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Know More About Car Insurance
What Is Car Insurance ?
Various dangers associated with driving are covered by a policy known as “car insurance.” To obtain an car insurance coverage from an insurer(Like Bimakart), you must pay an insurance premium. And in accordance with the relevant terms and circumstances, your insurer will provide financial help if your car sustains damage or if you cause damage to others while operating the insured vehicle.
What kinds of car insurance packages are there in India?
Policy on Third-Party Liability
The Motor Vehicles Act of 1988 states that a third-party car insurance policy is required. As a result, you must purchase at least this policy in order to lawfully operate a vehicle on public highways in India. Considering that it provides protection from third-party obligations for things like accident, death, and property damage.
Car Insurance for Own Damage
Own-damage car insurance, commonly referred to as comprehensive auto insurance, offers protection for harm to your car brought on by a variety of occurrences, including collisions, theft, natural disasters, and vandalism. You can add this kind of coverage as an extra to your standard auto insurance plan. Your comprehensive auto insurance policy will pay up to the policy limit for the cost of repairing or replacing your vehicle if you are in an accident or it is stolen.
Comprehensive Car Insurance
A type of car insurance coverage called comprehensive covers damage to your vehicle from events other than collisions, like theft, fire, natural catastrophes, or vandalism. Additionally, it is frequently referred to as “other than collision” or “OTC” coverage. Depending on the policy and the particular terms and circumstances, comprehensive car insurance may also provide coverage for injuries to you or other persons as well as damage to property in addition to covering damage to your own vehicle.
Own Damage Insurance
Own Damage Insurance (ODI), sometimes referred to as car insurance, covers losses or damages to your own vehicle. Your standard auto insurance policy often only includes coverage for losses or damages you may cause to other persons or their property, making this coverage an optional add-on. ODI coverage typically covers damages or losses caused by a wide range of incidents, including accidents
Third Party Cover
When your vehicle is involved in collisions, accidents, or other incidents that cause harm, death, or property damage to another person, third party coverage typically pays for those losses or damages. This covers the price of any incident-related medical costs, car repairs, and potential legal costs. Third party cover does not cover any damages or losses to your own vehicle or any injuries you may sustain in an accident.
Personal Accident Cover
Personal Accident Cover is a type of insurance that provides financial compensation to you or your family in the event of an accident resulting in injury, disability, or death.A range of situations, such as accidental death, permanent disability, temporary incapacity, and accident-related medical costs, may be covered by Personal Accident Cover. Your policy’s precise terms and conditions, as well as the seriousness of your injuries, will affect how much compensation you get.