Car insurance
Car Insurance Renewal – Check Claim Settlement Ratios Having a Car Insurance (or Motor Insurance) in India is not a choice but a rule. Under the Indian Motor Vehicles Act (1914, then revised in 1988), every car needs to be insured before it can ply on Indian roads. So whether you are buying a new car or doing a car insurance renewal, remember it is compulsory by law. 1. Third Party Policy – This covers Liability for injuries and damages to others that are caused by you or your vehicle directly or indirectly. Third Party (TP) Liability insurance is also mandatory for all vehicles.
2. Own Damage Policy – for damage to your own, insured,
vehicle. You are eligible for this if you have taken a Comprehensive Motor Policy.
Ideally, when you do your car insurance renewal, you should also cover loss or damages to the vehicle itself through a Comprehensive/Package policy, which covers both “Third Party Liability” as well as “Own Damage (OD)” to the insured vehicle, in addition to loss from natural or man-made calamities.
There is now a new Bill getting introduced which makes doing your car insurance renewal even more important. Earlier, the penalty for not having a car insurance renewal was a paltry Rs. 1,000. But according to the rules once implemented, any person caught not having a valid car insurance policy will be fined a huge Rs. 75,000! We are sure you don’t want to be that person on the wrong side of law, do you? So we hope we have convinced you to buy a car insurance or do a car insurance renewal, if you were not convinced already. Once most of us reach this stage, we call our insurance agent or go online to compare premiums.
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