What is Automobile Insurance?
Just like any other insurance, Auto Insurance is a medium to ensure the proper safety of your vehicle by mitigating the costs or the damages that can be caused, keeping in mind the causes and cases of different accidents. Instead of spending a lump sum at one go, people pay installments or premiums on a monthly or yearly basis to the insurance company. In case of an accident, the company bears all the expenses of the losses.
The premiums or installments to be borne by the policyholders are decided on the grounds of many factors which vary depending on: age, gender, years of driving experience, accident and moving violation history, and other factors. These factors are helpful in reviewing the chances and possibilities of a vehicle mishap by the policyholder.
With the rising cases of road accidents, it is safe to go with a good insurance plan in order to be sure of any future damage.
There are many benefits of being a policyholder when it comes to the automobile Insurance, the reason being it covers all the major threats that can tamper your vehicle and would result in you, bearing the huge losses.
Any Normal insurance policy covers these points when it comes to the consideration of granting the whole insured amount at the time of any mishap.
Damage to vehicle caused due to accident, riots, strikers, malicious acts, earthquake, flood, storm etc
Loss or theft of vehicle
Liability to third parties
Personal Accident Cover available for owner drive.
Types of Automobile Insurance
Bike Insurance: Bike insurance ensures the safety of your bike from theft, accident and any mishap, at the occurrence of which, the loss amount is reimbursed.
Scooter/Scooty Insurance: To insure your scooter from any damage and claiming the compensations in case of the damage is the main reason for having this insurance.
Car Insurance: financial protection against loss as a result of an automobile accident or theft is taken care of by getting a car insurance. Usually, when anyone purchases a new car, the company also offers them the car insurance, which is also mandatory under the Motor Vehicles Act.
Classic Car Insurance: This insurance covers your collectable car under a certain amount, often agreed by both the company and the insurer. It is fit for safeguarding your car against any theft, accident or any mishap for that matter.
Vintage Car Insurance: This Insurance provides cover to your vintage car for its agreed value against, fire, theft, flood or any other damage.
Commercial Vehicle Insurance: Commercial Vehicle Third Party Insurance or Liability only policy, which is sometimes also referred to as the 'act only' cover, is a mandatory insurance cover according to the Motor Vehicles Act and everyone who owns a vehicle needs to have this policy.
Taxi/Cab Insurance: For many, there taxi/cab is the main source of your earnings. This is the main reason that they think it needs to be insured
Gap Insurance: GAP insurance is the difference between the actual cash value of a vehicle and the balance still owed on the financing party.It is used on new and used small and large vehicles. GAP insurance is typically offered by a finance company at the time of purchase.