Car Insurance

In the past few decades, Indian Automobile industry has witnessed the launch of various cars by domestic as well as international manufacturers. The expansion in automobile sector has indirectly led to the growth in Car insurance segment of auto insurance industry. As per Indian law insuring your car is compulsory. There are number of auto insurance companies in India which offer various car insurance plans. Many insurance firms even have tie-ups with car producers to make their coverage simple and trouble-free.

Features of Car Insurance in India

  • The insurance seeker can go for a personal accident cover for himself as well as for the other unspecified commuters in the insured car. It could either be a family member, friend, etc.
  • You can insure electrical and non-electrical items discretely under the cover
  • A concession in premium is allowed if the indemnified person is an associate of a certified Automobile Association.
  • It remains applicable for 1 year and one must restore it to avoid the policy from getting annulled.
  • The insurance premium is allocated by the company considering the total cost of vehicle, seating capacity and energy supplied by the vehicle engine.
  • Concession in the premium amount is offered under the all-inclusive insurance plan of 20%, 35%, 50%, 65%, for the 1st, 2nd, 3rd and 4th year respectively and even after that.
  • Concession value depends upon the insurance assertions put forward in that definite fiscal year.

Inclusions under Car Insurance in India

The car insurance schemes insures against any loss and harm caused to the insured car and its accessories due to:

  • Natural mishaps such as lightning, rockslide, fire, outpouring, hailstorm, avalanche, tremor, detonation, etc.
  • Other mishaps such as robbery, uprising, strike, malevolent activities, accident caused by external factors, rebellious activities, damage caused in delivery by rail, lift, airways or road.
  • Accidents caused while driving
To safeguard the policyholder against any legal responsibility emerging due to fortuitous damages, car insurance offers third party legal responsibility in case of permanent injury, death or damage caused to the vehicle. Exclusions under Car Insurance in India Car insurance assertions are not entitled to be made under the following conditions:

  • Depreciation of the vehicle
  • Aging of the vehicle
  • Any significant loss in terms of electrical collapse
  • Depreciation of consumable items
  • Car being utilized against the general terms and conditions
  • Damage caused while driving in the absence of certified license
  • Damage caused while driving reportedly after the consumption of drugs and alcohol
  • Damage caused due to conflict, revolt or nuclear attack
  • List of Insurance companies offering Car Insurance in India
Below is the list of some of the insurance firms that offer car insurance in India under their auto insurance segment.

  • New India Assurance Company Limited, under its Motor Policy
  • Oriental Insurance Company Limited
  • HSBC India, under its AutoSecure
  • Bajaj Allianz, under its Bajaj Allianz's Motor Policy
  • United India Insurance Co., under its Motor Package and Liability only Policies
  • The New India Assurance Co., under its Motor Coverage
  • ICICI Lombard, under its Motor Plans

Last Updated on 1/3/2012