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.
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 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 reimbursed
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:
