Yes. It is illegal to drive a car on Indian roads without car insurance.
Yes, all cars need insurance, be it private or commercial.
- Take immediate safety precautions like inform the police, ambulance (if needed), and switch on the hazard lights.
- Collect the details of everyone involved in the accident like all drivers, passengers, and witnesses.
- Contact your insurance company and start your claim procedure.
Few ways to reduce the premium:
- Pay annual premium instead of monthly premium
- Research the market and choose an affordable policy
- Customise your policy with only necessary add-ons
Renew your car insurance online. You will be notified in advance of the expiry date, renew it within the grace period.
The insurance amount is calculated based on several factors, like your car type, model, loans involved etc. Insurance companies customise a quote based on your needs and policy type.
If you don’t make any claim during the whole year, you get up to 20% No-claim bonus. This gets deducted from the subsequent year’s premium for your car insurance policy.
If you are driving on the roads, you must have car insurance. Here’s why:
1. Mandatory law: Under the Motor Vehicles Act, 1988, it is illegal to drive on Indian roads without car insurance.
2. Unexpected expenses: A car accident is an unforeseen event that can incur a huge amount of expenses. Not having car insurance can hit your savings and leave you cash-strapped.
3. Third party damages: Damaging someone else’s property or vehicle due to a collision can land you in a nasty situation. If you have car insurance you can get the third party damages compensated without any hassle.
All you need to know about personal loan from Bajaj Finserv