India is a vast country with an ever-increasing population, which results in an equally alarming rate of cars being introduced on the road each day. This is due to the fact that the buying potential of the masses has increased three-fold, in turn bringing in the need for substantial car insurance in our country. Car insurance is vital for the financial safety of your car. It helps to give you financial protection in the case of an accident or any unforeseen circumstance. According to the Motor Vehicle Act, it is now mandatory to obtain car insurance for your new vehicle, whether for a personal or commercial purpose.

Car insurance provides financial safety from damages, whether it is natural or man-made calamities or an unfortunate accident. Usually, these insurances are followed through by insurance companies on the purchase of your vehicle wherein they have tie-ups with the automobile companies. The amount of the premium is calculated on the basis of your geographical location, the type and make of the vehicle, etc. This enables them to provide the best deals for the security of your vehicle, offering different premium rates proportionate to the price of your vehicle.

There are many different types of insurance plans available for your vehicle such as insurance against accident, robbery, explosion, among other incidents. Customers can also be insured against third party death or an injury where the driver is at fault and has to pay the damages to the victim.

In case of an unfortunate incident, where you have to make a claim against damages to your vehicle due to an accident or any third-party claim, you are required to submit a number of forms like a copy of the FIR, your driving license, etc. On the other hand, you can also get a no claim bonus to avail a discount on your policy renewal. Apart from that, you can also get services like a return to invoice cover, wherein you get the depreciated value of your vehicle in case of total damage to the vehicle.

On the whole, it is the customer’s role to look through the offers promised by the numerous automobile insurance companies before taking the plunge. So, go for the policy that is most cost friendly and offers maximum perks to suit your needs.