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There are two types of car insurance plans offered in India. They are Comprehensive car insurance policy and Third-party car insurance policy. The main difference between third-party and comprehensive insurance is the kind of coverage it offers.
A comprehensive insurance policy is an extensive car insurance policy that covers the insured person against both, third party liabilities and own damages. That is why it is also called ‘own damage’ or a ‘other than collision’ car insurance because it also protects you financially against losses that might appear not due to collision.
A car insurance policy is usually valid for a period of one year and has to be renewed before the due date. All you have to do is pay the premiums on time. Generally, most insurance companies offer a grace period for paying the premium at the end of the one-year period.
Tired of filling forms for availing car insurance? Wouldn’t it be so convenient if you can simply buy or renew third party car insurance online? Lucky you. Just like so many other products and services available online, so is the case with car insurance.
Car insurance is generally for a year but, in some cases it is available for a couple of years at one go. There is no provision to pay the premium on car insurance in instalments. The Insurance Act, 1938, governs the payment of premium on car insurance.
Yes, it is possible to get your unused money as a refund from the car insurance premium. But it will solely depend upon the circumstances under which your policy is cancelled. Most of the companies may refund your balance money if you cancel the policy before its end tenure. The exact amount refunded depends on your insurance company’s policies.
As per the Motor Vehicles Act 1988, it is legally mandatory for any person owing a car to have a car insurance in India. This is to legally cover the accidental damages incurred by the owner and is bound to pay this amount to who so ever concerned.
Motor insurance is a legal agreement between you and the insurance provider wherein you promise you pay a certain amount of premium to get coverage for your vehicle in case of theft, loss, accident, third-party injury, etc. As per the Motor Vehicles Act 2017, vehicle should have a valid third-party insurance. Following are some of the advantages of having a motor insurance in India
According to the Motor Vehicles Act 1988, it is compulsory for all new vehicles used, be it for commercial or personal use, to have a third-party insurance. Taking a home insurance could be an option while getting a home loan from the bank. But legally, banks can’t force you to get a home insurance. Car purchase is the only purchase where it is mandatory to have an insurance policy.
Car insurance provides a cover against unfortunate accidents that you might meet with in the future. It helps to mitigate the costs incurred in the accident. The cost of the car insurance depends on a lot of factors such as type of car, age of vehicle, age of the insured and insured declared value etc.