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Car insurance

Car insurance is a contract between a car owner and an insurance company wherein the insurance company promises to protect the car owner from financial losses relating to his/her car arising due to a misfortunate event like a road accident, theft, fire, natural calamities, man-made calamities, vandalism, etc. In return for this promise, the car owner pays an amount known as car insurance premium to the insurance company. There are three types of car insurance in India namely Third Party Car Insurance Policy, Comprehensive Car Insurance Policy, and Standalone Own-Damage Car Insurance Policy. As per the Indian Motor Tariff, it is mandatory for every car owner in India to own at least a third party car insurance policy. Driving a car without a valid third party car insurance policy is a legal offense in India which attracts a fine of Rs. 2,000 and/or imprisonment of up to 3 months. An insurance cover for the own-damage of the car is not mandatory, but a recommended cover. This is because it protects the insured from financial losses in case of damage(s) caused to his/her vehicle due to an accident. A comprehensive car insurance policy offers the benefit of both third party car insurance policy as well as standalone own-damage car insurance policy. Which means, it provides the policyholder with complete coverage. The coverage of a car insurance policy can be extended with the help of add-on covers. A car insurance add-on is an extra cover that provides additional coverage to the insured’s car. One of the most popular car insurance add-ons is a zero depreciation cover. By default, the cost of depreciation incurred by a car is not covered under a car insurance plan. However, by opting for a nil depreciation cover, a policyholder can get his/her car covered against depreciation and save a lot of money. Similarly, there are other useful add-ons like car engine cover, tyre cover, roadside assistance, etc. Car insurance plans have a expiry day. Usually, they continue a year till you've bought a longterm policy. Driving car without a valid insurance policy is actually just a legal offence, so thus you should never let your policy lapse and drive.

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  Comprehensive Car Insurance Policy

  A comprehensive car insurance policy is a cover under which the four wheeler insurance company is liable to pay for damages caused to the third party property and life (including death) by the insured’s car as well as for the own damages sustained by the insured’s car. A comprehensive car insurance policy offers the most extensive coverage to the policyholder. In addition to road accidents, the policy covers damages incurred during natural calamities, man-made disasters, fire, explosion, self-ignition or lightning, theft, terrorist activity, damage in transit by road, rail, inland waterway, lift, elevator as well as air. A policyholder can extend the coverage of a comprehensive car insurance plan with the help of add-on covers such as zero depreciation cover, engine cover, roadside assistance cover that one can purchase voluntarily by paying an extra premium. You are already paying for car insurance for third-party cover. It makes better sense in spending a little extra to cover a whole list of possible accident situations. It is true that a comprehensive car insurance policy offers a wider coverage than a third party car insurance policy or a standalone own-damage car insurance policy, but it is not necessary that a comprehensive health insurance policy will always be as expensive as it has benefits which make its premium worth it.

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  Third Party Car Insurance Policy

  As per the Motor Vehicles Act, a third party car insurance policy is a mandatory requirement for driving a car in India. Under this cover, the four wheeler insurance company is liable to pay for the bodily injuries, permanent/temporary liability, total/partial liability, as well as death of the third party caused by an accident involving the insured’s car. Also known as third-party liability insurance, the third party car insurance policy provides coverage for property damage incurred by the third party up to Rs. 7.5 lakh. The policy does not provide coverage for damages incurred by the insured car. With a third party car insurance plan, a policyholder can also purchase a legal liability cover of up to Rs. 2 lakh for a hired driver of the insured's car against an extra premium. A personal accident cover of up to Rs. 2 lakh can also be purchased for the unnamed passengers of the insured's car with this plan. If caught without the mandatory third party cover, then the driver will be punished with a fine of Rs. 2,000 and/or imprisonment for up to 3 months. So, a third party car insurance policy not only saves the policyholder from losses in times of a misfortune event, but also enables him/her to drive legally on the Indian roads.

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  Standalone Own-Damage Car Insurance Policy

  In September 2019, Insurance Regulatory and Development Authority of India (IRDAI) introduced the standalone own-damage car insurance policy. Under this plan, the insured gets insurance coverage only for the own-damages sustained by his/her four wheeler in a road accident, natural/man-made calamity, fire, explosion, theft or any other mishap. A standalone own-damage car insurance policy aims at offering the insured the flexibility in terms of the insurer they want to choose. In order to stay compliant with the rules of the Indian Motor Tariff, one can purchase a third party car insurance policy either from the same insurance company or a different one. The insured can extend coverage by purchasing add-on cover(s) along with a standalone own-damage car insurance policy. These may include zero depreciation cover, No Claim Bonus (NCB), emergency assistance cover, return to invoice, engine and gearbox protector, key replacement cover, loss of use-downtime protection and cost of consumable items. Even with add-on cover(s), a standalone own-damage car insurance policy can be purchased at competitive premium.