June 25, 2024

Carri Kennard

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5 Types Of Car Insurance In India Explained

Major Types Of Car Insurance Explained – Forbes Advisor INDIA

You use a car to travel to work, go on family trips, do chores, and visit with friends. You keep your car in good condition, follow the law, and drive responsibly. You, therefore, want to be able to drive your car without thinking about anything negative or harmful; no matter how well you plan, your vehicle may encounter unanticipated road hazards like significant or minor accidents, breakdowns, tyre bursts, natural or artificial disasters, etc.

The ideal solution to reduce financial strain in these circumstances is car insurance. All forms of car insurance, whether you buy new car insurance online or in person, provide coverage for monetary losses brought on by unfortunate incidents involving your vehicle, subject to your policy’s particular terms and conditions. All aspects of purchase and renewal can be managed on the Bajaj Allianz car insurance app.

Let’s First Discuss The Five Types Of Car Insurance Available In India:

  1. Third-Party Insurance

The advantages listed below come with this kind of car insurance:

  • The price to fix or replace a damaged third-party vehicle.
  • The cost of hospitalisation and outside medical assistance.
  • Liabilities carried on by a third party’s passing.
  • The Motor Vehicles Act mandates third-party car insurance coverage before permitting you to drive on public roads. The sum assured must be acceptable for the road conditions and sufficiently large to cover your out-of-pocket costs. Claims are subject to terms and conditions set forth under the motor insurance policy. *
  1. Own Damage (OD) Or Collision Damage (CD) Cover:

The price of repairing your damaged car may be covered when you choose collision damage car insurance. The age of the vehicle and the insured declared value are elements considered when selecting the collision coverage premium. Claims are subject to terms and conditions set forth under the motor insurance policy. If your car policy includes collision coverage, the insurance provider can pay for your vehicle’s repairs following an accident. *

  1. Personal Accident Insurance

When you wish to protect yourself, that is, the owner-driver of the car, you select personal accident car insurance coverage, which pays for your medical expenses after an accident. All costs resulting from the accident may be covered by personal injury protection. Personal injury protection may cover medical bills for the driver and other passengers. Claims are subject to terms and conditions set forth under the motor insurance policy. *

  1. Zero Depreciation Car Insurance

This protection may be typically provided as an add-on to a car policy in India. Assume that you need to repair the parts because your car was damaged. The insurer will factor in the parts’ depreciated value when settling claims. You will be given the total amount of your claim with a Zero Depreciation Car Insurance Coverage because cost depreciation will not be considered. Claims are subject to terms and conditions set forth under the motor insurance policy. *

  1. Comprehensive Car Insurance

This type of car insurance offers the most protection because it covers third-party liability, harm to one’s vehicle, personal accident coverage, and all non-collision damage like storm, flood, fire, and theft. Claims are subject to terms and conditions set forth under the motor insurance policy.  *

All of the above policies can be renewed by carrying out the process for car insurance renewal online from the comfort of your home on an app to save on car insurance. Additionally, you can manage it hassle-free using the best car insurance app.

Get insured anytime, anywhere! Check out Bajaj Allianz General Insurance website to learn more and download the app now.

*Standard T&C Apply

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.