car insurance

A Complete Overview On The Best Car Insurance Rates

What is Car Insurance?

car insurance

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Car Insurance is the insurance given for cars, trucks, motorcycles and other road vehicles. The primary use is to provide financial protection against physical damage or bodily injury resulting from traffic collisions and against liabilities, arising from incidents in a vehicle. Car insurance additionally offers financial protection against theft of the vehicle, and against damage caused to the vehicle from events apart from traffic collisions, such as keying, weather or other natural disasters, and damage caused by colliding with stationary objects. The specific terms and policies of car insurance vary with legal regulations in each and every region.

Public Policy Related To Car Insurance

car insurance

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In many jurisdictions, it is a compulsory thing to have vehicle insurance before using or running a motor vehicle on public roads. Most jurisdictions deal with insurance offered to both the car and the driver; though the degree in each case varies greatly.

Several jurisdictions have carefully experimented with a certain “pay-as-you-drive” insurance plan which utilizes a tracking device in the vehicle or thoroughly runs vehicle diagnostics. This, in turn, addresses issues of uninsured motorists by providing additional options and also certain charges based on the distance driven, which theoretically increases the efficiency of the insurance, through the process of streamlined collection.

Auto Insurance In India:

car insurance

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Auto insurance in India deals primarily with the insurance covers for the loss or damage incurred to the automobile and its parts due to natural, man-made calamities, other disasters etc. It provides 

a useful and much-needed accident cover for individual owners of the vehicle while driving and also for passengers including the third party legal liability. There are certain general insurance companies running who also offer effective online insurance service for the vehicle.

Auto insurance in India is a must and a compulsory requirement for all new vehicles used either for commercial or personal use. The insurance companies have strong tie-ups with the leading automobile manufacturers. They offer their customers instant auto quotes. Auto premium is often determined by a number of factors and the number of premium increases directly with the rise in the price of the vehicle. The claims of the auto insurance in India can be either accidental, theft claims or other third party claims. Certain documents are very necessary when claiming auto insurance in India, like a duly signed claim form, RC copy of the concerned vehicle, driving license copy, FIR copy, the original estimate of damage and a policy copy.

Different types of best car insurances in India:

Private Car Insurance

car insurance

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Private Car Insurance is one the fastest growing sectors in India as it is a compulsory thing for all the new cars launched. The exact amount of premium depends on the making and value of the car, the respective state where the car is registered and its year of manufacture. This amount can be deducted by asking the insurer for No Claim Bonus (NCB) if there is no claim made for insurance in the previous year.

Two Wheeler Insurance

car insurance

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The Two Wheeler Insurance in India mostly covers accidental insurance of the drivers of the concerned vehicle. The amount of premium depends on the current showroom price multiplied by the usual depreciation rate priorly fixed by the Tariff Advisory Committee at the beginning of the policy period.

Commercial Vehicle Insurance

car insurance

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Commercial Vehicle Insurance in India provides insurance coverage for all the vehicles that are not used for personal purposes; in other words, public vehicles like trucks and HMVs. The amount of premium directly depends on the showroom price of the vehicle assigned at the commencement of the insurance period, on the making of the vehicle and the place of registration of the vehicle. This auto insurance generally includes:

  • Loss or damage by accident, fire, lightning, self-ignition, external explosion, burglary, theft etc.
  • Liability to third-party injury or death, third party property, and liability to paid driver
  • On payment of appropriate additional premium, loss or damage to certain electronic accessories

The auto insurance does not cover:

  • Consequential loss, mechanical and electrical breakdown, failure, breakage etc.
  • the vehicle is used outside the designated geographical area
  • War, nuclear perils, drunken driving etc.

Best Auto Insurance In India:

Bajaj Allianz General Insurance Co. Ltd:

car insurance

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Among the different private insurance players in Indian Car Insurance domain, Bajaj Allianz is one of the largest and one of the most trustworthy general insurance companies in the country.

A large number of industry experts believe and reveal that Bajaj Allianz Auto Insurance effectively leads all the auto insurance players in fields of customer satisfaction and cashless claim settlement and often features rich policies. This brand is also recognized as one of the most customer-friendly insurance companies in India.

Benefits:

  • Doorstep surveyor facility is available
  • 24X7 Towing assistance provided
  • Online purchase on EMIs facilitated
  • Instant SMS Updates on Claims received &
  • The cashless settlement at 1500+ network garages conducted

Car Insurance Rates:

car insurance

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Car Insurance Rate is the designated cost of insurance per exposure required to cover claims payments, expenses, and commissions to agents, thereby providing a reasonable profit. Rate premiums are what one pays as a result of the rate further multiplied by the number of exposure units insured.