Wednesday, July 9, 2014

Everyone Know About Car Insurance

You have got a brand new car. You take your lovely car out for a drive. Everything is going good until a jerk bumps your car from behind. This not only damages your car but also you feel as if your dearest dream has been shattered within seconds. You get worried whether the damage will get repaired and whether you shall able to bear the high costs. Such thought scan unnecessarily stress you and dismantle your savings.

However, if you have proper car insurance in place then all worries are nullified.

In this article, you will get to know all you should know about car insurance so that you can receive great benefits from car insurance.

Car insurance-Introduction

Car Insurance is an arrangement which involves the car owner and the insurer. The insurer provides coverage against financial losses due to car damage. It covers damages caused due to accidents or natural calamities or any 3rd party liability occurred due to theft or accident.

Types of Car Insurance in India

Car Insurance policy in India offers two types of covers-

3rd Party Liability Cover
Comprehensive Cover Plan

Further you'll get to know about the specifications of each of the two types of car insurance policies.

3rdParty Liability cover | 1st type of car insurance in India

This cover provides coverage against any legal liability which may result from your car's accident. The 3rd Party Liability plan covers death, injuries or property damages occurred to the 3rdparty. This type of car insurance does not cover damage to the car.

As per Motor Vehicles Act of India, a 3rdparty liability cover is legally compulsory in India.

Further you'll get to know about the 2nd type of car insurance in India which is Comprehensive Cover Plan.

Comprehensive Cover Plan | 2nd type of car insurance in India

Comprehensive cover plan provides protection to you as well as your vehicle.

Let's see what it covers-

A regular comprehensive cover plan includes coverage of repair costs for damage to your car due to natural or man made calamities as stated in the plan's scope
A 3rdparty legally abiding liability cover
Personal accident cover for the car's owner/driver up to Rs.1-2 lakhs requiring a small premium of just Rs.100/-

Further value-added benefits for car insurance buyers!

In 2010, certain general insurance companies in India added a host of value-added benefits for car insurance buyers. This enabled customers to benefit from additional protective gears thanks to general insurance companies in India like Bajaj Allianz and Tata AIG.

Each of these value-added options has their own USPs and helps customers to get more from car insurance policies.

For example Bajaj Allianz provides services which give value-added services like-

Cash free settlement across 1500 trusted workshops
Hassle free and quick procedures for claim settlements thus ensuring complete customer satisfaction
Speedy online processes for purchase of general insurance and claim settlements
24x7 customer support available

Hence, now you know how car insurance provides useful benefits to car owners.

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