Car insurance is an essential aspect of car ownership. It is a legal requirement according to the Motor Vehicles Act of 1988. Car insurance policies can differ from one another, but the primary purpose of a car insurance policy is to provide financial assistance if your car is damaged or stolen. The coverage options of a car insurance policy can vary, but selecting the right one can provide comprehensive coverage and right protection for your vehicle. This article will guide you on mastering the art of car insurance policy and help you understand M Parivahan, the online portal for vehicle-related services in India.
There are two types of car insurance policies available in India: third-party liability policy and comprehensive car insurance policy. A third-party liability policy is the minimum requirement for a car insurance policy as per the Motor Vehicles Act. It covers the cost incurred due to the damage caused to the third-party individual or a property. However, it does not cover the cost incurred on your vehicle.
On the other hand, a comprehensive car insurance policy provides coverage for both third-party liabilities as well as for damages or thefts caused to your vehicle. It also provides coverage for natural disasters such as floods, fires, earthquakes, etc. It is crucial to understand the terms and conditions of the insurance policy before purchasing one. The car insurance policy coverage varies from provider to provider.
Nowadays, everything is digitalized, and so is the car insurance policies. M Parivahan is an online portal that provides vehicle-related services in India. It is an initiative by the Ministry of Road Transport and Highways (MoRTH) to simplify the vehicle registration and other related services by digitalizing the whole process. It provides an e-certificate of registration, e-challan, driving licences among other services related to vehicles. It is mandatory to have a valid insurance policy while registering your vehicle on the portal.
Car insurance policies are legal agreements between the insurance provider and the policyholder. It is essential to read and understand the terms and conditions of the policy before purchasing one. Here are some of the crucial factors to consider while selecting the right car insurance policy.
Coverage options – The coverage options of a car insurance policy can vary from provider to provider. Third-party liability policies and comprehensive car insurance policies have their benefits and drawbacks. It is up to the policyholder to decide which policy suits their requirements while considering the cost involved.
Premium – The cost of the insurance policy depends on the coverage options selected. The premium amount for a third-party liability policy is lesser than the premium amount for a comprehensive car insurance policy. The premium amount also depends on the age of the vehicle, type of vehicle, location, etc.
Add-ons – Add-ons are the additional coverage options that the policyholder can select to enhance the coverage of the policy. Examples of add-ons include zero depreciation cover, roadside assistance, personal accident cover, etc. The cost of add-ons varies from provider to provider.
Claim process – The claim process is an essential aspect of a car insurance policy. The claim process of the policy differs from provider to provider. It is essential to understand the claim process and ease of the process while selecting a policy. It is also essential to follow the procedure mentioned in the policy document while filing a claim.
In addition essential things related to car insurance policies and M Parivahan:
– Vehicle registration
– Motor Vehicles Act
– Insurance provider
– An insurance policy document
– Comprehensive coverage
– Third-party liabilities
– Premium amount
– Add-ons
– Claim process
– Online portal
Conclusion
A car insurance policy is a mandatory aspect of vehicle ownership in India. Third-party liability policies and comprehensive car insurance policies are the two types of policies available in India. It is essential to consider the coverage options, premium, add-ons, and claim process while selecting the right policy. M Parivahan is an online portal that simplifies vehicle registration and other related services. A valid insurance policy is mandatory while registering your vehicle on the portal. Understanding the terms and conditions of the insurance policy is crucial to avoid any discrepancies during the claim process. With this article, we hope that you have mastered the art of car insurance policy and understand M Parivahan, the online portal for vehicle-related services in India.
