ndian Auto insurance

Automobile Insurance in India has become compulsory insurance for all new and old vehicles. The vehicles can be for business use and for personnel use. Many automobile assurance companies are opening up for the betterment of insurance services in the vehicular sector of India. These companies also mutually understand and are contracting with the automobile manufactures for making the insurance process run effortlessly 

With a vehicle insurance policy, an automobile vehicle may be insured against any kind of damage and also loss incurred by accident, fire, burglary and so on. Indian vehicular Insurance companies come up with excellent plans for four wheels, two wheels and also for commercial vehicles.

Indian automobile Insurance Types

1. Insurance for two wheelers

2. Car insurance

3. Commercial motor vehicle insurance

Two wheeler insurance is the insurance considered for two wheelers. The insurance form can be pursued for the two wheelers which are used for business or for private driving. The payment of the two wheeler insurance is calculated on cubic space and also value of the vehicle.  The two wheeler insurance only claims for the frills which are precise at the time of the insurance issue. In clear case of theft, insurance is not covered, unless the vehicle is stolen at the same time and the accessories are lost by it.
Car insurance is the insurance related to cars. The insurance is meant for the cars which are used for public and private driving purposes. However, there is a separate car insurance meant for the public car purposes which includes call center cabs, and cars which are used for tours and travels. There is separate insurance meant for theses vehicles called commercial insurance. In the case of car insurance also the frills must be included in the insurance form at the time of policy issue. Theft cases for accessories can be claimed only when the car is stolen along with them.
Commercial vehicles
This is a insurance issued for commercial vehicles and is classified into two types

• Cargo carrying business auto vehicle- In this case the premium is calculated on carrying capacity of the vehicle and also the whole vehicle weight and at last the total value of the vehicle is termed into the insurance premium to get a product of a premium payable. As in the case of private vehicle, commercial vehicle frills are also specified.

• Traveler vehicles-in this case the premium of automobile insurance is calculated on the carrying capacity of the vehicle ,the number of passengers it can carry maximum and the cost of the vehicle. Accessories must be prior mentioned in the policy,

There is another type of insurance which is termed as a third party insurance- which implies and is tagged to all the automobiles which are mentioned above, including the two wheelers. But generally, this insurance is mainly considered to cars and commercial vehicles and less in case of two wheelers. But most of the present day drivers and owners of the four wheelers do not consider in buying this insurance and evade it as it is not a compulsion to be maintained by the roads authority of India. But this could be a risky business when you are involved in a serious accident.
Third party insurance is the cover which is taken to envelop the losses incurred to the person or the persons who are involved in the accident in which we are found guilty. The third party insurance covers all lose incurred which can be medical bills, and financial losses and these are covered only when we take the insurance and pay the premium promptly.

Third party insurance covers for two aspects

1. Personnel injury
2. Property injury

Third party cover cover for the personnel injuries includes-
Insurance cover in case of death- this means that you are insured against death or injury in case of  your vehicle involved in an accident and the third party assurance comes into effect and also covers the death loss.
Insurance cover to employees linked to the vehicle- this insurance cover will help you get insured against death or injury caused by your motor vehicle and to the employees linked to the vehicle like Conductors, Drivers, collie’s cleaners- which are use d in the well functioning of the vehicle.
Insurance envelop for the passengers carried in the vehicle ( In case of Hired Vehicle also)- this means that as an owner of the vehicle of taxi, Bus, auto , you are insured against any life loss or injury to the passengers who are in the vehicles.

Note- the auto insurance law is made with whole sense and includes the person whether it is an owner driven or a driver driven vehicle and must be abided by the laws.

Calculation of auto insurance premiums

Vehicular insurance companies in India are providing the top services to its customers by offering them the best of the insurance quotes. Vehicular insurance premium is determined by a varied number of factors like the craft of the vehicle, the price of the vehicle and the registration place and sculpt of the vehicle. It also depends on the consumer whether he/she is a corporate client or an individual. The amount of the premium cost will increase in proportional to the cost of the vehicle. Automobile insurance companies also facilitate the renewal of insurance after its expiry. A discount in the premiums is sometimes provided to the existing consumers of vehicular insurance and strictly depends upon the history of his/ her driving record and if in case the previous premium payments are prompt , then a discount is offered from the existing automobile insurance premiums.

Auto insurance claims process

1. Auto insurance claims can be accidental, burglary or else third party claims

2. The insurance policy holder must write the number of the other vehicle involved in the accident in the case of third party claim.

3. Names of witnesses and also their phone number and addresses must be written, in case of any kind of enquiry.

4. The name and the employee Id must be taken of the reporting police officer and the police station limits may be noted.

5. File a case in the FIR of the nearest police station.

6. After the above process of claims, the insured can contact the insurance company and get a claims number.

7. An assessor is appointed who reports the approximate value of the loss or damage.

8. Based on the report of the assessor, the automobile insurance company tries to send the amount to the insured within a span of three weeks time after total rechecking and also after confirming that the accident was caused by the fault of the other party and the consumer or the policy holder is totally innocent in the accident.

Documents required for auto insurance claim

For accident claims

• Claims form duly filled and signed.

• RC copy of the vehicle
• Driving license copy

• FIR on a case to case basis

• Original estimation
• True copy of repairing cost invoice and payment receipts from the authorized service center.

For third party claims

• Claims form duly filled and signed

• RC copy of the vehicle

• Driving license

• True copy of the auto insurance policy

• Original copy of the FIR

• RTO transfer papers duly signed, mentioning that vehicle cannot be located( in case of Hit and Run)

List of some of the auto insurance companies

• HSBC India- auto secure

• Bajaj Allianz- Motor insurance

• ICICI Lombard- Motor Plus

• United India Insurance CO- Motor package and liability only policies.

• The New India assurance Co- Motor Policy