How Car Insurance Works In India. The insurance industry market size in india market share of top companies in terms of gross direct premium. The life insurance industry is expected to increase at a cagr of 5.3% between 2019 and 2023.
Without car insurance, drivers would be at risk of financial ruin every time they get behind the wheel, as severe collisions can cost hundreds of thousands of dollars in property damage and bodily injuries. The basics of how a car insurance works is that the car owner pays premiums for an insurance cover to a motor insurance company, which in return pays claims for any damages caused at the time of. This is because its usage, wear and tear, and valuation works differently in the case of commercial usage.