Types of Car Insurance Policies
Third-party Car Insurance:
Third-party car insurance is a form of insurance for cars that protects the policyholder from legal liability that could arise for a third party in the event in the event of an incident.
If you’re at fault when you cause an accident and injuries are inflicted on a third-party or the property of the third party is destroyed, you’ll be covered under your third-party insurance policy. Third-party liability is a requirement in the Motor Vehicles Act, 1988 for people who purchase, own or operate a motor car in India.
Benefits
- Provides financial assistance as well as legal protection.
- Gives you peace of mind
- Simple and fast purchase process.
- Cost-effective
- It is easily available
Comprehensive Car Insurance:
If you want to have the most effective protection for your car then the complete car insurance policy is the best choice. As the name implies, the policy provides complete security. When compared to the third-party liability car insurance policy an insurance policy does not just cover the expenses incurred due to damages or losses to property belonging to a third party and property, but also the damage to your vehicle in the event in the event of an accident.
The policy also provides a variety of comprehensive services that cannot be obtained through a third-party liability insurance policy.
A comprehensive insurance plan for your car will pay for the damages that result from vandalism, fire theft, severe weather conditions, as well as natural disasters. Additionally, it will cover damage to your vehicle due to falling objects such as tree branches.
Benefits
- A most advanced degree of protection
- Easy to repair your car If it is stolen
- Protection against damages caused by natural catastrophes
- Insurance for damage caused by natural disasters
- Lower legal liability
How to Purchase New Car Insurance
Agents
Insurance agents work for insurers and get compensated through the insurance company in order to promote their products to their customers. They are experts in the insurance options offered. They have the experience and the experience to assist you and guide you pick the policy that is best suited to your requirements.
Dealers
Automobile dealers sell their vehicles to clients, and these vehicles are sold with third party liability insurance. Dealers typically are associated with insurance companies, and might not be knowledgeable about insurance policies. They manage the paperwork required to avail an insurance policy that is a third-party liability that is sold by the dealership.
Brokers
Brokers may be either corporations or individuals that have been granted a license by the Insurance Regulatory and Development Authority of India to market insurance products. Brokers sell products that could be offered by various insurance companies, as they possess the experience required to assist to make the right decision.
They also offer help with after-sales services. Brokers can assist you in comparing various policies to determine the most suitable one for your needs. Brokers are also able to assist in the process of settling claims.
Car Insurance Claim Process for Damages to Your Own Car
In the event of damage to your vehicle The process for filing a claim on your insurance is like this:
Step 1: If you are involved in an accident or observe the vehicle has been damaged then you must contact the insurance company to notify them of the incident. It is also necessary to submit a completed claim form along with the documents needed by the insurance company. The forms are available for download from the official website of the insurance company you have.
Step 2: A surveyor is going to be provided by your insurance provider to examine the damages sustained by your car. A report is created by the surveyor, and sent by the insurer. A copy of the report will be delivered to you.
Step 3: Following the repair of your vehicle, the certified forms and other documents need to be removed from the garage and handed to the surveyor, who will forward them to the insurance company.
Step 4: If the documents and claim are approved the delivery warrant (DO) is issued by the insurance company in case of claims without cash. When you’ve paid the repair costs for your car and you are able to take the vehicle.
Step 5: To claim reimbursement, you are able to return your vehicle to the workshop and pay the cost to the shop. The amount will be refunded based on the conditions and terms of your insurance policy for cars.
Car Insurance Claim Process for Third-Party Claims
The procedure for filing a car insurance claim for a third-party claim can be described like this:
Step 1: If you receive a legal notification from a third party that seeks reimbursements for damage due to your negligence, you’ll be required to notify your insurance company regarding the matter. It is crucial to talk to your insurer prior to making contact with the other party or making any settlements outside of court or financial commitments for them.
Step 2: A copy of the legal notice should be delivered to your insurance company.
Step 3: Copies of your FIR, your driver’s license, as well as the RC book of your car, are required to be sent to the insurance company.
Step 4: The paperwork will be reviewed by the insurance firm and the details surrounding the accident will be evaluated if they’re acceptable they will then appoint an attorney to represent you in your case.
Step 5: If the court rules that you have to pay for the damage caused to an uninvolved third party insurance company will pay the other party.