Vehicle insurance is an integral aspect of safeguarding all the vehicles you own. It saves you from the huge financial stress of arranging for the money if something were to happen to your vehicles. At Chola MS General Insurance, we suggest that before getting your own vehicle insurance, it is essential to understand the various types of vehicle insurance, and then choose the one that best suits your needs and wants. In this blog, we at Chola MS General Insurance explain the different types of vehicle insurance, and how you can choose the best one for you. This will also give you an idea about the vehicle insurance provided by Chola MS, and the ways in which you can leverage that to suit your needs and personal financial goals.
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Types of Vehicle Insurance in India
Third-Party Insurance:
While it is essential to guard against the destruction that can be caused to our vehicles because of disasters and thefts, vehicle insurance also provides protection from third party damage. This refers to the damage that is caused to another person from our side. It fulfills the amount that you have to pay as liability to the person whose vehicle is affected. But this does not directly give any protection for the damage caused to your vehicle as a result.
Comprehensive Insurance:
Of the many types of vehicle insurance, this is more robust in the sense that it prevents your vehicle from both third-party liability, as well as the damage, if any, caused to your vehicle, because of natural disasters, theft, or vandalism. It is all-inclusive, and provides a holistic approach to safeguarding your vehicle.
Collision Coverage:
Collision coverage refers to the impact created to your vehicle because of a direct hit. Even though the Comprehensive insurance takes all possible damages as a whole, Collusion coverage is focused particularly on the damage caused because of collusion.
Zero Depreciation Insurance:
This type of insurance is a comprehensive coverage option that does not factor in the value of depreciation in the insurance policy. If you want to claim, the total cost of repairs is covered without factoring in the depreciation value.
Personal Accident Cover:
A personal accident cover is a vehicle insurance that is aimed at providing financial assistance to the policyholder in case they are faced with an accident or death upon driving the vehicle that they have insured. This comes as a huge help to the family of the deceased who will have a huge financial burden because of this incident.
Commercial Vehicle Insurance:
As the name suggests, this vehicle insurance is used by businesses. Of themanytypes of vehicle insurance in India that protect an individual’s vehicle, this has been designed for the purpose of safeguarding the vehicles used by businesses for commercial transportation purposes.
Chola MS General Insurance is among the trusted insurance providers in India. One can choose from a wide range of insurance options and opt for the one that best suits their needs. The various vehicle insurance offered are car insurance and Two Wheeler Insurance.
Car Insurance has a wide coverage. The various types that one can avail of under car insurance include Comprehensive Car Insurance, Own Car Damage, and Third Party Car Insurance. In addition to safeguarding your car from damage caused due to external circumstances, it also protects any personal belongings that may be present in your car during the time of accident, and secondly, provides coverage in case of an engine repair or any other part of the vehicle that could have been damaged. This is very helpful for policyholders, as these things can be quite expensive to spend from their own savings.
Apart from car and two wheeler insurance, it also provides Commercial vehicle insurance that you can use if you are running a business of large scale, and use vehicles for the purpose of transportation.
Even among the various types of vehicle insurance offered, you can also research for options which have an affordable premium, and also the ability to make the insurance policy flexible as per the needs of the insurance holder.
To sum up, there are many types of vehicle insurance. Hence, gaining specific knowledge regarding the various vehicle insurance policies out there is a crucial step towards ensuring that one chooses an insurance policy that is suited to their needs and preferences. Be it a car, two wheeler, or commercial vehicle insurance, ensure that you research and pick a policy that will meet your needs. Understanding and analyzing your Vehicle Insurance is as important as understanding the Vehicle itself. A smart investment can lead to a peaceful life and you can now take a positive step towards ensuring a secure future.
