Car Insurance gives financial protection to the car as well as gives cover to wounds to the driver, travelers or people on foot, and their property.
It pays for harms to your car because of accidents, vandalism, burglary, fire, man-made/catastrophic events, and third-party liability. Considering the over the top fix costs nowadays even minor harm can cost a fortune.
Apart from your own damages, the Indian motor vehicles act requires every car owner must provide damages to other persons also who suffer due to accident caused by you. For it you need a type of insurance cover that will take care of financial liabilities that arise due to such incident. It is called third party liability cover. For example cover that pays for substantial damage, death toll and damage to property of a third individual that was caused by a accident with your car.
Types of car insurance:
Third Party Cover: This type of insurance cover offers damages only to third party liabilities. Damages to your own vehicle is not covered.
Comprehensive Package Policy: Comprehensive policy firstly offers third-party liability cover as required by law. Furthermore, it incorporates claim harm (OD) cover. Under this cover, claims made to fix harms endured by the vehicle because of accidents, vandalism, robbery, fire, man-made and catastrophic events are paid.
Zero Depreciation: When you opt for this optional cover(rider or add-on), in case of damages to car parts, you get back full value of required parts except itesm like plastics, consumables etc. If you do not opt for this cover, you will only get depreciated value of vehicle parts which depends on age of your vehicle.
Return to Invoice: This optional cover enables you to claim full value of your vehicle in case of serious non recoverable damages or theft of your vehicle.
Claims: Claims are processed by respective insurance company. You must follow claim process as laid down by insurance company immediately in case of such an event.
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