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Auto Insurance

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 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:
HSBC India - AutoSecure
ICICI Lombard - Motor Plans
United India Insurance Co. - Motor Package and Liability only Policies
The New India Assurance Co. - Motor Policy