Planning to buy a new or renew existing car insurance policy? Read on to know more about types of car insurance policies in India:
A car is more than an asset or liability in India. A lot of emotions, feelings and memories are connected with a car, and hence people try their best to protect their cars from all possible threats. Starting from timely checkup, maintenance, cleaning to service packages, people do spend their good amount of time and money for the same. However, car insurance is one such aspect where people fail to understand most of the times.
While looking for car insurance renewal online or at any nearby office, people look for something cheap and best. The pay more attention towards lesser premium and maximum IDV, however many fail to understand the technicalities and end up in buying a less useful car insurance. If you are planning to buy a car insurance online, do a thorough research and get the best information before buying the policy.
Read on to know more about types of car insurance policies in India:
Car Insurance – Why we need them?
The Indian laws have made it compulsory for every new car buyer to get an insurance coverage policy against third parties in a situation of claim arising from injury or even death. And hence, every car buyer has to get a new car insurance policy before taking the car out of the dealer’s premises. These policies are valid for one year only, and one has to get them renewed annually as a compulsion.
Types of Car Insurance Policies
Basically, there are two types of car insurance policies.
- Third Party Insurance
As the name suggests, these car insurance policies offer limited coverage and protection against damage to property or injury/death to/of third party