Car insurance is a type of insurance policy that efficiently takes care of expenses arising from unfortunate events, such as an accident, theft, and any third-party liability. Car insurance is the best way you can protect yourself and your car from financial emergencies, including any legal liability, resulting from physical damage, traffic collision, bodily injury caused to you, your car, or a third party. Various car-insurance-specific terms & conditions are subject to vary with legal regulations in different regions of the country.
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Car Insurance or motor insurance covers for losses that you might incur if your car gets damaged or stolen. The premium amount of your car insurance is decided on the basis of Insured Declared Value or IDV of the vehicle. If you increase the IDV, the premium rises and if you lower it, the premium reduces. It is important for any policyholder to compare various auto insurance options before going for a car insurance renewal or buying a new policy.
Key Benefits of Car Insurance
Car insurance plan offers following benefits:
- Coverage against loss or damage to the insured vehicle.
- Coverage against loss or damage to your vehicle caused by accident, theft, fire, explosion, self ignition, lightning, riots, strikes or act of terrorism, natural calamities.
- Coverage against financial liability caused by injury/death of a third party or damage to the property.
- Personal accident cover.