Automobile Insurance Policies in India – At a Glance

It provides insurance for individual owners/ drivers of the automobile and also for seated passengers and third party liabilities arising out of it. Most automobile insurance companies provide service for the vehicle, online.

Determining Auto Insurance Premiums:

Auto Insurance policy document is a mandatory document in India for all the vehicles used – be it for personal usage or commercial usage. The auto insurance companies tend to tie-up with almost all automobile manufacturers to offer their clients instant premium quotes. Auto premium is calculated on the basis of several factors and the premium amount increases with the price of the vehicle. The best recommended way to get quick quotes on the payable premium is to go online, access every company’s premium calculator available on their website and fill the required details.

Claim Process under Auto Insurance policy:

The Auto Insurance claims in India can be of 3 major types – accidental claims, theft or loss of vehicle claims or third party liability claims. To make a claim, generally the following documents are mandatory – claim form duly signed by the owner, a copy of the Registration Certificate (RC) of the vehicle, a copy of the Driving license, an FIR copy, Original estimate and policy copy. Off-late, almost all companies allow policyholders to make claims online. Enter in couple of details in the claim form which is available online and the companies get in touch with you.

Types of Auto Insurances in India:

Private Car – Among the different types of Auto Insurance policies offered by companies in India, the Private Car policy is the most common and the fastest growing unit as it is mandatory for all the private cars to run on the roads. The premium amount depends on the model and value of the car, state of registration and the manufacturing year.

Two Wheeler – Under this Auto Insurance type, accidental for bike riders is provided. The premium amount considers the current showroom price, the rate of depreciation decided by the Tariff Advisory Committee in the beginning of policy period.

Commercial Vehicle – Commercial Vehicle Insurance in India provides coverage to all the automobiles which are not used for personal usages, like trucks and HMVs. The premium amount depends on the price of the vehicle ex-showroom, in the beginning of the policy period, make of the vehicle and the city of the vehicle registration.

Exclusions in the Auto Insurance Policy:

The auto policy in India generally excludes the following causes: -General Ageing of the vehicle, wear and tear of body parts -Damage caused by an individual who drives without a valid driving license -Mechanical failures & Electrical breakdowns -Damage done by an individual who drives the vehicle under the influence of Liquor/Drugs -Loss /Damage pertaining to War/Nuclear risks

I am Sahil Doshi , a senior content writer who writes article for HDFC ERGO. HDFC ERGO automobile insurance policies are designed to ensure your financial security in case of any emergency.