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Car insurance is very different from other insurances like health insurance, property insurance, travel insurance etc. Car insurance has an element of statutory compulsion which states that if you own a car, it is mandatory under laws of motor insurance India for you to insure your car against third party liability at least. This is termed as Third Party Insurance. Besides this mandatory provision, you also have the option of a comprehensive car insurance policy India which takes into account protecting you, your car and co- passengers in the car in the event of an accident.

The premium amount for a comprehensive policy is higher as compared to third party liability since it provides more coverage. Car insurance premium depends on a number of factors as stipulated in the Indian Motor Tariff Act. Generally speaking, this premium depends on:

• Type of vehicle.

• Age of vehicle.

• City of Registration.

• Period of coverage (for less than 12 months).

It is relevant to note that the city of registration determines the amount of premium. According to the Indian Motor Tariff, cities have been categorized into two zones for the purpose of specifying the amount of premium.

The car insurance premium depends on the city where it is registered first and not where it is used or where the insurance is renewed. This premium, in case of comprehensive car insurance depends on a few parameters.

• All cars are insured at a fixed value called the Insured’s Declared Value or IDV.

• IDV is arrived at the basis of manufacturer’s listed selling price of the car. Depreciation is then deducted for every year as provided in the schedule by the Indian Motor Tariff.

• Any additional electrical or electronic fitting in the car as an added accessory is priced and added to the sum insured over and above the IDV. The comprehensive insurance gives you the following coverage’s in general.

• Damages or loss to your car against natural calamities like fire, earthquake, flood, lightning, cyclone etc.

• Damage or loss of your car against manmade calamities like burglary, theft, riot, terrorist activity or during transport by road, rail air or waterways etc.

• Personal accident cover- Coverage given for the driver of the car while travelling, mounting or dismounting from the car. There is another additional provision of accident cover for co- passengers.

• Third party legal liability- Protection against legal liability due to accidental damages causing death or permanent injury of a person and damage to property caused by the accident.

Car insurance premium depends on several factors. Different companies offering insurance policy india have different competitive rates for motor insurance India. You have to make a choice depending on the coverage provided by the companies providing online car insurance india in relation with the premium you have to pay for your car. The facility to renew car insurance online further accelerates the insurance procedure