InvestorQ : What are the different types of automobile insurances available in India?
Gauravi Patel made post

What are the different types of automobile insurances available in India?

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3 years ago
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There are also Auto Insurance variations depending on the kind of coverage under the Insurance.

Most private car owners go for a full insurance which covers them as well as any other parties that might be involved in an incident.

Insurance can be also be taken as a Zero-Depreciation where cost of spares which might be required to be replaced after an incident is taken without any depreciation value irrespective of the age of the vehicle.

Insurance for vehicles can be also taken at a higher premium on any kind of electronic accessories on a vehicle which is not usually covered.

There are also owners who do go for a Only 3rd Party Insurance, which is a bare minimum for anyone having a vehicle. This does not offer coverage to the owner for any damage but only the damage for the other party in case of an incident.

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Suresh Patil answered.
3 years ago
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The different types of automobile insurance available in India are:
Private car insurance
Currently, this is India’s fastest growing auto insurance section. The growth in this section is because of the government’s rule of making insurance mandatory for all new cars. The premium sum, or the amount you pay to the insurance company for the cover it provides you, depends on various factors such as the brand and value of the car, its year of manufacture and the state where it was registered.
Two-wheeler insurance
This insurance provides accident coverage for the driver; protects the insured vehicle from a host of events, including accidents, theft, in-transit damages, natural disasters, man-made calamities, etc. as well as covers third-party injuries, death, and property damage. Do note, insurance protection does not include coverage of the insured vehicle itself. The premium here is calculated as the current showroom price, multiplied by the depreciation rate. This rate is determined at the beginning of the policy tenure by the Tariff Advisory Committee.
Commercial vehicle insurance
As the name suggests, all vehicles that are not used for personal purposes, such as trucks and heavy motor vehicles (HMVs) are covered under this insurance. This insurance covers loss or damage caused by natural or man-made factors. It also covers third-party liability, and loss or damage to electric accessories of the vehicle upon payment of additional premium. Do note, that it does not cover depreciation, instances of failure or breakdown, and driving under the influence of alcohol. The premium amount depends on showroom price at the beginning of the insurance period, brand and state of registration.
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