Car insurance policy is classified into two categories namely third party insurance and comprehensive insurance. Opting for a third party insurance is compulsory as per the Indian Motors Act, while opting for a comprehensive insurance is optional.
Third party insurance offers protection only for any third party damages to individuals or property. No claims are entertained for theft or damages caused to your own vehicle or self in the event of a car accident.
Car insurance can be bought off the shelf from a car dealer but such insurance plans are usually expensive on account of dealer commissions. Instead, purchasing car insurance online can be more cost effective.
Buying a car insurance policy requires minimal documentation. Documents required for buying insurance for a new car include a valid driving license as part of your identity proof, a copy of Registration Certificate of your vehicle, and a proof of residence. All the documents must be accompanied by a duly signed proposal form and insurance premium cheque.
Third party insurance is an insurance cover that offers protection to any third party that may get affected in the event of a motor accident. Essentially, third party insurance covers any bodily harm or injury caused to a third party including damage to a person or property. It is mandatory to have third party insurance before you can drive a vehicle on the road.
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