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What is Car Insurance?
As per IRDA regulations, Car insurance gives protection to the owner of the Car against (a). vehicle damages and (ii) any Third Party Liability pay determined as per law against the vehicle owner. Provides coverage against physical damage, theft, etc to the Car.
Private Car Insurance
Private Vehicle Insurance covers the loss or damage by accident, 3rd party insurance, insurance against theft, etc. The premium amount will depends on the price/cost of the vehicle, registration state where the vehicle is registered, manufacturing year, etc.
Commercial Car Insurance
Commercial Vehicle Insurance provides coverage to Passenger Carrying Vehicles, Goods Carrying Vehicles, Cab/Taxies, Miscellaneous class of vehicles such as Trade Road Risk/Transit Policy, and Trade Internal Risk Policy.
Advantages and Disadvantages of Car Insurance Policy
Due to huge traffic complications, car accidents are common in India. Accidental claims are expensive if born by an individual, and the best way to avoid a car and personal damage costings are to get the car insurance policy.
Advantages Car Insurance Policy
- The expense for financial liability
- The expense of repairs and replacement
- Legal Protection
- The Expense for medical claims
- Protects driver and passenger damage expenses
Disadvantages of car insurance policy
- Insurance has the specific clauses, terms, this, in turn, reflects you at the time of claim settlement.
- The entire vehicle is not covered.
- The time frame for the settlement
- Cashless/Hassle-free claim settlement.