A family’s car is one of their most valuable assets. It is hence very important to get one’s car covered under a car insurance plan because accidents can happen at any point in time to anyone. The costs involved in getting treatments for injuries suffered or fixing damages caused to the vehicle could be high depending on the severity of the damage or accident. One will have to shell out thousands of rupees in a single go to get the damages fixed. Instead, if he/she has a car insurance policy, the insurance company will pay for the expenses incurred at the garage or hospital.
Further, according to the Motor Vehicles Act, 1961, every car owner is required to purchase an insurance policy, at least a third-party liability car insurance policy, and renew it on a regular basis too.
There are two major car insurance plan types in India – third-party liability insurance and comprehensive insurance.
There are many general insurance companies in India and each of the companies is located in major cities in India. Some of the major Indian cities where car insurance can be availed are:
You may have many questions in mind about your car insurance if you are relocating to a different Indian city. Here are a few factors you should consider regarding your car insurance policy while moving from one Indian city to another:
The Indian government has made car insurance mandatory due to the low insurance penetration and the increasing number of car accidents in the country. The Insurance Regulatory and Development Authority of India (IRDAI) recently made it compulsory for all vehicle owners to get a personal accident cover along with the base insurance policy too. The minimum mandated sum insured amount of the personal accident is Rs.15 lakh and the premium payable for the same is Rs.750. All new and existing car owners are required to buy this insurance cover at the time of renewal.
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