BHPian arundeepbv<\/strong> recently shared this with other enthusiasts.<\/p>\n Hello, TeamBHPians! I’ve been scouring the forum for a dedicated thread on insurance but couldn’t find one. So, I thought it would be beneficial to start a thread focusing on the different types of insurance available, potential add-ons, their limitations, and the claim process for those unfortunate incidents. After all, knowing how to navigate the claim process can make a potentially stressful situation much easier to handle. Let’s get the conversation rolling!<\/p>\n Insurance is a topic that often takes the backseat but is essential for every vehicle owner\u2014vehicle insurance in India. While we all love talking about horsepower, torque, and the latest gadgets, understanding insurance policies can save us from a lot of headaches in the long run. So, let’s jump right in!<\/p>\n The most basic and legally mandated insurance in India, Third-Party Liability Insurance covers you against damages to another vehicle, property, or individual. However, it doesn’t cover any damage to your vehicle.<\/p>\n This package gives you broader coverage. It includes third-party liability and also covers damages to your vehicle caused by natural calamities, theft, fire, etc.<\/p>\n From Collision Coverage to Zero Depreciation and Engine Cover, there are various add-ons to make your policy more comprehensive. There are also specialized packages like Pay-as-You-Drive and Commercial Vehicle Insurance, catering to specific needs.<\/p>\n For bodily injuries or death in a third-party accident, there’s no maximum limit for the payout. However, there is a cap for third-party property damage, often around 7.5 lakh INR.<\/p>\n If you’re involved in an accident where the property damage exceeds your policy’s cap, you’re liable for the remaining amount. The property owner can even take legal action to recover this amount. Therefore, it’s critical to understand the limitations of your policy.<\/p>\n Some folks opt for additional “Umbrella Policies” or “Excess Liability Insurance” to safeguard against costs exceeding regular policy limits. While these are less common in India, they can provide an extra layer of protection.<\/p>\n The process of claiming insurance can vary depending on the insurance provider, the nature of the claim, and whether it’s a third-party or comprehensive claim. Below is a general guideline on how each type is typically claimed.<\/p>\n Knowing how to navigate the claim process can make a potentially stressful situation easier to handle. Whether you have third-party or comprehensive insurance, it’s essential to be familiar with your policy’s terms and conditions for a smooth claim process.<\/p>\n While vehicle insurance might not be the most exciting topic for automobile enthusiasts, it’s an essential aspect of responsible vehicle ownership. Understanding your options and limitations can save you a lot of trouble down the line. Make sure you read through your policy details carefully and consider add-ons that might be relevant to you.<\/p>\n Thank you for taking the time to read through this thread on vehicle insurance in India. I have covered various aspects, from types of insurance and their limitations to the nitty-gritty of claim procedures. But, of course, this is a vast and ever-evolving subject, and I wholeheartedly welcome any additional information or perspectives that you, my fellow TeamBHPians, may have.<\/p>\n I know that dealing with insurance can be daunting and confusing, but it’s a part of the driving experience that we shouldn’t overlook. So, please feel free to ask any insurance-related questions you may have right here on this thread. Your questions will not only benefit you but also contribute to our community’s collective wisdom.<\/p>\n I’ll do my best to find the answers and share them here for everyone’s benefit. Together, we can make this thread a go-to resource for any automobile enthusiast looking to understand the intricacies of vehicle insurance.<\/p>\n Let’s help each other become more informed and prepared for those unexpected turns on the road of life. I’m excited to hear your thoughts, questions, and experiences. Let’s keep this conversation rolling!<\/p>\n Here’s what BHPian Ashdel<\/strong> had to say about the matter:<\/p>\n Thanks for this thread – a couple of add-ons<\/p>\n Here’s what BHPian SinghBHP<\/strong> had to say about the matter:<\/p>\n Always take Gap Value \/ Return to Invoice Coverage while taking the insurance.<\/p>\n You would notice that when we buy a car the sales guy may provide you insurance on ON_ROAD price which does not cover the additional taxes you pay on your car. In case of a theft, the claim is processed on the ON_ROAD price and you lose a hefty amount which you paid as taxes. The Return To Invoice or Gap Value insurance covers that and you get the claim value as per the total amount at the time of purchase.<\/p>\n<\/blockquote>\nTypes of Vehicle Insurance Available<\/h2>\n
Third-Party Liability Insurance<\/h2>\n
Comprehensive Insurance<\/h2>\n
Add-ons and Special Policies<\/h2>\n
Understanding Liability Caps<\/h2>\n
Third-Party Liability<\/h2>\n
What Happens When Damages Exceed the Cap?<\/h2>\n
Pro Tips for Extra Coverage<\/h2>\n
Third-Party Insurance Claim:<\/h2>\n
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Comprehensive Insurance Claim:<\/h2>\n
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