Private Motor Car Insurance Policy: Fill & Download for Free

There are a small number of insurance companies who specialize in insuring the wealthiest individuals in the world. You can find their logos at Formula One races and polo fields throughout the world.The Bugatti is expensive, but not compared to a privately owned Gulfstream G650or 250′ motor yacht.However, those insurance companies that would provide an insurance policy expect that they will be writing the entire account for the owner. Multiple homes, multimillion dollar umbrella liability policy, a stable of fine motor cars etc.Even a run of the mill $ 100K sports car can be difficult to find insurance for if it is the only thing of value that the driver owns.I once had a senior executive from one of those insurance companies say to me : “We specialize in insuring people who have so much money that they nail it to the wall” (meaning expensive art collections).

I work in a PSU General Insurance Company and I may seem a little biased, but I am telling you from my experience of working in the Motor Claims Department.Some of our major clients had shifted their premium to the private players, but they have all returned back to the PSU's. Have received similar feedbacks from a few individual clients.In my batch, one of my friends worked in a private general insurance company and he told us that they had targets of the number of claims to repudiate every year. This you won't ever find in a PSU.The PSUs might be slow in claim settlement, but you will surely get your claim if it is genuine and payable.As far as premium is concerned, PSUs offer a cheaper premium. In case you are getting a lower premium, don't forget to check the IDV of the vehicle, read the policy copy and check the type of vehicle registered in your registration certificate and in the insurance policy. Also check the premium computation.Till date, PSUs are leading in terms of Motor Insurance business with an exponential rise in the premium every year partly because of new vehicles and partly because of "HOMECOMING".

As per the mandate under the Motor Vehicles Act, 1988, a motor vehicle (including a private car) in a public space should have an insurance to cover any damage to the life and property of others. This liability of death, injury or damage to property towards a third party is borne by the insurance company.The coverage as specified under the MV Act is limited to a third party. But an individual may opt for covering their own damage to the vehicle by investing in their own damage cover. Such policies that cover such damages and the third party, are classified as comprehensive policies. With super-high incidences of own damages in the Indian context, it is always prudent to avail a comprehensive policy over the mandated third party policy.Further, with new features like zero depreciation cover that negates any depreciation on the various parts of the vehicle, comprehensive policies now offer exhaustive coverage thereby minimizing the burden of car damage repairs on the insured person(s).Additional Reading:What To Consider When Choosing A Car Insurance PolicyHow To Choose The Right Car Insurance PolicyIf you have any other Personal Finance queries, you can follow and tweet out and I'll be happy to answer them for you - Adhil Shetty (@adhilshetty) | Twitter