Vehicle Insurance

What is vehicle insurance insurance?

Vehicle insurance as the term itself is suggestive, is an insurance product that covers the financial risk of vehicle damage. It is also called auto-motive/auto insurance or motor insurance. The policies include four-wheelers, three-wheelers like autorickshaws, and two-wheelers.

Benefits of Vehicle insurance:

  • Damage or loss to insured vehicle. In case your vehicle is damaged due to an accident, fire, or self ignition, you are protected.
  • Personal accident cover.
  • Large network of garages.
  • Third party liabilities.
  • No claim bonus.
  • Quick and hassle-free process.
  • Customer support.

What are the 5 benefits of insurance?

Benefits of Insurance Coverage

  • Provides Protection. Insurance coverage does reduce the impact of loss that one bears in perilous situations.
  • Provides Certainty. Insurance coverage provides a feeling of assurance to the policyholders.
  • Risk Sharing.
  • Value of Risk.
  • Capital Generation.
  • Economic Growth.
  • Saving Habits.

What is zero depreciation?

A zero dep cover is an add-on in car insurance under which we won't charge you for depreciation during the claim settlement. In simple words, you are not required to pay for the depreciation cost while making a claim. A comprehensive policy provides coverage for own damage and damages caused to the third party.

What are the 7 functions of insurance?

The functions of insurance can be listed as follows:

  • They provide certainty to the insured.
  • They ensure the protection of the family.
  • They are risk-sharing policies.
  • They prevent the damages that can come from loss.
  • It provides capital.
  • It's known for improving efficiency.
  • It helps in boosting the economy.
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