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Types Of Auto Insurance Currently Offered In India
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.
Also read: 7 Types Of Auto Insurance: Which One Suits You The Best?
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.
Also read: 5 Things That You Need To Know About Auto Insurance
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.
Also Read: Ghat Road Driving Tips This Monsoon
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.