In India, vehicle insurance is mandatory by law. It is a legal obligation for vehicle owners to have basic vehicle insurance coverage. Other than this, having vehicle insurance also proves to be vital for the security of the vehicle. Though for a lot of people it can be daunting to choose from the numerous options of vehicle insurance available in the market.
Vehicle insurance can either be bought online or offline. It is a financial safety net that safeguards the vehicle owner against monetary loss due to accident or theft. Following is the list of things that are covered by a vehicle insurance policy in India:
Personal Accident Cover
We know that roads are prone to accidents. During accidents, along with the damage of the vehicle, it is unfortunate that the person driving also gets hurt. This is one of the reasons why it is essential that insurance companies caters to the coverage of personal accident expenses in their plans. According to the Indian Motor Tariff 2002, it has been made compulsory that personal accident cover must be part of a vehicle insurance policy. This means bringing home the bundled personal accident covers even when you buy a second hand car.
Most people endure a lifestyle where they commute in and out of the town daily due to work. In such cases, when their vehicle meets with an accident and goes for repair, they are left with paying a hefty amount for daily commuting. To fix this issue, some of the renowned insurance companies like Tata AIG offers daily allowances to pay a fixed sum that one might need to pay for traveling while your vehicle is under repair for a valid claim. It is available for a maximum of ten days, and in case of total loss or theft, the daily allowances are available for up to 15 days. Sounds sweet, right?
Most of the companies that provide vehicle insurance online or offline offer a third-party liability to the car owners. Briefly speaking, the insurance companies indemnify the insured in case of death or bodily injury to an ant person, including occupants carried in the vehicle. Having a third-party liability feature in your vehicle insurance policy also indemnifies for the damage to the property of people held in trust or the custody of the insured other than the insured’s belonging.
Roadside assistance coverage helps drivers when their vehicle stalls or breaks down. It is an alternative offer by most of the insurance companies. Your vehicle insurance agency ordinarily joins forces with a current system of organizations that give roadside help benefits or utilizes a group to contact and orchestrate administration for their client’s sake. For the most part, adding roadside assistance feature to your vehicle insurance plan will get you: towing, battery administration, punctured tire service, fuel conveyance, and so much more.
In case of any mishaps or damages, basic vehicle insurance might apply to the vehicle and not the accessories fitted in the vehicle. Nonetheless, you can have your vehicle accessories safeguarded by settling on additional isolated items explicitly for the accessories. Although this may push up the premium a bit, it will still be a lot more cost-effective on the off chance that they are damaged or lost because of a mishap.
If you know anything about vehicle insurance policies, you know that nothing in that cover comes without an asterisk mark. So, when you are looking to buy car insurance online or offline, you must keep the things mentioned above in mind. Look at the significant exclusions from various vehicle insurance companies and then decide which plan to go for.