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 execute their automobile insurance renewal on time in order to continue receiving the benefits of these policies.

TYPES OF CAR INSURANCE – A car insurance policy acts as a shield to prevent natural disasters like floods, earthquakes, cyclones, accidents, and thefts from harming your vehicle. A automobile insurance policy might be one of three different kinds:

• Comprehensive Car Insurance –  The most extensive form of auto insurance is known as comprehensive car insurance, and it holds an 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 disasters, man-made disasters, self-ignition or lightning, explosion, fire, theft, etc. in addition to car accidents.
• Third-Party Car Insurance – In India, having third-party car insurance is required in order to operate a vehicle. It is also known as a Liability Only Car Insurance Policy because it is the most fundamental type of car insurance. In accordance with this coverage, the insurance provider is responsible for covering third-party deaths, permanent disabilities, temporary disabilities, and bodily injuries brought on by 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 Car Insurance – The standalone Own-Damage auto 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 THE PLAN –

A variety of privileges are available to car 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; and 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 car 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 car 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 constantly advises customers to choose a comprehensive auto insurance coverage with extra features like roadside help, 0% depreciation, flat tyre assistance, etc.