Take advantage of Car Insurance and insure you car against accident and other damages. Car insurance is a must for every vehicle on the road. Without a valid insurance a motor vehicle is not allowed to run. Therefore, as soon as you get a car get it insured, as it is a mandatory. Motor vehicle insurance in India can be of two types, "Act Only Risk - Motor Policy A" and "Motor Policy B". "Act Only Risk - Motor Policy A" is also known as third party risk and "Motor Policy B" is also known as comprehensive insurance policy. The Motor Policy A gives you the scope to meet up your legal requirement.
"Act Only Risk - Motor Policy A" is also known as third party risk The Motor Policy A gives you the scope to meet up your legal requirement and it covers the risks which are required to be covered under the Motor Vehicles Act. Under Section 146 of Motor Vehicles Act 1988, every car owner has to come under this Policy A. Each and every car owner is covered against Act Risks. According to this policy compensation is to be paid to the claimant on injuries or damage of the insured car. The "Act Only Risk - Motor Policy A" offers insurance to the private vehicles and cars and the policy covers the risk factors like, fire, theft etc. but fire, theft and other risk factors, extra premium has to be paid.
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"Motor Policy B" or comprehensive insurance policy offers compensation on loss or damage of the vehicle. If bodily damage occurs when the vehicle faces an accident or the vehicle is on fire or stolen, this policy will cover all. Under Comprehensive Insurance Policy the accessories of the car, which includes the air-conditioner, music system, etc can also be insured bur for this extra coverage you have to pay extra premium. Comprehensive insurance policy offers cover the risk factors like, earthquake, floods, riots and strikes. The policy covers the loss or damage of a vehicle when it is traveling by air, water, road, rail etc.
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Under the insurance policy your vehicle will be insured for one year. The insurance policy starts when you pay your first premium to the insurance company ends after one year in the midnight. The car insurance can be obtained through an insurance agent. You also take the help of the development officer of the insurance company. In most of the cases the new car dealer acts as the insurance agent. The premium of the insurance depend on certain factors which include, the value of the car, power of engine, the seating capacity of the car, and at the same time the value of the car accessories which include, air-conditioner, sound system etc.
Renewal of Insurance Policy is very much needed and this has to be done within the validity period. If the renewal of policy is not done within the period your policy will be invalid and you will not be able to get the benefit of car insurance policy.
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