4 Wheeler Insurance

Car insurance or 4 wheeler insurance is a contract between a car owner and a general insurance company in which the latter guarantees to shield the car owner from monetary losses that may arise as a result of an unpleasant incident involving his or her car. There are three different kinds of automobile insurance policies: Third-Party Car Insurance, Standalone Own-Damage (OD) Car Insurance, and Comprehensive Car Insurance, depending on the extent of coverage. Policyholders should renew their automobile insurance on time. This ensures they continue receiving the benefits of their policies.

Types of 4 Wheeler Insurance –

It acts as a shield to prevent natural disasters like floods, earthquakes, cyclones, accidents, and thefts from harming your vehicle. An automobile insurance policy might be one of three different kinds:

Comprehensive 4 Wheeler Insurance –

Comprehensive car insurance is the most extensive form of auto insurance. It holds the insurance provider responsible for both the car’s own damages and any financial obligations owed to a third party. The coverage is valid in cases of natural and man-made disasters, self-ignition or lightning, explosion, fire, theft, and more. It also includes coverage for car accidents.

Third-Party 4 Wheeler Insurance –

In India, having third-party car insurance is required in order to operate a vehicle. It is also known as a Liability Only 4 Wheeler Insurance Policy because it is the most fundamental type of Car insurance. The insurance provider is responsible for covering third-party deaths, permanent disabilities, temporary disabilities, and bodily injuries under this coverage. These incidents must result from auto accidents involving the insured’s vehicle. This plan additionally covers third-party property damage up to a maximum of Rs. 7.5 lakh.

Own Damage 4 Wheeler Insurance –

The standalone Own-Damage Car Insurance policy was unveiled by the Insurance Regulatory and Development Authority of India (IRDAI) in September 2019. In accordance with this plan, the insured is solely covered for damages to his or her four-wheeler that result from an accident, calamity (natural or man-made), fire, explosion, theft, or other incident. A stand-alone own-damage auto insurance policy attempts to give the insured the freedom to select the insurance company of their choice.

Benefits of 4 Wheeler Insurance Plan –

A variety of privileges are available to 4 Wheeler insurance policyholders. The following are the main advantages:

• It Aids in Maintaining Legal Compliance.
• Protection from Third-Party Liabilities.
• Protection from Own-Damages.
• Coverage from Theft.
• Personal Accident Cover.

Things to take into Consideration –

Factors that are covered involve Accidental loss or damage to your car brought on by a theft, riot, strike, fire, explosion, self-ignition, lightning, or other natural disaster. Financial responsibility resulting from property damage or third-party harm or death. Personal liability insurance protects.

Loss or damage if a policy is not in force are examples of factors that are not covered by a 4 Wheeler insurance policy. The parts of the car and their gradual wear and tear, damage caused  when a person is driving without a proper license, loss or damage to the car brought on by being drunk or high on drugs, alcohol, etc.,  oil leaking that results in engine loss or damage to the vehicle brought on by breaking the rules set forth by the manufacturer are also not included. 

It’s crucial to know how to file a 4 Wheeler insurance claim because your insurer may deny it for a variety of reasons. The following are the methods to easily file a legitimate 4 wheeler insurance claim: You must first submit a claim request before the insurer sends an inspector to assess the alleged damage. Once the inspection is over, the automobile is transferred to the partner shop where repairs will be made. If the policy is cashless, the insurer will pay the network garage immediately for the repairs. However, if you choose reimbursement claims, you must pay the invoices in full before filing a claim for reimbursement.

DigiBima consistently advises customers to opt for comprehensive 4-wheeler insurance coverage. They recommend adding extra features like roadside assistance and 0% depreciation. Additional benefits, such as flat tire assistance, are also suggested.