Did you buy a brand new car sometime during the festive season in 2015? Well, it’s that time of the year when you should plan on renewing your Car Insurance before it expires. Remember, not only is driving a car without insurance illegal, but you also would have to pay a penalty if you renew the policy after the expiry date. And yes, not to forget that the process after expiry needs extra validation. So if your insurance policy is about to expire, we suggest you head here.
Just to make you aware of how the government plans to crack down on motorists on the street without a valid car insurance, the recent proposal by the transport authorities if passed will double the penalty from Rs. 1,000 to 2,000. If you add this up to the premium you need to pay for your car insurance, it makes a lot of difference. So it’s best you renew the policy on time. If you fail to renew within 90 days of expiry, you even loose your No Claim Bonus privilege.
Now, what should you buy, first party insurance or third party?
Well, Indian authorities have made it mandatory to have a third party insurance under the Motor Vehicles Act, 1988. What this offers is settlement for loses incurred by a 3rd party during an accident. The insurance company also has to bear the settlement in case of 3rd party fatality.
First party insurance, also known as comprehensive insurance is more expensive. This covers against all damages to your car, theft and liability to third party. Also, most banks offer add-ons on first party insurance to create a lucrative deal for customers. Features like zero depreciation are available only on first party insurance.
Bharati AXA is a leading car insurance company and is offering the following benefits:
- Instant activation of policy
- 24×7 claim settlement assistance
- Cashless claim settlement at more than 2,700 garages
- No Claim Bonus up to 50%
- 12 add-on covers
- Road Side Assistance
- Accidental death coverage for passengers up to Rs. 2 lakh
Why Bharati AXA, given the situation on the streets here in India during monsoon, you have an add-on termed as ‘Hydrostatic Lock Cover’. This helps cover costs / loses against repairing the engine parts due to ingression of water in the engine.