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Motor Insurance

Automobile insurance

Automobile insurance coverage (likewise referred to as automobile insurance, SPACE insurance, automobile insurance coverage, or motor insurance) is insurance coverage purchased for vehicles, trucks, bikes, and other roadway lorries. Its main use is to supply financial defense against physical damage and/or bodily injury resulting from traffic crashes and against liability that could also arise therefrom. The particular terms of automobile insurance coverage differ with legal guidelines in each area. To a lower degree car insurance coverage might furthermore provide monetary protection versus theft of the automobile and potentially harm to the automobile, sustained from things aside from traffic accidents.

Vehicle insurance, in exchange for a premium, will pay valid claims emerging out of traffic crashes such as the above.

India

A Sample Car Insurance Certificate in India

Car Insurance coverage in India offers with the insurance covers for the loss or damage triggered to the car or its parts due to natural and manufactured disasters. It supplies accident cover for specific owners of the automobile while driving and also for passengers and 3rd party legal liability.

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There are specific general insurance companies who also offer online insurance coverage service for the vehicle. Automobile Insurance Coverage in India is a required requirement for all new automobiles utilized whether for business or individual use.

The insurance companies have tie-ups with leading automobile manufacturers. They offer their customers instant auto quotes. Auto premium is determined by a number of factors and the amount of premium increases with the rise in the price of the vehicle.

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The claims of the Auto Insurance in India can be accidental, theft claims or third party claims. Certain documents are required for claiming Auto Insurance in India, like duly signed claim form, RC copy of the vehicle, Driving license copy, FIR copy, Original estimate and policy copy. There are different types of Auto Insurance in India :

Private Car Insurance – In the Auto Insurance in India, Private Car Insurance is the fastest growing sector as it is compulsory for all the new cars. The
amount of premium depends on the make and value of the car, state where the car is registered and the year of manufacture. Two Wheeler Insurance – The Two Wheeler Insurance under the Auto Insurance in India covers accidental insurance for the drivers of the vehicle. The amount of premium depends on the current showroom price multiplied by the depreciation rate fixed by the Tariff Advisory Committee at the time of the beginning of policy period.

Commercial Vehicle Insurance – Commercial Vehicle Insurance under the Auto Insurance in India provides cover for all the vehicles which are not used for personal purposes, like the Trucks and HMVs. The amount of premium depends on the showroom price of the vehicle at the commencement of the insurance period, make of the vehicle and the place of registration of the vehicle. The auto insurance generally includes: •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 The auto insurance does not include:

•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

Cite this page

Motor Insurance. (2016, Dec 20). Retrieved from https://studymoose.com/motor-insurance-essay

Motor Insurance

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