What is Car Insurance?

To put it another way: Car insurance in chandigarh is a contract between an individual who owns a vehicle and an insurer who agrees to cover any financial losses that may result from an unfortunate incident with the vehicle. Automobile insurance policies can be divided into three categories based on their level of coverage: third-party, stand-alone own-damage (OD), and comprehensive. Policyholders must renew their car insurance policies on time in order to continue to reap the benefits of these policies.

Types of Car Insurance

Compulsory Car Insurance

Under a Comprehensive Car Insurance policy, the insurer is obligated to pay for both the insured’s own damages and those of the insured’s vehicle in the event of an accident. Additional coverage includes natural calamities, man-made calamities, self-ignition, or lightning, explosion, fire, theft, etc. in addition to road accidents

Third-Party Car Insurance

In order to drive a car in India, you must have third-party insurance. Because of its simplicity, it’s sometimes referred to as a “Liability Only” policy. In the event of an accident involving the insured’s vehicle, the insurance company is responsible for paying for any bodily injury, permanent disability, temporary disability, or death of a third party. Third-party property damage is covered up to a maximum of Rs. 7.5 lakh under this policy.

Own Damage Car Insurance

Own-Damage car insurance was introduced by the Insurance Regulatory and Development Authority of India (IRDAI) in September 2019. Only damage to the insured’s four-wheeler as a result of a road accident, natural or man-made disaster, fire, explosion, theft, or any other calamity is covered under this policy type. Own-damage auto insurance that stands on its own is designed to give the insured the freedom to pick and choose their own insurance company.

How to Choose Four Wheeler Insurance Policy ?

Here are a few tips to help you find the best online car insurance plan:

1. Decide on the Type of Policy – Determine the type of automobile insurance you require and purchase it. Consider whether you need a third-party policy or a comprehensive one.

Online comparisons of car insurance policies are a great way to save money. It’s easier to find the best car insurance plan for your budget and needs when you compare policies.

An insurer’s maximum compensation for total loss or a damaged vehicle is known as the IDV, which stands for “Impact Damage Waiver” or “Impact Damage Waiver,” respectively. Extended coverage may be available with a higher IDV, but the premium will also be higher. So, take a look at the amount of IDV you can afford and select the one that best meets your needs.

To increase your policy’s coverage, ask about add-on covers. You can get it by paying a premium for it. Determine which add-ons are best suited to your needs before purchasing. However, if you have a comprehensive insurance plan, you can get these covers.

Look for an insurance company that has a simple and quick claim process in mind. Before signing on the dotted line, it’s a good idea to check an insurance company’s Claim Settlement Ratio (CSR). It’s a measure of how many claims an insurance company settles in a given year. Purchasing a policy from a company with a high CSR rating is preferable.

Key Highlights of Car Insurance Policy In Chandigarh.

The following are some of the most important aspects of a four-wheeler policy:

Third-Party Coverage Highlights

Protection against bodily injury and property damage caused by others

Self-Insured Liability

Insures the insured four-wheeler against damage and loss.

Accidental Death and Dismemberment Insurance

To the tune of 15 million dollars

Covers for Extras

Add-ons such as zero depreciation, return-to-invoice, and roadside assistance are available depending on the policy.

Claim made without the use of money

The insurer’s network garages offer this service.

Bonus Without Claim

50% of the time

Benefits of Buying Car Insurance?

A wide range of advantages are available to those who purchase automobile insurance. The most important advantages are as follows:

Keeps you in compliance with the law
The Indian Motor Tariff mandates that every car owner have at least a third-party car insurance policy, so having a policy will keep you in compliance with the law. The absence of which is punishable by a fine of Rs. 2,000 and/or three months in prison.
Compensation for Third-Party Damages
Third-party liabilities, such as bodily injuries, temporary/permanent disability, death, and property damage, can be mitigated by a car insurance policy. While third-party property damage is limited to Rs. 7.5 Lakh, there is no cap on third-party bodily injury, disability, or death compensation.
Self-Defense Against Damage from One’s Own Actions
A car insurance policy protects you financially in the event of a collision with your vehicle. Own-damage and comprehensive car insurance policies cover damage caused by road accidents, natural calamities, man-made disasters, fire, explosion, vandalism, and more..
Protection Against Robbery
Having a car insurance policy will also protect you in the event that your vehicle is stolen. Insurance companies provide you with the Insured Declared Value (IDV), which is the market value of your car in the event that it is stolen.
Accidental Death and Dismemberment Insurance
A personal accident cover of up to Rs. 15 Lakh is available with a car insurance policy and provides coverage in the event of death, bodily injury, or disability of the policyholder in a car accident.