Motor InsuranceWhat is Auto Insurance?
Auto insurance policy is mandatory for vehicle owners as per Indian Motor Vehicles Act 1988. This Plan is designed to give coverage for losses which insured might incur in case his gets stolen or damaged. The amount of Auto insurance premium is decided based on the Insured Declared Value of a car. The premium will increase, if you raise the IDV limit and vice versa.Why do I need to insure my vehicle?
Auto insurance is mandatory for all vehicles that ply on roads-like car, trucks, etc. The prime objective of this type of insurance is to provide complete protection & coverage on physical damage or loss from man-made & natural disasters. According to Indian Motor Act 1988, an auto insurance policy is mandatory for every automobile owner in the country. Hence, purchasing an auto insurance is not just a necessity, it is mandatory by law.Key Features of Auto Insurance
Policy protection against loss or damage to the covered vehicle
Coverage against financial liability caused due to injury or deathof a third party or damage to the property.
Personal Accident Coverage.
Auto Insurance protects you for the below mentioned damages, should they occur:
Motor Insurance technically provides protection against the losses incurred as a result of unavoidable instances. It helps cover against theft, financial loss caused by accidents and any subsequent liabilities. The cover level of Motor Insurance can be the insured party, the insured vehicle, third parties (car and people). The premium of the insurance is dependent on certain parameters like gender, age, vehicle classification, etc.
Motor Insurance gives confidence to drive fearlessly but at the same time should follow the traffic rules. In emergencies it acts like a boon to the insurer.