Auto insurance, also called car or motor insurance provides coverage to you and your car, against damage, theft, or loss. The coverage includes:
- Property - Damage or theft of your car, and damage
- Medical – Payments towards treating your bodily injuries incurred due to an accident, in which your car was involved
- Liability - Your responsibility to third-party for bodily injury or property damage that occurred, because your car was at fault
Different policies offer different types of coverage, but broadly speaking, the two types of coverage are:
Third-party liability car insurance
This insurance covers your third-party liability when your car is involved in the accident.
It does not cover you or your car.
Third-party liability car insurance is mandatory, as per Indian law.
Comprehensive car insurance
This insurance covers you, your car, and third-party liability.
The damage to your car can be caused by natural or man-made reasons.
Insurers provide add-on covers like coverage for driver, and co-passenger, engine, depreciation, roadside assistance, and others.
Some of the common inclusions are:
-Damage by a person driving any vehicle without a valid license
-Damage by a person driving the vehicle under the influence of drugs or liquor
-Loss/damage due to war, mutiny, or nuclear risk
The premiums for comprehensive coverage include both own-damage, and third-party liability.
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