In financial law and economics, insurance
is a form of risk management primarily used to prevaricate against the risk of
an uncertain loss or damage. One form of insurance is auto insurance, which protects you against the financial loss or
damage due to an accident. Auto
insurance is a contract between you and the insurance company where you
agree to pay the premiums of the insurance and insurance company agrees to pay
for the losses according to the auto
insurance policy.
Auto
insurance in India deals with the insurance covers
for the loss or damage caused to the vehicle or its part due to natural or man-made
misfortunes. Auto insurance provides
coverage to the individual owner of the vehicle, passengers and any third party
liabilities.
Summary: Auto insurance is a compulsory requirement for all new vehicles
used for both commercial and personal purposes in India. Various insurance
companies have tie-ups with the auto dealers that can help you get the best auto insurance deal.
