What is Vehicle Insurance?
Vehicle Insurance (also known as Motor/car/auto insurance) is an insurance policy purchased for two-wheelers, cars, trucks, and other road transport vehicles. This policy primary objective is to provide financial protection against car damage, theft, personal accident cover, third party liability and additional legal liabilities.
There are different types of Vehicle/Auto Insurance in India:
– Two Wheeler Insurance
– Private Vehicle Insurance
– Commercial Vehicle Insurance
Need of Vehicle/Auto Insurance:
A car is one of the biggest investments of your life. Like buying a car, there is no single best solution when it comes to buying Vehicle Insurance or Auto Insurance. In India, this Insurance covers the loss or damage caused to the vehicle or its parts due to natural and man-made disasters. The Vehicle law mandates that every owner of a two-wheeler or four-wheeler vehicle must have one Auto insurance policy.
In India, it is essential for all new vehicles used whether for commercial, transport or personal use. Auto Insurance Policy provides benefit in case of Death arising out of accidents, repair cost of the vehicle due to damage, theft, fire and third party property damage.
How does Vehicle Insurance work?
This Insurance Policy issued by an Insurer as part of avoidance of public liability to protect the general public from any accident, unfortunate damage or loss. A variety of factors determined the premium of Vehicles Insurance Policy. It includes what kind of vehicle you drive-two wheeler or four wheeler. As well as what type of insurance policy you want. The amount of Premium increases with the rise in the price of the vehicle.
Claim for Vehicle/Auto Insurance:
The procedure to make a claim in Vehicle Insurance is as fast as you can. As the accident occurs, you should note down the number of other vehicles involved in the accident. You should also note down the Vehicle model, date & time, location of loss and such other details. Then contact your Insurance Company & file a claim with required documents and FIR (First Information Report) at the nearest police station.
To claim Vehicle Insurance some important documents require. These are such as duly signed Claim Form, photocopy of Driving Licence, photocopy of the vehicle RC, and FIR copy.