If you have a vehicle, such as a car, auto, motor, bike or any vehicle , it is very important to have its insurance. Because in the event of an accident, we may have to bear the brunt of many problems, so insuring the car is as important as insuring yourself.
In today's article, we will know about the insurance policy of vehicles and also know which policy is beneficial for you.
What is Vehicle Insurance | What Is Auto Insurance?
Vehicle insurance policy protects us from financial loss due to any kind of accident. This is done by a contract between you and the insurance company.
Under which there is an agreement in which you pay a premium, and in return the insurance company pays you damages in case of an accident. Auto insurance company gives property, liability and medical coverage according to the agreement.
Types of Vehicle Insurance
There followings are some important and popular car/vehicle insurance policy:-
1. Third party insurance policy:
In this type of insurance, if there is an accident with your vehicle and in case of damage to the driver, vehicle etc. of the other vehicle at the time of the accident, the insurance company pays the damages. Whereas the company does not give any claim for damage to you or your vehicle. That's why it is called Third Party Insurance. It is mandatory as per third party beema motor act. There are two types of vehicle insurance in India, one is Full Party Beema and the other is Third Party Beema.
2. Standard motor insurance policy:
It is also called full party insurance . In this type of insurance, in the event of an accident, all types of damages such as vehicle, driver, and people sitting in the vehicle, even the people of other vehicles and the damage and damage of their vehicle, the insurance company.
In property coverage, money is given in case of any type of accident such as theft of a car or auto or if the vehicle is damaged.
Liability coverage pays others for your legal responsibility for bodily injury or property damage. Medical coverage pays for the cost of injuries, rehabilitation and treatment.
3. Zero deprecation or cashless car insurance:
If you have a four wheeler vehicle then cashless car insurance will be best for you. It is also called zero deprecation car insurance.
In case of any type of accident in this type of vehicle insurance, you can get it built in any car garage listed by the insurance company without spending a single rupee.
This process is very quick and easy. There are many other benefits of this type of insurance. But the premium of cashless car insurance is 20% more expensive than other insurance policies. But you also get many benefits from it.
Read also: How to get Car Insurance Quotes?
Cashless car insurance vs Standard motor insurance:
If you have a four wheeler then I will advise you only for cashless car insurance ( zero deprecation car insurance ). Because in other types of insurance policies, after the accident, you take action to claim.
The company then sends a surveyor to inspect your damages, and then the inspector determines the claim amount. During this whole process, a lot of your time is also wasted and then you get the money for that claim. And sometimes the surveyor does not send the full details of your loss so that you do not even get the full amount of your loss.
For example, your loss was Rs 25000 and the insurance inspector finds during the survey that any defect in your vehicle is pre-accident and not due to accident. In such a situation, suppose if the inspector told the company a loss of only Rs 15000, then you will get only Rs 15000 as a claim. That is, along with the waste of time, there is also a loss of money.
Whereas after making a claim in cashless car insurance , you get your car built by the insurance company in certified car garages, then the insurance company pays the entire cost of it.
That is, the insurance company pays the cost of complete repair. And this process is very fast, saving you both time and money. Although this policy is a bit expensive than other policies, but you also get a lot of convenience.