Automobile Insurance

The Automobile Insurance is today a basic necessity for every vehicle owner. Basically the Auto Insurance means providing a repay to the vehicle owner for any future losses regarding their vehicle. The company that gives an Insurance cover for a vehicle can reimburse to the owner for natural calamities and man-made calamities. Here it is important to know that anything can happen and thus the vehicle owner should always think about the future and must also prepare themselves strong enough in both financial and mental aspects. It is a matter of fact that every vehicle does not run into calamity but it is important to be ready with the financial assessment. The company can provide financial assistance in case of vehicle accident and even it thieves snatch your vehicle. Hence, the Automobile Insurance is a must have policy for every vehicle owner.

Required documents for claim :

The Automobile Insurance is mandatory for each and every vehicle owner and thus the vehicle manufacturing companies had already tied up with different companies which provide insurance cover. It is obvious that the vehicle owner has to pay a prerequisite amount as soon as the vehicle is being registered on their name. The Automobile Insurance Premium amount changes with respect to the type and price of vehicles. Hence, the automobile industry has many options to offer to their customers where they can choose the premium amount according to their balance sheet. The required documents for claim of Automobile Insurance are RC (Registration Copy) copy of the Vehicle, duly signed claim form in original, Original estimate of vehicle cost, Driving License and the FIR copy if your vehicle is been stolen. Therefore, to claim Automobile insurance one has to pay its premium on time and prepare themselves financially for any situations.
Types of Automobile Insurance:

The Automobile Insurance types are Two Wheeler Insurance, Private Car Insurance and Commercial Vehicle Insurance. The detailed information of each type is as follows:

Two Wheeler Insurance: In this type of Automobile Insurance, the driver of the vehicle can claim insurance on accident of the vehicle. Some Insurance companies provide vehicle damages and some don't. Hence, the Two Wheeler Insurance must be chosen after reading all the terms and conditions. The important thing is to know the exact premium amount and it is determined on the basis of the actual cost of vehicle at the time of delivery from the showroom and the rate decided by Tariff Advisory Committee.

Private Car Insurance: The private car insurance is compulsory in all over India. In India the private car Insurance is a sector which is increasing day by day. Here it is emulated on the basis of the year of manufacture of car, the cost price of car and the state from which it is been registered. There are several companies who provide varying premium amount and the vehicle owners can choose it on the basis of their balance sheet and affordability.

Commercial Vehicle Insurance: The Vehicles that come under Commercial Vehicle Insurance are the big ones which are used commercially and they are Heavy Motor Vehicle's (HMV's) and Trucks. It is important to note that the organization that aims to get an insurance cover for their commercial vehicle must assess its tenure of Insurance policy. In this type of Insurance the type and make of vehicle, place of vehicle registration and the tenure of Insurance policy is important.


Advantages of Automobile Insurance:

i) The reimbursement for faulty electrical/electronic parts of vehicle if and only if the payment of additional premium is done by the Vehicle owner.
ii) If in case the vehicle gets crashed in an accident and there is injury or even death of driver then the Insurance company can support with the financial assistance if they find it appropriate.
iii) The vehicle driver too gets an Insurance cover if in case his car is being crashed and he faces death.
iv) The Automobile Insurance generally includes the natural and man made calamities towards vehicle such as lightning, theft or housebreaking, self start of car ignition which damages the car, external explosion, fire, burglary and accidental damages.


The Automobile Insurance fails due to following reasons:
The major failure to claim the Automobile Insurance is due to the drunken driving case and many of the vehicle owners don't care about this situation. The Automobile Insurance does not support the breaking of mechanical parts of Vehicle and also the failure of electrical parts is not included. The last but not least thing is that if the vehicle is driven outside geographical area then the Insurance Company rejects the claim process of Automobile Insurance. Hence, everyone should read all the norms before applying for an Automobile Insurance and then only they should proceed to register it for their Automobile.