints a surveyor to estimate the loss.

Based on the cost assessment report, the insurance company sends the repayment amount to the insured person.