According to the Motor Vehicle Act of 1988, four-wheeler insurance is required in India. An automobile and its owner are protected by a vehicle insurance policy from risks and losses that could result in significant financial loss. In a nutshell, a car insurance policy is an agreement between a car insurance provider and the owner of the vehicle that offers protection against any loss or damage incurred on the road as a result of an accident.
You can now purchase or renew auto insurance online. Currently, purchasing or renewing auto insurance is simple and may be done online, saving you the trouble of going to an insurance provider. The insurance company for the car makes up for any loss or damage to the insured vehicle. If you purchase a new auto insurance policy in India, it will cover any damages to the vehicle that result from collisions, accidents, or natural disasters, saving the policyholder from having to foot the bill. Additionally, it covers hospital bills in the event of an accident. It will lessen the monetary and legal losses brought on by a third party’s responsibility or loss.
The Insured Declared Value, or IDV, of the vehicle is used to determine how much the policyholder must pay in premiums for auto insurance. As the car’s IDV grows, the premium will also climb; conversely, if the car’s IDV falls, the premium will fall. As all the information about insurance policies is available with just one click, it is simple to compare all four-wheeler insurance coverage online.
Types of car insurance policies in India:
There are majorly three types of car insurance policies available.