While opting for car insurance in India, people might come across a problem of deciding among the best options. • With a constant elevation in the Indian automotive industry, there have been a considerable number of schemes and policies launched by the concerned insurance unions. • A car insurance policy covers the expenses of the damages or the theft in accordance with the type of scheme opted by an individual.
Car insurance in India and policy types • Liability Only Policy or Third-party Insurance: This type of car insurance policy covers the damages occurred to a third-party in any adverse condition. • It is mandatory as per the Indian law for every vehicle to have a third-party insurance policy so as to at least cover the expenses of injuries caused by one's car to another person or vehicle. • In this policy, the premium is calculated on the basis of the engine capacity of the car an individual drives. • Since there are only third-party damage cover in the policy, therefore, its premium amounts to much less as against the full coverage policy.
In case a person opts for new models, he/she would like to opt for car finance as well as insurance instantly so as to prevent the excess money being shed from their pocket. • New cars these days are available with lucrative insurance scheme but people are always in a bid to reduce their premium. • In case people buying new cars decide to get them financed, then they should first analyze their expenses to know if they are able to pay extra premium or a minimum amount for the insurance. • Source: http://www.cartrade.com/blog/2014/car-finance/car-insurance-in-india-and-policy-types-644.html
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