When you’re in the car, get help from your doctor when you need it most.
Read more: car insurance quotes in IndiaThe number of car insurance policies in India has gone up by a whopping 3,000 per cent since the introduction of the national health insurance scheme (NHIS) in 2016.
This is a key factor behind the growth of the market, as the Indian car insurance market has grown in leaps and bounds in recent years.
While the government-run National Health Insurance Scheme has been in operation for the past two years, the state-run Car Insurance Corporation of India (COAI) is the biggest player in the market.
The COAI has the largest market share in the country, according to data from India Insurance Corporation.
The insurance company operates 24 insurance companies across the country.
While the number of companies in the state is around 500, the number in Delhi is around 1,300.COAI, which claims to be the nation’s largest car insurance provider, has been running a nationwide programme since 2020.
The scheme covers drivers and passengers, and covers basic car expenses including fuel, maintenance, repairs, insurance and roadside assistance.
The policy covers a range of vehicles from the Nissan Sentra, to the Tata Nano, to Toyota Land Cruiser.
The policy covers both new and used cars.
However, drivers are only covered for the first 12 months of their contract.
The new and non-used policy cover an extended period of time after the first year of the policy.
The COAI’s website says the policy covers the following vehicles: Nissan Sentras, Tata Nano SUVs, Tata Power, Toyota Land Cruisers, Toyota Prius, Mitsubishi Outlander and Ford Focus.
The car insurance policy is priced based on the following:First year premium: Rs 1,500 (Rs 4,600 after 12 months)Second year premium (before 12 months): Rs 2,500 ($3,400 after 12)Third year premium after 12months: Rs 2.50 ($1,900 after 12, and then again for the year after 12): Rs 1.50 (Rs 3,800 after 12 )Fourth year premium for a three-year policy: Rs 3,500($2,800)Fifth year premium in the case of a six-year or more policy:Rs 3.50($1,800, Rs 4,000)Six months’ premium after the 12-month period: Rs 4.50(Rs 2,200 after 12 and then Rs 2 after 12 if a driver applies for a six month extension)In addition, COAI also offers car loan policies, in which drivers can get an upfront payment on the car.
The payment is based on a set amount of money and is typically equal to one month’s payment on a standard loan from the government.COASi’s website states that the policy is free to all policy holders.
However it adds that it will be charged a fee of around Rs 2 per kilometre per day, or Rs 2 for each kilometre covered by the policy after a one-week suspension period.
For those who have been paying for their policy for longer than a year, the policy will be cancelled at the end of the period.
The price of the COAI car insurance scheme in India is very affordable, but drivers can expect to pay a lot more.
The government has set a cap of Rs 5,500 for the insurance company.
In a market where a premium of around 15 per cent of the average income, this is a major problem.