Car insurance is the smartest way to financially secure yourself and your car. Let's say, you own a 1-year-old standard hatchback with Insured Declared Value (IDV) of Rs. 4,00,000, but sadly, don't have car insurance. Following are the approximate expenses that you might incur if your car was to meet with an accident of "medium impact":
Third Party Liability Coverage
This compensates the damages to a third party and their property. It's best for those planning to insure their car just because it's mandatory (but we wouldn't recommend that!).
The basic third-party premium
Premium for Personal Accident Owner Driver Cover - Rs. 100