Table of Contents
- 1 Is it mandatory to take new car insurance from dealer?
- 2 Is it necessary to take insurance from showroom?
- 3 How long do you have to get insurance on a new car?
- 4 Do you need insurance when buying a new car?
- 5 How to choose the right car insurance for your vehicle?
- 6 Why is it important to insure your car?
Is it mandatory to take new car insurance from dealer?
It is not mandatory to buy a car insurance plan from a car dealer. Usually, car dealers try to push an insurance plan for which customers might have to pay a higher premium. So, it is always advised to research available car insurance plans before going to buy a car.
Is it necessary to take insurance from showroom?
How long do you have to get insurance on a new car?
Traditionally, the validity for any kind of motor insurance has been for a period of one year from the date of policy issuance. However, in July 2018, the Supreme Court mandated that all new motor insurance policies will compulsorily cover third-party liability for a period of three years.
What is full coverage insurance?
Many lenders, agents, and car dealerships describe “full coverage”auto insurance as liability plus comprehensive and collision. Your lender may use the term “full coverage,” but that simply means they’re requiring you to carry comprehensive and collision, plus anything your state mandates.
Why should you buy a car insurance policy in India?
In India, most car owners buy a car insurance policy because it is an obligation. People, in general, do not compare car insurance policy and base their buying decision based on the low premium cost. This often leads to having inadequate coverage. Buying car insurance must be given equal importance to buying a car itself.
Do you need insurance when buying a new car?
Usually, only third-party insurance cover is offered by the car dealer at the time of purchasing a new car.
How to choose the right car insurance for your vehicle?
If you have a big car loan or other liabilities, consider going for a basic policy. Third-party insurance is the minimum legal requirement. Having decided on the premium amount you should now consult insurance agents for policy options. It is best to look for options online.
Why is it important to insure your car?
Insuring your car is important – it is mandatory as per the Indian Motors Act. When you buy a car for the first time, whether new or second-hand, insurance is the last thing on your mind. But it’s good to gradually make yourself aware of this important concept, so that when the time of insurance renewal comes, you are better prepared.