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Owning a car today is an indispensable part of life. It is no more a thing of luxury. Every average Indian in today's time aims at buying a car of his own as soon as he hits the legal driving age of 18. Comfort, convenience, a sense of security, and a tad bit of pride is what you feel when you get yourself a brand-new car.
Well, just booking your first car is not enough. If you are unaware, please note that as per the Indian Motor Vehicles Act, 1988, each car owner needs to mandatorily hold a legally valid insurance cover before hitting the road. A bare minimum Third Party Liability Only Cover is what you require to drive your car freely.
But is this bare minimum cover enough for you? Not at all! It simply covers all the legal liabilities towards the third-party person. All other expenses would have to be borne by you. So it is necessary that you get yourself another car insurance that protects your car from significant risks.
If you are a first-timer and have no clear idea about buying the best car insurance policy, let us guide you. Scroll down to know about what to consider when buying car insurance.
Types of car insurance policies:
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Comprehensive car insurance |
Third-party car insurance |
Meaning |
Those policies which cover both third-party damages as well as losses arising because of damage to the insured vehicle are called comprehensive car insurance policies. |
Those policies which offer coverage for only the financial liabilities which arise because of any loss or damage to the third party are called third-party car insurance policies. |
Coverage |
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Things to know before buying car insurance
Things to consider when buying car insurance
FAQs
Q. What happens in case I do not ask for any claim for an entire year?
Ans:Generally, you will get the benefit of a No Claim Bonus for all those years when you do not make any claim. You can therefore avail of a discount on the amount of premium you pay in the upcoming years.
Q. What will happen if my car insurance policy expires?
Ans:When your car insurance policy expires, the insurer will assign an inspector to inspect your car. The process may or may not be chargeable. If you do not renew the insurance plan within 90 days of cancellation, you will lose your No Claim Bonus. This may result in substantial financial loss, and thus you should avoid the expiry of your insurance claim.
Q. Does a car insurance policy cover natural disasters and calamities?
Ans: Yes, of course. Your comprehensive car insurance plan will cover any kind of tangible damage to your car by natural disasters like cyclone, flood, earthquake, hurricane, etc.
Q. Under which circumstances can my insurance provider reject my claim?
Ans: An insurance provider can refuse to settle your claims in case: