Car Insurance Renewal – Check Claim Settlement Ratios

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Car insurance
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Car Insurance Renewal Check Claim Settlement
Ratios
Having a Car Insurance (or Motor Insurance) in
India is not a choice but a rule. Under the
Indian Motor Vehicles Act (1914, then revised in
1988), every car needs to be insured before it
can ply on Indian roads. So whether you are
buying a new car or doing a car insurance
renewal, remember it is compulsory by law. 1.
Third Party Policy  This covers Liability for
injuries and damages to others that are caused by
you or your vehicle directly or indirectly. Third
Party (TP) Liability insurance is also mandatory
for all vehicles.
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2. Own Damage Policy  for damage to your own,
insured, vehicle. You are eligible for this if
you have taken a Comprehensive Motor
Policy.  Ideally, when you do your car
insurance renewal, you should also cover loss or
damages to the vehicle itself through a
Comprehensive/Package policy, which covers both
Third Party Liability as well as Own Damage
(OD) to the insured vehicle, in addition to loss
from natural or man-made calamities.
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• There is now a new Bill getting introduced which
  makes doing your car insurance renewal even more
  important. Earlier, the penalty for not having a
  car insurance renewal was a paltry Rs. 1,000.
• But according to the rules once implemented, any
  person caught not having a valid car insurance
  policy will be fined a huge Rs. 75,000! We are
  sure you dont want to be that person on the
  wrong side of law, do you?
• So we hope we have convinced you to buy a car
  insurance or do a car insurance renewal, if you
  were not convinced already. Once most of us reach
  this stage, we call our insurance agent or go
  online to compare premiums.

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