Unveiling the answers: FAQs about car insurance you should know
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Car insurance is one of the most vital aspects regarding vehicle ownership and driving on Indian roads. Car insurance ensures that the owner has a safety net in the event of unforeseen events and a financial cushion in the event of accidents or theft of the vehicle. However, understanding the nitty-gritty of car insurance can be a daunting task. Here is a ready reckoner of car insurance FAQs for all of you that demystifies everything that you should know about Zurich Kotak General Insurance and auto insurance questions.
Car insurance FAQs that you should know
What is a car insurance plan?
Car insurance is insurance coverage availed by the car owner to safeguard the car and any expenses arising out of unforeseen events like accidents, theft, or expenses. Accidents cannot be avoided with this, but the financial impact on your wallet can be.
What does a car insurance plan cover?
Car insurance policy is typically designed to offer several types of coverage like liability coverage (offers coverage in the event of damage caused to others), collision coverage (covers for the expenses incurred in the event of damages caused to the vehicle due to collision), comprehensive coverage (offers coverage in case of non-collision events like theft, vandalism, or natural disaster), and uninsured/underinsured motorist coverage.
How is car insurance premium calculated?
The car insurance premium is based on numerous factors like type of vehicle, age of vehicle, location, type of insurance coverage, etc.
What is a deductible?
A deductible is the amount that you need to pay out of pocket for the car insurance to kick in. In simple words, a deductible is the amount you have to pay for each claim before the insurer pays the remaining amount.
For example, if your car insurance online coverage is Rs 20,000 and the deductible is Rs 2000 then the insurer will pay Rs 18,000 while the initial amount of Rs 2000 needs to be paid from your pocket.
Is car insurance mandatory in India?
Yes, car insurance is mandatory in India. Without valid car insurance, no car owner can drive his/her vehicle on Indian roads.
What happens if I get into a car accident?
If you are in a car accident first and foremost ensure everyone is safe and secure. Next report the accident to the insurance company and the nearest police station. Then you can proceed to file a claim.
The insurance company shall send a car insurance surveyor to assess the damage caused to the car. The entire claim process clarification depends on whether you opt for a cashless or a reimbursement claim. Both the processes are different as cashless claims documentation is done by the garage while in reimbursement you need to be aware of your insurance coverage details and then pay it from your pocket first and later file the claim.
Can I switch car insurance company?
Yes, you can switch the car insurance provider or the insurer at any policy renewal. However, it is essential that you carry out an in-depth analysis and then avail the car insurance coverage that meets your requirements.
What if my car insurance policy expires?
It is legally mandatory to have a valid car insurance plan while plying the vehicle on the Indian roads. Insurance companies would not provide coverage in case of an accident if your car insurance policy is not valid.
Can I buy car insurance online?
Yes, you can purchase car insurance online through numerous portals.
Thus, understanding the above-mentioned online insurance queries sheds light on the important aspects of car insurance is crucial as it helps in making informed decisions and offers financial cushion in times of emergency.
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