In event of any accident damage loss of your vehicle, a car insurance plan is your savior. It also protects you financially if your vehicle is stolen.
An automobile insurance policy offers risk coverage for a car or any two wheeler vehicle which runs on fuel and needs a license. Today there are many companies which offer car insurance in India.
As per Indian law, it is compulsory for any vehicle owner to buy a motor insurance
. If you are caught driving without any motor insurance, you will have to face related consequences. You should know the fine for no insurance in India while driving /riding.
The penalty for driving without insurance is different for different countries, however, some of the common punishments are as follows:
- Driving without a motor insurance shall result in suspension of your driving license.
- In addition, your vehicle’s registration too shall be suspended.
- As a penalty for driving without insurance, you would be charged a fine of Rs. 1000, and/or be imprisoned for 3 months.
Car insurance in India are basically of two types: a) Comprehensive and b) Third Party Only.
While the third party only insurance offers risk coverage only in case of damage/losses caused to the third party; the comprehensive car insurance cover
also takes care of your personal loss/damage in event of an accident.
A motor insurance with comprehensive cover generally does not include following risks:
1. Normal vehicle depreciation
2. Regular wear and tear
3. Any damage/loss incurred due to drunken driving
4. Any damage/loss incurred when driving without proper licenses