Introduction of Vehicle Insurance in Jaipur
If you’re looking for the Best Agent for Vehicle Insurance in Jaipur, then you’re in the right place! In this blog, you will learn everything about the Best Agent for Vehicle insurance (also known as car insurance, motor insurance, or auto insurance). Vehicle insurance covers cars, trucks, motorcycles, and other road vehicles. Its primary use is to provide financial protection against physical damage or bodily injury resulting from traffic collisions and against liability that could also arise from incidents in a vehicle. Vehicle insurance in Jaipur may offer financial protection against vehicle theft and against damage to the vehicle sustained from events other than traffic collisions, such as keying, weather or natural disasters, and injury sustained by colliding with stationary objects. Vehicle insurance in Jaipur covers the loss or damage caused to the automobile or its parts due to natural and man-made calamities. Vehicle insurance in Jaipur provides accident cover for individual owners of the vehicle while driving and also for passengers and third-party legal liability. Certain general insurance companies also offer online insurance services for the vehicle.
Vehicle insurance in Jaipur is a compulsory requirement for all new vehicles, whether for commercial or personal use. Insurance companies have tie-ups with leading automobile manufacturers. They offer their customers instant auto quotes. Several factors determine premiums, and the amount of premium increases with the price of the vehicle. The claims of the Vehicle insurance in Jaipur can be accidental, theft claims or third-party claims. Certain documents are required for claiming auto insurance like a duly signed claim form, RC copy of the vehicle, driving license copy, FIR copy, original estimate and policy copy.
Vehicle insurance in Jaipur is like any other insurance policy, but unlike other insurances, it is ‘Mandatory’! And, as the name suggests, insurance is related to all types of motor vehicles-motorcycles, cars, jeeps, commercial vehicles etc.
Vehicle insurance in Jaipur has been made mandatory by the government for your safety and the safety of others. And the yearly premium you pay is just a meager sum compared to the advantages it offers you in case of, god forbid, any mishap.
Yet another misconception many people have is, Vehicle insurance in Jaipur covers the only motor vehicle. Wrong again! So first, let’s start with the types of Vehicle insurance in Jaipur.
Types of Vehicle Insurance in Jaipur
These are different types of Vehicle insurance in Jaipur:
Private car insurance – A car insurance policy is not just a mandatory requirement but also covers your car against unforeseen damages. As the name suggests, a private car insurance policy is for cars that are used for Private purposes. This car policy offers financial protection to the car and its owner against damages arising from unforeseen events like accidents, calamities, theft, fire, etc. This Policy also covers third-party liability such as death, injury or property damage of a third party caused due to an accident of the insured car. This is the fastest-growing sector in India as it is compulsory for all new cars. The premium amount depends on the car’s make and value, the state where the car is registered and the year of manufacture. This amount can be reduced by asking the insurer for a no-claim bonus (NCB) if no claim is made for Insurance in the previous year.
Two-wheeler Insurance – Two-wheeler insurance in Jaipur is mandatory and governed by the Motor Vehicles Act, 1988. The Two-Wheeler insurance companies and their policies are regulated by the Insurance Regulatory Development Authority of India (IRDAI). Two-Wheeler Insurance Policy covers accidental Insurance for the driver of the vehicle. Two Wheeler running on roads without a valid insurance policy are liable to attract heavy penalties. Hence, every owner of a two-wheeler must hold at least a mandatory third-party liability insurance cover, which is the minimum coverage for a two-wheeler. The premium amount depends on the current showroom price multiplied by the depreciation rate fixed by the Tariff Advisory Committee at the beginning of a policy period. We Provide best two-wheeler insurance in jaipur for your motorbikes or scooter.
Commercial vehicle insurance: Compared to old times today, the business operates efficiently as we have excellent modes of transportation. Suppose a vehicle is providing you with an income of livelihood. In that case, you definitely will not want anything happening to your vehicle, as any damage hinders your business’s operation and movement. This Insurance covers all the vehicles used for business purposes like Cabs, trucks, HMVs, and transportation Vehicles. The amount of premium depends on the showroom price of the vehicle at the commencement of the insurance period, the vehicle’s make, and the vehicle registration place.
The damage or loss to a commercial vehicle can be massive and easily create a dent in your pocket. If you cannot bear a massive loss and are incapable of paying the bills, in all likelihood, you will avail yourself of no financial help, which will be a burden on your shoulder and a constant source to be stress and anxiety. So, never let any journey take a halt. Understanding that any unwanted financial expense can interrupt the journey is essential. Run your business smoothly and secure each commercial journey by buying commercial vehicle insurance.
Types of Vehicle Insurance policies in Jaipur
These are different types of Vehicle insurance policies in Jaipur:
Own damage Vehicle insurance – Own Damage vehicle insurance, a.k.a. OD Insurance, is a Vehicle insurance policy intended to safeguard your vehicle against unforeseen damage. This policy offers Vehicle insurance coverage for damages sustained by your vehicle due to road accidents, fire, natural calamities, or any other mishap. It is designed to give you added coverage apart from the third-party liability. An own-damage cover will compensate the policyholder for losses, including accidental damages, damages due to transit, theft or vandalism, natural calamities and man-made disasters. However, the limit to the compensation you can receive depends on the Insured Declared Value or IDV. The IDV, in turn, is heavily determined by the depreciation rate, which increases with the vehicle’s age. This policy is relatively economical compared to a comprehensive vehicle insurance plan and enables policyholders to protect their vehicle from third-party coverage at affordable rates.
Third-party vehicle insurance- Third-party insurance cover is mandatory under the Motor Vehicles Act, 1988. This cover cannot be used for personal damages. This is offered at low premiums and allows for third-party claims under “no-fault liability”. The premium is calculated through the rates provided by the Tariff Advisory Committee. This is a branch of the IRDAI (Insurance Regulatory and Development Authority of India). It covers bodily injury/accidental death and property damage. Third-party insurance is one of the most common types of vehicle insurance in Jaipur, in which only damages & losses caused to a third-party person, vehicle or property are covered.
Comprehensive vehicle insurance – Comprehensive vehicle insurance is an extensive vehicle insurance policy that covers risks related to your damages. Comprehensive insurance is one of the most valuable types of vehicle insurance in Jaipur that covers both third-party liabilities and damages to your vehicle. It provides comprehensive coverage against third-party liabilities and loss or damages of the vehicle from accidents, vandalism, fire, falling objects or floods. It also covers accidental third-party property or physical injuries along with any damages sustained by the insured vehicle due to unforeseen incidents like fire, theft, accidents, and man-made and natural calamities. Two wheeler insurance in jaipur
The owner-driver of the car also gets a personal accident cover. The policy coverage can be further amplified by buying add-on covers. It pays for damages incurred amid unforeseen natural calamities such as cyclones, earthquakes, floods, etc. It also safeguards the insured car from man-made disasters, including theft, accident, incursion, burglary, fire, etc. The coverage can be boosted by selecting additional covers, such as engine protector, accessories cover, medical expenses, zero depreciation cover, etc. This cover is widely popular as it offers full-fledged coverage and leaves the policyholder stress-free. There are many add-on policies covers available in comprehensive vehicle insurance like Zero Depreciation, Roadside Assistance, Return to Invoice Cover or Engine Protection Cover.
The Best Agent for Vehicle Insurance in Jaipur
Agent for vehicle insurance in Jaipur are the specialists that help you choose the right insurance plan for your vehicle. Depending on the value of your vehicle and your income, the Agent for vehicle insurance in Jaipur compare plans and chooses the one that will fit your bill best. In emergencies such as accidents of various sorts, Agents for vehicle insurance in Jaipur make claiming your insurance a quick and hassle-free process. While the law states that one must have these formalities in place, it is ideal to do the same for endless reasons. Theft, fire, explosion, self-ignition, lightning, riots, strikes or acts of terrorism and natural calamities are some of the accidents covered by many of the Best vehicle insurance plans in Jaipur. You can also save a significant amount of money in the bargain. Agent for vehicle insurance in Jaipur does an excellent job of making sure that you make your annual payment on time by calling you before the last payment date. Two wheeler insurance in jaipur
A majority of the population invests in vehicles for comfortable travel. Though vehicles are a good investment, they are a liability as the owner must ensure the vehicle is in the best condition. Everyone must buy vehicle insurance while buying a vehicle, making sure to renew the policy before it expires. Buying vehicle insurance is mandatory in Jaipur; vehicle insurance agent in Jaipur aid their clients in choosing the right vehicle insurance policy.
To avail of these benefits and more, contact us, the best agent for vehicle insurance in Jaipur, the Treasure Equity. We will guide you to select the best Vehicle insurance policy for your vehicle according to your need. Two wheeler insurance in jaipur
FAQs
What is vehicle insurance?
Vehicle insurance is also called motor insurance. The policy is a contract between the insured and the insurer to protect them from unforeseen mishaps while driving on the road.
A vehicle insurance policy provides the policyholder coverage against third-party liabilities and own damages arising due to accidents/collision while driving on the road.
Is vehicle insurance mandatory in India?
Yes, vehicle insurance is mandatory in India for many reasons, the first and foremost being the rising number of road accidents in India. The Motor Vehicles Act, 1988 states that every owner-driver is legally required to carry a vehicle insurance policy while driving on the Indian roads. Owner-drivers of the vehicle are required to at least carry a valid third-party car insurance policy.
Is vehicle insurance also required for old vehicle?
Yes, as per the Motor Vehicles Act, 1988, vehicle insurance is mandatory for all types of vehicles in public places in India, irrespective of their age. Though, older vehicles generally attract a lower amount of premium as the value of the vehicle in the market decreases with time. Two wheeler insurance in jaipur
What does ‘premium’ mean in vehicle insurance plans?
Vehicle insurance premium means the cost you are required to pay to the insurance company to buy a vehicle insurance plan. It is the amount that the policyholder pays to the insurer annually to get coverage against unforeseen accidents on the road and be able to drive legally. The amount of premium is charged differently by different insurance companies based on the type of coverage provided and the policy tenure. The premium also depends on the IDV of the vehicle, registration year, RTO, etc.
What are the factors that affect vehicle insurance premiums?
The cost of vehicle insurance premiums is affected by a lot of factors. Having a basic understanding of the factors can help you save on the cost of vehicle insurance at the time of purchase or renewal.
Following are the factors that affect vehicle insurance:
- Vehicle registration location: Vehicles registered in a tier 1 city tend to attract a higher amount of premium than the ones registered in tier 2 or 3 cities.
- Manufacturer and variant type: Different variants of vehicles attract different premium amounts as
The amount of coverage to be offered depends upon their value in the market.
- Safety/Anti-theft security in vehicles: If there are adequate safety systems installed in vehicles that might prevent theft, the risk decreases leading to lower cost of the premium.
- Policy type: Comprehensive vehicle insurance is a little expensive than third-party vehicle insurance as it provides extended coverage benefits for your vehicle damages. Meanwhile, third-party vehicle insurance comes with a relatively cheaper premium as it only provides basic third-party coverage benefits.
- Add-On Covers: The additional coverage you will opt for with comprehensive vehicle insurance directly impacts the amount of premium to be paid for the vehicle insurance.
What are the documents I need to submit at the time of filing a claim?
The aim of purchasing a vehicle insurance policy is to get coverage against damages or injuries caused to third party or property, as well as own damage. To ensure your claim is settled, you will have to submit a list of documents for a hassle-free experience.
- Duly filled and signed claim form
- Registration certificate (Original to be presented for verification)
- Valid insurance policy
- Driving license copy (Original to be presented for verification)
- Purchase invoice and delivery challan (in case of new vehicle)
- Original copy of FIR in case of theft, third party damage, property damage
- In case of reimbursement, repair bills and payment receipts have to be submitted
What is the meaning of endorsement in vehicle insurance?
It is a written document that addresses the agreed change in the policy; it is a document that incorporates the change in policy terms as per the insured’s request. Two-wheeler insurance in Jaipur
What is a ‘No Claim Bonus’ in a vehicle insurance policy?
No claim bonus or NCB refers to the reward that your insurance company gives you for not filing a single claim throughout the policy tenure. This reward is the discount you get on the premium to be paid for vehicle insurance renewal. NCB generally starts at 20% and goes up to 50% for 5 consecutive claim-free years. However, the NCB resets to 0% even if you make a single claim in a policy period.
Is vehicle insurance policy transferrable?
If you are selling your vehicle, you can transfer the vehicle insurance policy too in the name of the new owner. Within a period of 15 days, the new vehicle owner should inform the insurance company about the transfer of the policy. Pre-inspection of the vehicle is required to be done. However, the NCB that you earn cannot be transferred in the name of the new vehicle owner.
Will I require vehicle insurance for an electric/CNG/LPG vehicle?
Yes, owners of electric vehicles or vehicles fitted with CNG/LPG are also required to carry a valid vehicle insurance policy. However, the premium charged can be slightly higher.