What is Car Insurance?
Car insurance, a.k.a. motor or auto insurance, is a contract between the insurance company and the vehicle owner. The owner pays a nominal premium to the car insurer. In return, the car insurer financially protects the insured from unforeseen events like accidents, theft, fire, natural disasters and third-party liabilities.
Whether you want to purchase a new car insurance policy to comply with legal norms or seek one that offers comprehensive coverage, Spinny has it all! At Spinny, you can browse through various types of car insurance, such as private car insurance, third-party car insurance, comprehensive car insurance, or own-damage car insurance, and choose the one that suits you best.
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An insurance policy protects you and your car against hefty financial losses. Under the Motor Insurance Policy Law, it is mandatory to have a motor insurance policy if you own a 2-wheeler, 4-wheeler or both.
Premium is your vehicle’s insurance cost that you undertake to pay to the insurance company in return for the coverage which the company provides.
Different insurance plans have different coverage tenures. The tenures of various plans include:<ul><li> Bike insurance - third party plans: 1 year- 5 years; comprehensive plans: 1 year- 3 years or 5 years </li><li> Car insurance - third party plans: 1 year- 3 years, comprehensive plans: 1 year- 3 years</li>
Buying insurance policies online is a simple process. You can compare different policies and choose the one that best suits your needs. Then you fill out an online proposal form, submit the necessary documents, and pay the premium online to get the policy issued. You can easily purchase insurance policies online after comparing different policies and choosing the best one. After you’ve selected a policy, you need to fill an online proposal form, submit the required documents and pay the premium online and the policy is issued.
There are several insurance policies in the market that serve similar needs but provide different coverage benefits and premium rates. The best insurance policy provides you the best coverage features at the lowest premium rates. Therefore, comparing is necessary before buying insurance policies. There are a number of insurance policies available in the market pertaining to similar needs and yet have different coverage benefits and premium rates. The best insurance policy which provides the best coverage features at the lowest premium rates. That is why comparing is necessary before buying insurance policies.
A claim is said to occur when an unforeseen event occurs and the insurance company becomes liable to pay the compensation for the financial loss suffered by the insured.
