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Auto & Cars
March 5th, 2008 · No Comments
General Auto Tips
Car insurance in India- general information
Without valid insurance no motor vehicle is allowed to drive on the road. So it is obligatory to get your vehicle insured. In India there are two types of motor vehicle insurance- Act Only Risk - Motor Policy A (also known as third party risk) and Motor Policy B (also known as comprehensive insurance policy).
Motor Policy A(Act Policy)
This policy covers the risks required to cover under the Motor Vehicles Act. It is mandatory for every car owner to be covered against Act Risks under Section 146 of Motor Vehicles Act 1988.
According to the policy the scope of cover is to pay compensation for death of or bodily injuries to third parties and damage to the property of third parties. Here it is important to note that the Insured is treated as the first party, the Insurance Company as second party, and all others would be third parties.
For private vehicles and cars, this policy covers the damages of the property of third party only up to Rs. 6000/-. Paying additional premium can cover other risk like theft and fire etc.
Motor Policy B(Comprehensive insurance policy)
This insurance policy includes:
This insurance policy is valid for one year.
Renewal of Insurance Policy
The insurance policy has to be renewed within the period of validity. If delayed, then the policy becomes invalid. In this condition you will not be able to avail any benefit of the policy.
Transfer of Insurance Policy
If you have purchased a used car, in this case you can transfer the existing insurance policy to your name. You have to inform the insurance company within 14 days from purchasing the car.
Insurance Claim Procedure
In case of an accident claim, following documents are to be submitted to the insurance company.
In case your car is stolen, first lodge FIR about the theft to the nearest police station and then inform your insurance company about the theft. After this from the RTO office obtain a duplicate RC Book.
The procedure for the insurance claim is similar to the accident claim.
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