A Car Insurance Policy is a contract between the insurance company and insured that safeguards the policyholder against financial loss in case of theft or accident. Car Insurance offers coverage for property like theft or damage of your car liability, legal accountability to others for property damage or bodily injury, the expenses for injury treatment etc.
As per law, it is mandatory for vehicle owners to buy car insurance for their vehicles plying on Indian roads. Car Insurance or motor insurance covers for losses that you might incur if your car gets damaged or stolen.
The premium amount of your car insurance is decided on the basis of Insured Declared Value or IDV of the vehicle. If you increase the IDV, the premium rises and if you lower it, the premium reduces. It is important for any policyholder to compare various car insurance options before going for a car insurance renewal or buying a new policy.
With car insurance comparison on PolicyBazaar, you can save money, avail discounts, and find the best plan. Compare various insurance plans online and buy the one that fulfills your insurance expectations hassle-free.
- Get best plans from top Insurance providers
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Key Benefits of Car InsuranceThe car insurance plan offers the following benefits:
- Coverage against loss or damage to the insured vehicle.
- Coverage against loss or damage to your vehicle caused by accident, theft, fire, explosion, self-ignition, lightning, riots, strikes or act of terrorism, natural calamities.
- Coverage against financial liability caused by the injury/death of a third party or damage to the property.
- Personal accidental insurance cover.
Third Party Liability Car Insurance
Third-party liability car insurance safeguards you from any legal liability due to your own car’s involvement in an accident. Your insurance provider will compensate you for death, disability, injury, or property damage to any third-party. Therefore, you are protected from the financial liability towards the third-party.
Where can I go for my treatment?
A comprehensive car insurance policy provides coverage for third party liability as well as damages caused to your own car. In comparison with third party liability car insurance, a comprehensive car insurance policy offers extensive coverage, more benefits and covers the damages caused to the insured car in case of an accident, collision, theft, etc.
A comprehensive policy can be further extended by opting for add-ons like accessories cover, engine protector, zero depreciation cover, medical expenses, etc. This type of coverage is the most popular as it offers end-to-end coverage and thus less stress for the policyholder.
Why is it Necessary to Compare Car Insurance Policies?
Car insurance comparison is recommended as it can help you save a substantial amount of money and offer you better coverage options. With the help of comparison, you can get best car insurance quotes and save up to 80% on premiums including additional riders. Make an informed decision while buying car insurance online.
Before digging into comparing different car insurance plans, ascertain the kind of coverage you need. A liability policy is inexpensive than the comprehensive car insurance policy but only if you are ready to compromise on some benefits because the facilities offered by the later is the best undoubtedly.
Compare Insurer's Claim Settlement Practice
Claim settlement is the most crucial part of an insurance policy. Every buyer expects a hassle-free claim process and easiness of any car insurance policy which he is planning to invest in. Each insurance company has its own procedure. Hereby, it is essential to compare the claim settlement process of each car insurance plan which is in your preference list to find out which type of rules best suits you and would enable a faster claim settlement.