Description

Vehicle insurance is a financial protection policy that covers potential damages, theft, accidents, and third-party liabilities related to your vehicle. In India, having at least a third-party motor insurance policy is legally mandatory under the Motor Vehicles Act. Whether you own a car, bike, or commercial vehicle, insurance ensures financial safety in unforeseen situations such as road accidents, natural disasters, or vehicle theft. Vehicle insurance policies are broadly categorized into two types: Third-Party Insurance and Comprehensive Insurance. Third-party insurance offers coverage against injury, death, or property damage to a third party caused by your vehicle. It is compulsory but does not cover damages to your own vehicle. Comprehensive insurance, on the other hand, provides extensive protection, including third-party liabilities and own-damage cover. It safeguards your vehicle against fire, theft, vandalism, natural calamities, accidents, and other unexpected events. Additionally, many add-on covers are available to enhance the protection offered by a standard policy. Popular add-ons include Zero Depreciation Cover, Engine Protection Cover, Roadside Assistance, Consumables Cover, and Return-to-Invoice Coverage. These add-ons may slightly increase the premium but provide stronger financial protection and peace of mind. Renewing your policy on time is crucial to avoid penalties and maintain continuous coverage. Nowadays, many insurers offer online purchase and renewal, making the process quick, convenient, and paperless. Policy premium depends on multiple factors such as vehicle type, age, location (RTO zone), previous claim history, and add-ons chosen.