Landing page Car Insurance

A car insurance policy specifically targets and offers you financial protection in case of a road accident, involving your car. Primarily, based on coverage, there are two types of car insurance policies in India: a third-party insurance and a comprehensive car insurance. You can avail of both types of covers online.

Detailing Types of Car Insurance Policies

Third-party Car Insurance Policy

In case of an accident involving your car, this type of coverage will ensure the expenses related to the damages to the third-party (including property or individual) are taken care of and you wouldn't have to pay for those damages or loss personally. A valid third-party insurance is mandatory for all vehicle owners as per the Motor Vehicle Act, 1961.

Comprehensive Car Insurance Policy

Along with a third-party insurance, a comprehensive policy will cover expenses for repairing your car from damages induced from an accident. This policy will ensure a complete financial cover.

Key Factors Involved in Car Insurance Premium Calculation

The premium you pay will depend on the type of the insurance you buy

Third-party Premium

This depends on the cubic capacity of the engine and includes the amount for personal accident cover of the owner/ driver (standard of Rs. 100) and has a service tax applicable as per the law imposed by the government.

Comprehensive Premium

This depends on the value of the car as computed by the insurance company, the RTO location, discount(s) applicable or any additional covers you opt for. This also includes the third-party premium. On calculating these factors, a service tax is imposed as per the law imposed by the government.

Inclusions & Exclusions of Car Plan

Given below is a List of some common inclusions and exclusions of a car plan. These may vary as per your insurance company’s terms.

Inclusions

Expenses for repairing your car after the occurrence of an accident or a natural disaster
Compensation you need to pay in case of a third-party property or person damage due to an accident
Compensation in case your car is stolen or damaged completely
Many of the comprehensive policies offer Road side assistance to insured cars

Exclusions

General wear and tear
Damage resulting from ignorance
Damage to car during nuclear war or terrorist acts
Hospitalisation due to attempting to commit a crime or suicide
Accident under influence of alcohol and/or drugs

Frequently Asked Questions

Categories:

Car Insurance
How much coverage does a car insurance policy offer?
How to compare car insurance policies online?
Is car insurance compulsory?
What is the no-claim bonus clause in a car insurance policy?
What is a compulsory deductible in a car insurance policy?
What are the discounts offered in a car insurance policy?
Will an expired policy have an impact on the premium?
What are the benefits of comparing and buying a policy online?
Apart from the lowest quotation, what is the other thing I need to look out for when I buy a policy?
How to make car insurance claims?
How much coverage does a car insurance policy offer?
How to compare car insurance policies online?
Is car insurance compulsory?
What is the no-claim bonus clause in a car insurance policy?
What is a compulsory deductible in a car insurance policy?
What are the discounts offered in a car insurance policy?
Will an expired policy have an impact on the premium?
What are the benefits of comparing and buying a policy online?
Apart from the lowest quotation, what is the other thing I need to look out for when I buy a policy?
How to make car insurance claims?

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TransAsia Composite Insurance Broking an insurance broker since 1994.
Registered Address: D- 310, Kanakia Zillion, LBS Marg, BKC Annexe, Mumbai - 400070
CIN : U65990MH1994PLC082324

IRDA Broker License No. 151
Valid from 22/04/2015 to 21/04/2018
Principal officer: Pradeep Karyakarte (Contact: +91 22 30212735)