Vehicle Insurance: A Cover For Your Vehicle
We spend large amounts of our hard money to buy our dream car and then spend some
more large sums just to maintain that reality! Owning a car is an expensive business, what with the fuel rates increasing with sky as its limit. But worse still could be that your beloved car could get stolen or be part of an unfortunate fender-bender. But of course, at that time you would be thanking your lucky stars for getting that Insurance cover on your vehicle. If not, you probably would end up seeing those stars in front of your eyes.But the point is that Vehicle Insurance can be a lifesaver in situations like these and help us to eschew the heavy financial losses caused due to such uncertainties. Vehicle Insurance is also known as Motor or Auto Insurance. Frequent cases of road accidents lead to the rise of Vehicle Insurance as well as some other stringent driving rules. In India, Vehicle Insurance is mandatory for all private and commercial car owners in order to protect them from the devastating damage costs. Vehicle Insurance includes:-
Third Party Insurance- This policy compensates any damage or loss caused to a third party due to an accident. Here, the insured is the first party, the insurance company is the second party, and all others involved are referred to as the third party. The third party insurance is compulsory for all motor vehicles.
Comprehensive Insurance- This policy covers the third party as well as the insured and the insureds vehicle. Therefore, it is a more comprehensive cover for your vehicle.
There are Vehicle Insurances available for several types of cars. For example, there are Insurance policies available for four-wheelers, two-wheelers, tractors, trailers and commercial vehicles. The premium of a private four-wheeler depends on the value of the car as well as its year of manufacture. Whereas, the premium of a two-wheeler and a commercial car depends mainly on the showroom price of the vehicle.
Therefore, the value of the vehicle called Insureds Declared Value (IDV) provided by every company will be the same since Vehicle Insurance in India is governed by the Indian Car Tariff. Also, the calculation of this IDV depends on the gender and the age of the owner. Usually, a Vehicle Insurance needs to be renewed annually.
Vehicle Insurance provides coverage for natural calamities like earthquakes, floods, hurricanes, storms, etc. as well as man-made calamities like accidents, thefts, etc. In fact, some companies provide coverage for towing too. However, note that your Vehicle Insurance will not cover any damages that are caused due to the natural wear and tear of your vehicle or drunken driving.
You will have various options to choose from while buying your Vehicle Insurance. It is, therefore, advisable to compare the
different policies and their features, and then buy the one that suits you the best. So, if you own a car, Vehicle Insurance will be the most beneficial accessory that you will ever buy for your car.
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