Short-term or temporary car insurance has been introduced to ensure that car owners do not have to undergo long-term commitment to provide financial protection to their four-wheelers. Some motor insurance providers in India offer temporary, one-month, short-term or even one day car insurance plans. Let us learn more about it further in the article.
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Short term or temporary car insurance is a type of car insurance policy that is available for a short duration or a temporary tenure. Most motor insurance providers offer a vehicle insurance policy for a tenure of one year, three years or sometimes five years. However, the short-term car insurance policy revolves around a time duration of as low as one day insurance for car, or one-month car insurance or can extend for up to 3 months as well.
If you are not looking to buy a four-wheeler insurance policy for an entire year and want to go for a short-term option, you can select short-term car insurance. Although short-term car insurance is rare in India, it is very popular in foreign countries.
A short-term car policy, or more commonly, temporary car insurance, became necessary when insurance requirements became time-bound and limited. It is required when the car owner does not need insurance for a long period of time.
You must have a strong reason to buy a short-term car insurance policy. Driving a rented car for some time, relocating to a new city, driving for a short distance, and learning to drive are some cases wherein you can purchase temporary car insurance.
In all these examples, you do not need a car policy for more than 12 months. This means that your requirement for vehicle insurance can range from a few hours to some months. Therefore, in all these cases, buying one month car insurance or 3 month car insurance makes complete sense.
Generally, you have to provide the following information to the insurer to buy a short-term motor insurance policy:
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The coverage of a short-term car insurance policy is not as exhaustive as compared to a comprehensive car policy. Although the scope of short-term insurance in India is very limited, it is available in the below-mentioned types:
You can choose to buy a short-term car insurance policy for one month,three months, six months, or nine months as per your requirements. In this type of car policy, you pay a lesser monthly premium than a standard or comprehensive insurance policy with a longer duration. The benefits of having this type of motor insurance policy are:
Temporary car insurance plans provide insurance coverage against various liabilities, such as third party, natural disasters, accidental damages, personal accidents of the driver/owner, etc. The policy also provides coverage against financial losses that arise out of manmade calamities.
You can opt for a temporary car insurance car policy over a yearly motor insurance policy in some specific situations. These situations are:
Now that you know much about a short-term, one month or three month car insurance policy, you can make good use of this type of monthly car insurance to safeguard your vehicle. This is the best way to avoid financial liabilities when using a car for a short duration.
However, you must remember that this type of motor insurance policy is only available with some vehicle insurance providers. You must do thorough research to find an insurance provider offering short-term or temporary car insurance in India.
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*Savings are based on the comparison between the highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB. Actual time for transaction may vary subject to additional data requirements and operational processes.
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*Savings are based on the comparison between the highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB. Actual time for transaction may vary subject to additional data requirements and operational processes.
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