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.
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 claims can be accidental, theft claims or third party claims.
For Accident Claims
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