what is insurance

How Car Insurance Work In India?  With the process of claiming Car Insurance getting better, it is now possible to get your vehicle repaired and ask the insurer to pay for it using your insurance policy. Here�s all you need to know. The first thing you must do is to go through the  insurance company�s preferred garages and get the repairs done at one of them. The insurance company will then pay for the repairs minus the items not covered under the policy, which will have to be paid by the owner of the vehicle, which is you. This is known as a cashless claim. Types of Vehicle Insurances There are two types of Vehicle Insurances � Comprehensive and Third Party Comprehensive Insurance As the name suggests, a comprehensive insurance plan helps ensure the vehicle against any risk arising out of theft or damage to the vehicle, death of the driver and/or passengers in the vehicle during an accident, and damage caused by the vehicle to other people or property. Coverage with C...

Types of Motor Insurance in India:   Motor insurance protects your vehicle against losses arising from unforeseen risks. It basically covers financial losses arising from accidents, theft and other natural calamities. Motor insurance is a contract for an automobile in which the insurance company agrees to pay for your financial loss resulting from a said specified event. Types of Motor Insurance Third Party Insurance This insurance is mandatory by law. It protects a policyholder against losses which arise due to bodily injury/death to a third party or any damage to property. Here the third party includes people travelling with you or whom the insured person injures and claims damages at the time of the accident. But this insurance does not protect you, your vehicle and co-passengers against losses which arise due to bodily injury/death. Comprehensive Insurance  In addition to third-party coverage, this policy covers you, your car and co-passengers against damages /losses arisi...

Guidelines for Motor Insurance:  The Insurance Regulatory and Development Authority (IRDA) has formulated guidelines that have to be adhered to, by any general insurance company offering motor insurance policies in India. Customers have to avail motor insurance policies only from companies registered with the IRDA. Motor insurance widely encompasses  private car insurance , two-wheeler insurance, commercial vehicle insurance and all other types of road transport vehicles. In India, it is mandatory to own a  motor insurance policy  for any type of vehicle. This is because driving a vehicle without a valid insurance plan is a punishable offence as per the Motor Vehicles Act, 1988. A certificate of insurance will be issued apart from the policy by the insurer according to Rul,e 141 of Central Motor Vehicle Rules 1989 when a motor insurance policy is availed. Types of Motor Insurance policies in India Insurance companies across the country offer two types of motor insur...

Top 5 Car Insurance Companies In India:  The New Year has dawned and with it, the torrent of resolutions and life altering plans are in full flow. Like most Indians, if you aspire to purchase your dream car in 2016, knowledge of the various motor insurance companies in India comes second only to the know-how of all the latest car models plying the Indian roads. Herein, find a comprehensive listing of the Top-5 car insurance companies that are bound to be an influential presence in 2016, and richly deserving of your attention. Here are Top 5 Car Insurance Companies In India National Insurance Company This state owned general insurance company is a pioneer of  car insurance in India  . Amongst the various motor insurance companies of India, National Insurance Company enjoys a wide reaching appeal and an enviable track record in terms of products offered and customer support rendered. The company boasts of over 1000 offices and 16,000+ employees and agents across India and N...