In India, people try to save money even where they should not try to cut costs. Our Government has made mandatory that all vehicles that ply on roads should have some sort of insurance policy.
There are several individuals that use their vehicles without proper insurance. Having insurance is a benefit to the holder of this policy as it could mean the difference between life and death.
Our country offers only two forms of auto insurance policies as of now, this is so that there is no confusion and excuses for not having a policy. Every vehicle needs to have either one of them.
Indian insurance companies offer only Third Party Insurance or Comprehensive Insurance. We have only two options thus, saving us time, money and no excuse for not having either one of them.
Third Party Insurance Details:
In this policy, damage sustained to the holder of this insurance is not take care of. Third Party Insurance, however, will cover damages and injuries caused to other vehicles and people too. This is least expensive of the two and is the minimum requirement by our Government.
Comprehensive Insurance Details:
With Comprehensive Insurance, damage to other as well as your own vehicle is taken care of. Medical expenses that are incurred in vehicle can be claimed for both vehicle, passengers and other people involved in the incident.
If the vehicle is stolen, damaged by weather, natural calamities or animal, the vehicle owner can claim for repairs. The premium amount for Comprehensive Insurance is high, however, benefits are also better. Owners can also include accessories in their policy such as the entertainment system, air conditioner, and much more.