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There are different ways in which you can buy vehicle insurance policy India to enjoy the benefits of motor insurance. Motor insurance is a compulsory requirement in India to drive a vehicle on the roads. Hence, it is necessary to understand what motor insurance is and when can you buy this insurance.
Insurance is term used to signify the ability of a person to claim the reimbursement of expense incurred with respect to his life, health, or property. In return of this ability, the person has to make a regular payment of a fixed amount. The amount paid is known as insurance premium or simply premium. The person making the payment is known as policyholder and while company agreeing to process and pay insurance claim is called Insurer or simply an insurance company.
Car insurance company provides several types of vehicle insurance products that can cover the policyholder against financial losses arising out of a wide range of categories of events and incidents.
These can be both in the form of manmade or natural calamities. The list of natural categories includes flood, storms, hurricane, earthquake, fire, lightening, and so on. The motor insurance also includes manmade disasters including riots, burglary, theft, strike, terror attacks, hijacks, or accidents.
Insurance from a car insurance company usually does not include the following categories of events and the financial losses resulting from any event under these categories.
Mechanical/ Electrical breakdown and wear and tear arising out of ageing of automobile.
Insurance also does not protect the car against the depreciation of the movable asset such as a car, motorbike etc.
Deliberate action on part of the policyholder or any other person on direction of the policyholder resulting loss of property.
Similarly, when a driver-owner of the automobile is driving the vehicle in intoxicated conditions or without a valid driver’s license the protection of insurance is not available.
Motor insurance can be bought online or offline.
A car insurance company sells insurance products online through their own website. A simple search on the keyword “online car insurance” can list several hundreds of websites selling insurance online. You can even carry out the process of 2 wheeler insurance renewal online. However, not all results are likely to be relevant. Hence, you should try to narrow down your search with your specific state or city or town added to your search query. With small amount of efforts, it is not very difficult to discover the best insurance product and company to suit your needs.
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