What Are The Types Of Car Insurance In India?

You use a car to commute to work, go on trips with your family, do chores, and visit with friends. You keep your automobile in good condition, obey the law, and drive courteously if you’re a responsible car owner. You, therefore, want to be able to drive your car without thinking about anything. No matter how well you plan, your automobile may still run into unplanned road hazards like big or small accidents, breakdowns, tyre bursts, natural or man-made disasters, etc.

All forms of car insurance online, whether purchased online or in person, provide coverage for monetary losses brought on by tragic incidents affecting your vehicle, subject to your policy’s particular terms and conditions.

Let’s first discuss the five forms of auto insurance available in India:

  1. Third-Party Liability Only Cover

Take a look at the advantages listed below that come with this kind of auto insurance:

  • The price to fix or replace a car that a third party damaged
  • The price of hospitalisation and outside medical assistance
  • liabilities brought on by a third party’s passing
  • The Motor Vehicles Act mandates third party car insurance coverage before allowing you to drive on public roads. The sum assured must be adequate for the road conditions and sufficiently large to cover your out-of-pocket costs.
  1. Own Damage (OD) or Collision Damage (CD) Cover

The price of fixing your damaged car is covered when you pick collision damage auto insurance. The age of the vehicle and the insured declared value are factors that are taken into account when determining the collision coverage premium. The IDV is based on the market value of the vehicle. *

The IDV less accumulated depreciation establishes the maximum amount payable under the policy in the event that a claim for collision coverage insurance is lodged. You need to get collision insurance if you financed your car. *

  1. Personal Accident Insurance

When you want to protect yourself, that is, the owner-driver of the car, you choose personal accident auto insurance coverage, which pays for your medical expenses after an accident. You can add supplementary coverage to the legally needed liability car insurance online to reduce particular risks. The costs resulting from the accident will be covered by personal injury protection. Medical bills for the driver and other passengers will be covered by personal injury protection. *

  1. Vehicle insurance with zero depreciation

This kind of protection is often provided as an add-on to an automobile insurance policy in India. Imagine that you need to fix the parts since your car was damaged. The insurance will factor in the parts’ depreciated value when settling claims. You will be given the full amount of your claim with a Zero Depreciation Vehicle Insurance Policy because cost depreciation will not be taken into consideration. *

  1. Complete Auto Insurance

It covers third-party liability, harm to one’s own vehicle, personal accident coverage, and all non-collision damage like storm, flood, fire, and theft, this type of motor insurance offers the most protection. *

* Standard T&C Apply

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.