Types Of Car Insurance Plan Provided By Kotak General Insurance
Updated On Oct 16, 2023
Let's look at the many sorts of automobile insurance policies available in India. You may simply choose fitting coverage after you understand the different sorts of auto insurance policies.
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Car insurance is a tool that protects you from financial losses that may arise as a result of an accident or other unforeseen incident involving your vehicle. It is critical to get a basic automobile insurance policy since it is required by the Indian Motor Tariff. However, before choosing a vehicle insurance policy, you should familiarise yourself with the various types of car insurance plans on the market. You may simply choose an appropriate policy depending on your budget and requirements after you have a good grasp of the various insurance plans.
Types of Car Insurance Plan
Kotak General Insurance offers three types of automobile insurance policies: Third-Party, Standalone Own-Damage, and Comprehensive Insurance.
Car Insurance for Third Parties
Liability-only coverage is sometimes known as third-party insurance. This is a basic insurance policy that is required in India to avoid legal ramifications. This coverage protects you against any financial obligations you may have to a third party as a result of an accident involving your vehicle. This policy's coverage includes:
- Third-party property damage refers to losses sustained by a third property. The amount of compensation for meeting third-party property damage is capped at Rs. 7.5 Lakh.
- Medical expenditures for treating injuries - The cost of treating third-party injuries, such as bodily injuries and partial and permanent disabilities.
- Compensation for death - In the event that a third-party individual dies, his or her family gets compensated.
Own-Damage Insurance on Its Own
The standalone own-damage auto insurance policy is designed to cover solely your car's own damage or loss in the event of an accident or other unforeseen event such as theft, fire, or natural disaster. This coverage compensates you for your car's own-damage losses in the following scenarios:
- Accidental Damages - In the event of a traffic accident, the cost of repairing the damages to your automobile is covered.
- In the event of a total loss due to fire or explosion, you will be reimbursed according to the Insured Declared Value (IDV) of your vehicle.
- Total Loss As A Result Of Theft - If your automobile is stolen, the insurance will cover the whole loss by providing you with the IDV.
- Natural Catastrophes - Compensation for damages to your vehicle caused by natural calamities such as floods, earthquakes, hurricanes, typhoons, hailstorms, lightning, or landslides.
- Man-Made Calamities - Losses sustained as a result of man-made calamities such as robbery, airstrikes, vandalism, riots, or terrorist acts.
Car Insurance with Full Coverage
Many insurance companies refer to comprehensive insurance as a package plan. This plan includes both third-party and own-damage insurance coverage. This coverage includes the following items:
- It covers all of the circumstances that are covered by standalone own damage insurance.
- This plan also includes liability coverage for third-party claims incurred as a result of an accident involving your vehicle. It provides coverage for a third-party person's injury or death.
- For third-party property damage, compensation of up to Rs 7.5 lakh is available.
Car insurance comes in a variety of forms, but you must choose one depending on your insurance needs and financial stability. To make an informed selection about a vehicle insurance plan, keep the various forms of car insurance in mind. We hope that the information provided above will assist you in locating a plan that meets your requirements. Kotak Insurance promises to give consumers nothing but the best by creating exclusively customized vehicle insurance plans matched with cutting-edge digital infrastructure.
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.