Widespread use of the motor car began after the First World War in urban areas. Cars were relatively fast and dangerous by that stage, yet there was still no compulsory form of car insurance anywhere in the world. This meant that injured victims would seldom get any compensation in an accident, and drivers often faced considerable costs for damage to their car and property.
Senior drivers are often eligible for retirement discounts, reflecting the lower average miles driven by this age group. However, rates may increase for senior drivers after age 65, due to increased risk associated with much older drivers. Typically, the increased risk for drivers over 65 years of age is associated with slower reflexes, reaction times, and being more injury-prone.
Having a third-party insurance plan is compulsory for all automobiles plying on the Indian roads. This insurance plan provides the coverage arising out of for injuries or damages caused to other people. The beneficiary is third-party only. The prudent way to get coverage for the losses or damages caused to the insured vehicle is buying a comprehensive insurance plan. It provides the coverage for third-party liability along with own damage caused to the insured automobile.
The 12-month policy will generally start on the date that the last car insurance is up for renewal, with short-term cover used to protect the other cars in the interim. For example, if you have one car that needs to be insured from February and another in June, the February car will be insured first but the policy will actually renew in June when both cars are covered. After the last car has been insured for a full 12 months, the policy will renew each year until you choose another policy.
Private Car Insurance – Private Car Insurance is the fastest growing sector in India as it is compulsory for all the new cars. The amount of premium depends on the make and value of the car, state where the car is registered and the year of manufacture. This amount can be reduced by asking the insurer for No Claim Bonus (NCB) if no claim is made for insurance in previous year.
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The use of non-intrusive load monitoring to detect drunk driving and other risky behaviors has been proposed. A US patent application combining this technology with a usage based insurance product to create a new type of behavior based auto insurance product is currently open for public comment on peer to patent. See Behavior-based safety. Behaviour based Insurance focusing upon driving is often called Telematics or Telematics2.0 in some cases monitoring focus upon behavioural analysis such as smooth driving.
Car Insurance: Car Insurance gives coverage against accidental loss or damages to own car or to a third party. While choosing a car insurance policy, a person should always compare premium offered by various insurers to ensure that he got the best deal. The amount of premium would depend on the make & value of car, state from where it is registered and manufacturing year.
The immediate impounding of an apparently uninsured vehicle replaces the former method of dealing with insurance spot-checks where drivers were issued with an HORT/1 (so-called because the order was form number 1 issued by the Home Office Road Traffic dept). This 'ticket' was an order requiring that within seven days, from midnight of the date of issue, the driver concerned was to take a valid insurance certificate (and usually other driving documents as well) to a police station of the driver's choice. Failure to produce an insurance certificate was, and still is, an offence. The HORT/1 was commonly known – even by the issuing authorities when dealing with the public – as a "Producer". As these are seldom issued now and the MID relied upon to indicate the presence of insurance or not, it is incumbent upon the insurance industry to accurately and swiftly update the MID with current policy details and insurers that fail to do so can be penalised by their regulating body.
If a LPG or CNG kit is installed in your automobile, you must inform the Road Transport Authority’s office, from where the automobile was registered so that they can modify the necessary changes in the registration certificate of the automobile. The insurance provider should be informed as well so that it can provide the coverage to the kit on the payment of additional premium as per the kit’s value under Own Damage Section.
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