Ans: Car Insurance is a protection against losses which occur due to legal claims made by a third party in case of an accident caused by you or losses which arise as a result of man made/natural calamity to you, your vehicle and co-passengers.
Ans: Yes it is mandatory under the Motor Vehicles Act 1988 to get your car insured as soon as you buy it.
Ans: There are basically two types of car insurance: ‘Third Party Insurance’ and ‘Comprehensive Insurance’. To get more info on this, contact the GIBL expert team!
Ans: Insurance companies work with different statistics and thus use different methods to calculate premiums. Some companies are specialized in certain areas or types; hence they are prepared to give discounts in those areas.
Ans: a. Make and Model of the Vehicle
b. Year of Manufacturing
c. Place of Registration
d. Current Showroom price of the vehicle
The principal insurance amount and its subsequent premium also differ according to the price of the vehicle.
Ans: Legal liability covers the legal compensation that might have to be paid if a third party files any case against the driver for damage, loss, or fire.
Ans: Yes, provided it is renewed between the period starting two months before expiry and six days after the expiry of the previous policy.
Ans: It does not matter where the accident takes place, if your motor insurance policy is in effect; you remain insured throughout the country.
Ans: Certificate of Insurance proves that the vehicle owner has valid car insurance. You can claim insurance only if the vehicle is registered to you i.e. you are the owner of the vehicle.
Ans: Car Insurance doesn’t cover consequential loss, wears and tears, mechanical or electrical breakdown, drunken driving or vehicle driven by someone else other than the driver stated in driver’s clause.