Car and bike insurance are becoming more and more expensive every year. Due to the hike in premium motor insurance premiums are getting heavy on your pocket. So we need to find out the cheap car insurance in India to lessen the burden.
So, today let’s know all about the car insurance to find out the cheap car insurance in India.
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Generally, people are not aware of various types of motor insurance. Motor insurance has many types of coverage that come in two wheelers, cars, trucks and other vehicles. The main purpose of motor insurance is to give full protection to your vehicle. According to the rules, it is mandatory to insure every vehicle running on Indian road. Car owners at least have to buy the cheap car insurance third party; it is mandatory in India. We are telling you about various types of motor insurance in this article.
Different types of motor insurance:
Let’s see the different types of motor insurances to compare and find out the cheap car insurance in India.
Car insurance covers for the car accident, or damage to the third party, car damage, and so many more under the insurance policy. whenever you buy a car insurance policy, firstly compare the premium paid by different insurance companies to see which company’s The plan is better. The amount of premium depends on the year and the value of the car.
Two Wheel Vehicle Insurance:
Two-wheeler vehicle insurance is very popular in India. Security is provided for bikes and scooters in this insurance plan. The features of its policy are similar to car insurance.
Commercial vehicle insurance:
This vehicle covers vehicles, buses, ambulances, trucks, agricultural vehicles, etc. for commercial purposes. Their services are like a car and two-wheeler insurance. Under this, claims of third party death or injury have also been included.
Third Party Insurance Policy:
For all vehicles running on roads, according to the Motor Vehicles Act, 1988 third party liability insurance has been made mandatory. This policy involves the third person who is injured in an accident caused by your car. In this policy, the insurer does not get any direct benefit. This cheap car insurance third party is mandatory for every car owner.
Comprehensive car insurance is one of the highest levels of safety for your vehicle. In this insurance policy, you get protection for third party liability, natural/man-made disasters etc. Apart from this, the policyholder also benefits from personal accident cover.
Zero depreciation cover:
This is one of the most common add-on covers for increasing your motor insurance. It ensures that the policyholder will get the full amount at the price of the replacement parts after the accident.
In this policy cover, if you get stuck in your remote location, especially if the carriage of the car has been poor or discharged or there is a problem with the tire, or if the fuel in your vehicle is over, it will help you. The policyholder can also avail of services such as battery recharge, fuel support, taxi, housing assistance etc.
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Engine and electronic circuit cover:
This cover prevents the expenses incurred due to any damage caused by the insured vehicle’s engine or electronic circuit.
Now let’s know about the Car insurance policies to find out the cheap car insurance in India.
There are mainly 3 kinds of Car Insurance
There are 3 kinds of car insurance available in the market. Let’s know about these three car insurances to know which one is the cheap car insurance in India.
The comprehensive coverage is widespread and contains theft of the vehicle, damage of the car, own accident cover and third party lawful liability. You can extend this policy coverage by choosing add-ons like zero depreciation cover, engine protector, medical expenses, accessories cover, and so many more. This sort of coverage for car insurance is one of the most common as it gives end-to-end coverage for the insured car and thus brings less anxiety for the car owner.
However, this one is quite expensive as it gives full coverage to the car, the car owner and also to the third party. As the name suggests this one is a comprehensive insurance coverage; so it covers for everything related to your car. So, this one is certainly not the cheap car insurance in India.
The Collision coverage for car shields the insured monetarily against the damage of his or her own car. This type of policy pays the policyholder for the damage produced by a collision. Loss or damage due to vandalism or theft is not contained within the collision coverage.
Therefore, this one is not as expensive as the comprehensive coverage. But it not also the cheap car insurance in India.
Third Party Legal Liability Coverage
The Third Party Liability car insurance gives cover for any kind of legal obligation to the third party produced due to the insured car. This one covers injury or damage produced by the insured car to another property or person. This one is the cheap car insurance in India as the coverage is limited. And cheap car insurance third party is a must for every car owners in India.
You can also reduce the motor insurance cover of the car and bike even during the growing premium. We are telling you four ways for this. With this, you can save some money even during the inflation period.
Keep No Claim Bonus Interact
If you have not claimed, you are entitled to a no claim bonus at the time of renewal of motor insurance policy. It is found in the segment of motor insurance. If you avoid small claims during the year and pay yourself for minor repairs, then due to the claim bonus, your premium will be reduced at the time of renewal.
Option to adopt voluntary deductible
You can also reduce motor insurance premium by opting for Higher Voluntary Deductible. The deductible is the amount that the insured has to make beer while filing the claim. The insurance company will deduct the amount by claiming this amount.