Vehicle Insurance: Drive Only After Getting Your Vehicle Insured

By: Pranav V Sharma

Auto industry has been witnessing increase in sales of vehicles in the past few years. Despite hikes in prices of gasoline, the industry has managed to sell good number of vehicles making sufficient profit. This trend of owning vehicle has subsequently given rise to vehicle insurance policies. This practice of getting the vehicle insured is the need of the hour. It serves as financial protection against any sort of physical damage caused due to collisions and against liabilities arising thereafter.

Motor insurance policy can be purchased when you own a car, truck, two-wheeler and even other street legal vehicles. In simple terms, motor insurance policies cover losses caused to cars, motorcycles or any other vehicles or their parts because of natural as well as man-made calamities. These calamities can include damages by theft, accident, self ignition, liability for the injury or death of third party, liability for third party property, fire, lightening, etc.

In a country like India, the vehicle insurance has become a requirement for almost all the new automobiles, irrespective of their use as commercial or private vehicles. In fact, many of the motor insurers have inked an agreement directly with the auto makers to offer their customers with a suitable car insurance policy, motorcycle insurance policy, etc.

All that you have to do to get the benefit of the insurance policy is to regularly pay the premium to the insurer monthly. The premium is normally a small amount that is subject to increase with the hike in the price of the vehicle at the time of buying. Premium for the motor insurance is determined after taking into account various factors like make and value of the vehicle, place where the vehicle has been registered, year of manufacture, etc.

One can claim for the vehicle insurance by submitting certain documents like vehicle’s RC copy, driving license copy, FIR copy, policy copy and original estimate along with the signed claim form. However, one has to keep in mind that the insurance does not include depreciation, mechanical and electrical breakdown, losses during the war and due to drunken driving. Also, the insurance claim cannot be made if the vehicle has been used outside the geographical region agreed upon in the policy. All these factors have to be monitored before claiming motor insurance. If the claim for the insurance is appropriate as per the policy, then one can get cover losses to the automobile. Some of the car insurance and even other vehicle insurances also offer accident cover for individual owners of the vehicles, passengers and the third party liability.

Thus, the insurance is truly a great way out to stay secure from the after effects of the accidents or damages caused to the vehicle as well as the bodily injuries due to man-made or natural calamities. Therefore, it is advisable to buy vehicle insurance as and when you buy a new vehicle. If you are hesitant to buy a policy just because of too many conventional procedures and paper work, then you can opt for vehicle insurance online. You can buy car insurance online, motorcycle insurance online and even other vehicle insurances online. So, start browsing for suitable vehicle insurance policy online now.

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Author Profile: Pranav Sharma is an insurance agent based in Mumbai; Pranav assists individuals and corporates in purchasing the right car Insurance & often shares his insights about the vehicle insurance industry on internet.

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