Insurance PoliciesCar loan, third party and comprehensive insurance policy in India. Auto loan insurance is bought or is transferred and is legally mandatory.
Apnaloan.com Research Bureau
10 Aug 2007
Whenever you buy a car, you need to insure it or get the insurance papers transferred to your name in case it is a second hand car.
There are various insurance players in the market who offer Motor Insurance Policies. Popular among them are the General insurance company (GIC) and its four subsidiaries:
- New India Assurance Company
- Oriental Insurance Company
- National Insurance Company
- United India Insurance Company
Besides, there are several private insurance players, who have tie-ups with car companies to offer you motor insurance.
So why do you need insurance on your car?
Legally, you need to take motor insurance as soon as you buy a car. Every year, you need to renew the insurance policy by paying the premium.
Basically, there are two types of motor insurance, Policy A or Policy B. While you can satisfy the legal needs by getting the former kind of insurance policy, it is always wiser to go for the latter, as it is much more comprehensive. Policy B is also known as comprehensive insurance policy.