In recent years in India there is a boom in the automobile sector with high end growth rate and MNCs streaming into the country. But due to this and acute traffic quandary the number of auto accidents are also soaring. So the desirability of the auto cheap insurance has accelerated. Auto insurance is obligatory for all new vehicles be it for money-making or personal use.
Auto Insurance Companies are coming out with wide-ranging policies for its customers. And to encourage the customers to take at least low cost car insurance or cheapest car insurance the insurer companies are proffering varied discount car insurance and cheap car insurance online.  They are also tying up with foremost automobile manufacturers for a speedy insurance procedure. An automobile may be insured against loss or harm by accident, fire, theft, while in transit, third party accident etc. Auto insurance companies come out with only one of its kind plans for four wheelers, two wheelers, commercial vehicles. 

Types of Auto Insurance Available:

Two Wheeler Insurance Car/ bike Insurance package Commercial cheap auto Insurance package Bike insurance Scooter insurance

Calculation of Auto Insurance Amount/Premium:

Insurance companies are providing value- added service to its client by offering them on the spot auto quotes. Auto premium is calculated by a number of factors like, make of the vehicle, year of manufacture, place of registration, present showroom price of the vehicle and model of the vehicle. It also leans on whether the customer is individual or corporate house etc. The sum of auto/ car insurance premium swells with the raise in the price of the vehicle. Companies renew policies after they have expired. A discount on premium is sometimes provided to on hand customers. To facilitate all the system online car insurance and online auto insurances are provided to the clients.

Auto Insurance Claim process:

  •  Auto insurance claims can be accidental, theft claims or third party claims.
  •  Insured should write the number of the other car in case of an accident or third party claim
  •  Names of onlooker should also be written down
  •  File an FIR with the closest police station
  •  Insured should then contact the insurance company and obtain a claim number
  •  An inspector is allotted who reports the approximate value of loss or damage
  •  Based on the report of the surveyor, insurance companies endeavor to send the amount to the insured within one to three weeks
  •  An individual might have to pay the repair charges himself and later get it compensate

Documents necessary for Auto Insurance Claim:

  •  For Accident Claims
  •  Claim form suitably signed
  •  RC replica of the vehicle
  •  Driving license replica
  •  Police report
  •  Original repair invoice, payment reception from the service center

For Third Party Claims:

  •  Claim form accordingly signed
  •  Police FIR replica
  •  Driving license replica
  •  RC replica of the vehicle

List of Some of Insurance Companies proffering Auto Insurance:

  •  HSBC India - Auto Security
  •  Bajaj Allianz - Bajaj Allianzs Motor vehicles Insurance
  •  ICICI Lombard - Heavy auto Plans
  •  United India Insurance - Motor insurance Package and Liability Only Policies
  •  The New India Assurance- Motor Policy
So with a view to avoid any unforeseen circumstances one must budget car insurance and avail of the affordable car insurance at least.