A crucial aspect of the automobile industries throughout world is none other then automobile insurance. In India mainly private sector undertake the responsibility of automobile insurance. Various banking firms and financial institutes play a significant role in automobile insurance.
Automobile insurance came into the picture mainly to safeguard the car users by providing coverage for the damage and losses incurred to the automobile.
India automobile insurance is an extension of automobile insurance in India. It protects the user against the losses caused during any miss happening. The whole notion behind automobile insurance is to deposit or actually pay specific amount of money for a stipulated amount of time and this money compensates for the damage occurred to the automobile during accident or any such unfortunate incident. This deposited money in case of any mishap is provided to the owner of the victimized car. Various fields that are taken into consideration by the insurance policies of different agencies are complete vehicle damage, damage to a specific part of the automobile, money used while repairing vehicle and lot more. After a mishap an investigation team is set which verifies the legitimacy of the case and then the insured money is provided as compensation to the sufferer.
Car insurance
Car insurance is just a part of automobile insurance and it provides two separate kinds of insurances to the cars. A further disintegration of insurance is done into policies giving origin to Policy- A and Policy-B. Policy A is meant only for providing liability to third party whereas Policy –B is more comprehensive approach because of which Policy A has a very limited domain of usage. It can only be applied in case of bodily injuries to the driver and in case of damage to his possessions. Policy B not only covers the areas of usage of Policy-A, but also provides coverage in case of any destruction caused to the vehicle during the accident. The type of car being insured is a major factor that plays a very vital role in deciding the premiums that are to be charged. Other major factors are the average offered by car, the area where it is used, how old is the model of the carScience Articles, the present wear and tear condition of the car. It has been seen that private cars that are exposed to a large amount of threats are charged higher premiums.
Automobile insurance quotes help the users to compare various quotes of all the competing agencies in the same field and then selecting the best quote for themselves.
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