Auto_Insurance

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.