Car Insurance : Comprehensive Insurance Policy
A comprehensive insurance policy includes:
* Third party cover.
* Loss / Damage to vehicle as a result of an accident, fire or theft.
* Risks against floods, earthquake, riots and strikes.
* Accessories like music system, air-conditioner, etc. can also be covered by paying additional premium.
* Risk of loss/damage while in transit by road, rail, watercraft, air, elevator, etc.
The insurance policy is valid for one year. It becomes effective from the moment the payment of premium is received by the insurance company, and ends at midnight, exactly a year later.
The insurance policy can be obtained through an insurance agent or a development officer of the insurance company. Usually, the new car dealer is also an insurance agent. The insurance premium depends on the car’s value, the engine power, its seating capacity, and the value of other accessories like the air-conditioner.
Renewal of Insurance Policy
The insurance policy has to be renewed within the period of validity. Any delay in the renewal of the policy renders the policy invalid and you will not be able to avail any benefit of the policy. Also, driving without a valid insurance policy is a legal offence.