Car Insurance

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Car Insurance

• Best Way To Insure Your Car

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Introduction - Car Insurance in India deals
with the insurance covers for the loss or damage
caused to the automobile or its parts due to
natural and man-made calamities. It
provides accident cover for individual owners of
the vehicle while driving and also for passengers
and third party legal liability. There are
certain general insurance companies who also
offer online insurance service for the vehicle
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What Includes And What
Not Include Loss or damage by accident, fire,
lightning, self ignition, external explosion,
burglary, housebreaking or theft, malicious
act. Liability for third party injury/death,
third party property and liability to paid
driver On payment of appropriate additional
premium, loss/damage to electrical/electronic
accessories
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Excludes Consequential loss, depreciation,
mechanical and electrical breakdown, failure or
breakage When vehicle is used outside the
geographical area War or nuclear perils and
drunken driving.
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Credit history and behavioral patterns

• Internationally, insurance companies have
  linked credit history and customer behaviour to
  premium amount. A credit score means more
  authentic information about the individual's
  track record regarding payment and defaults.
  These credit score may be used in the next 2-3
  years as insurers are still to develop better
  fraud control mechanisms. Behavioural patterns
  may be derived from choices made by the
  individual, such as the colour of the car.

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Top-Ups

• While these factors are yet to come into
  effect for calculating the premium, a multitude
  of add-on covers has been launched for creating
  the best car insurance policy for your car.
  Add-on covers bridge the gap between actual
  financial losses arising due to an accident and
  the amount covered in the base policy. However,
  such covers can increase the premium rates by
  1-2 of the total sum insured.

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