Auto insurance is a policy purchased by vehicle owners to mitigate
costs associated with getting into an auto accident. Instead of
paying out of pocket for auto accidents, people pay annual premiums
to an auto insurance company; the company then pays all or most of
the costs associated with an auto accident or other vehicle
damage.
Auto Insurance in India deals with insurance
covers for the loss or damage caused to the automobile or its parts
due to natural and man-made calamities. It provides accident cover
for individual owners of the vehicle while driving and also for
passengers and third-party legal liability. There are certain general
insurance companies that also offer online insurance services for vehicles.
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Auto Insurance in India is a compulsory requirement for all vehicles.
The insurance companies have tie-ups with
leading automobile manufacturers. They offer their customers instant
auto quotes. Auto premium is determined by a number of factors and
the premium amount increases with the rise in the price of the
vehicle. The claims of Auto Insurance in India can be accidental,
theft claims or third-party claims. Certain documents are required
for claiming Auto Insurance in India like a duly signed claim form, RC
copy of the vehicle, Driving license copy, FIR copy, original
estimate and policy copy.

There
are different types of Auto Insurance in India:
Private
Car Insurance–
In Auto Insurance in India, Private Car Insurance is the fastest-growing sector as it is compulsory for all the new cars. The amount
of premium depends on the make and value of the car, the state where the
car is registered and the year of manufacture.
Two
Wheeler Insurance–
Two-Wheeler Insurance under Auto Insurance in India covers
accidental insurance for the drivers of the vehicle. The amount of
premium depends on the current showroom price multiplied by the
depreciation rate fixed by the Tariff Advisory Committee at the time
of the beginning of the policy period.
Commercial
Vehicle Insurance–
Commercial
Vehicle Insurance under Auto Insurance in India provides cover
for all the vehicles which are not used for personal purposes, like Trucks and HMVs. The amount of premium depends on the showroom
price of the vehicle at the commencement of the insurance period, the make of the vehicle and the place of registration of the
vehicle.
Auto insurance generally includes:
Loss
or damage by accident, fire, lightning, self-ignition, external
explosion, burglary, housebreaking or theft, malicious act. Liability
for third-party injury/death, third-party property and liability to the paid driver on payment of appropriate additional premium, loss/damage
to electrical/electronic accessories
The
auto insurance does not include:
Consequential
loss, depreciation, mechanical and electrical breakdown, failure or
breakage When the vehicle is used outside the geographical area War or
nuclear perils and drunken driving.
Click Here to view the list of Non-Life Insurance Companies in India along with important communication details like Details of Key persons, Company Addresses, Fax, Phone, Mobile etc. or you may Click Here to visit the IRDA website.