Auto insurance is mandatory for
all new vehicles be it for commercial or personal use. Insurance
Companies are coming out with comprehensive policies for its customers.
They are also tying up with leading automobile manufacturers for a swift
insurance process. An automobile may be insured against loss or damage
by accident, fire, burglary,while in transit, third party accident etc.
Auto insurance companies come out with unique plans for four wheelers,
two wheelers, commercial vehicles.
Types Of Auto Insurance Available:
Calculation of Auto Insurance Amount/Premium:
Insurance
companies are providing value- added service to its client by offering
them instant auto quotes. Auto premium is determined by a number of
factors like, make of the vehicle, year of manufacture, place of
registration, current showroom price of the vehicle and model of the
vehicle. It also depends whether the client is individual or corporate
etc. The amount of premium increases with the increase in the price of
the vehicle. Companies renew policies after their expiry. A discount on
premium is sometimes provided to existing clients.
Auto Insurance Claim Procedure:
Auto insurance claims can be
accidental, theft claims or third party claims.
- Insured should write the number of the other vehicle in case of
an accident or third party claim
- Names of witness should also be written down
- File an FIR with the nearest police station
- Insured should then contact the insurance company and get a claim
number
- A surveyor is appointed who reports the approximate value of loss
or damage
- Based on the report of the surveyor, insurance companies try to
send the amount to the insured within one to three weeks
- An individual might have to pay the repair charges himself and
later get it reimburse
Documents Required for Auto Insurance Claim:
For Accident Claims
- Claim form duly signed
- RC copy of the vehicle
- Driving license copy
- FIR on a case-to-case basis
- Original estimate
- Original repair invoice, payment receipt from the service center
For Third Party Claims:
- Claim form duly signed
- Police FIR copy
- Driving license copy
- RC copy of the vehicle
For Third Party Claims:
- Claim form duly signed
- RC copy of the vehicle
- Driving license copy
- Original policy copy
- Original FIR copy
- RTO transfer papers duly signed, mentioning that the vehicle
cannot be located
List of Some of Insurance Companies Offering Auto Insurance:
