Car Insurance Guide

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Car Insurance Guide

Car Insurance Guide

What kind of Car insurance policy is best for you depends entirely on your own personal needs and preferences? With our car insurance policies, you can rest assured of receiving compensation as per the terms and conditions of your policy. We’ll also assist you in deciding on a policy that’s right for you.

How to choose a good policy?

Any visible damage or loss to your vehicle must be covered by a good policy. There are certain aspects of purchasing a policy that you must pay attention to.

  • Insurance for third parties

A third-party liability insurance policy protects you in the event of an accident that results in a third-party being injured or killed. It is mandatory in India, so you must always have one on your vehicle.

  • NCB

No Claim Bonus (NCB) is the bonus you get for every year you don’t file a claim on your insurance policy. Insurance companies reward safe driving and vehicle maintenance with a discount on your premiums. Your insurance premium will be lower if you have a higher NCB at the time of renewal. As a reward for not filing a claim in the previous year, the insurance company typically increases your NCB over time.

  • IDV

IDV, or Insured Declared Value, is simply the current market value of your motorcycle. If your car is stolen or totally damaged, the insurance company will reimburse you with IDV. Typically, the insurance company takes care of it. The amount of premium you must pay to ensure your two-wheeler is determined, in part, by the IDV

  • Claim settlement ratio

Claim settlement ratio is the percentage of total claims settled to the total claims received by an insurance company in a financial year. Damage or loss to your vehicle is based on the likelihood that your insurance company will cover the costs. Insurers are judged on their ability to pay out claims based on this measure.

Car Insurance Renewal

Your car and your peace of mind will be safe and sound if you renew your policy on time. During renewal, take a second look at the above features. If you can find a better deal from a different insurer at the same or lower cost, do so. Your insurance policy can now be renewed online.

If the policy expires due to non-renewal, check if there is a grace period for renewal. If the answer is yes, then you should immediately re-enrol in the policy. If not, you’ll need to arrange for an inspection of your vehicle with your insurance company. After the inspection, you’ll be given a quote for your renewal premium. If the offer is reasonable, go ahead and renew your policy right away.

Car Insurance Claims

Claims can be divided into two categories:

Cashless: When you take your car to a network garage (also known as an insurer-approved garage), the garage and your insurer work out the final bill. Only the deductible portion of the bill must be paid by you.

Reimbursement: In this case, you must first pay the bills and then submit the bills/receipts for reimbursement to the insurer. After subtracting the deductible, you receive the remaining balance of the bill. This method has the advantage of allowing you to select the garage.

In case of theft

In the event that your car is stolen, immediately file a police report. A copy should be sent to the insurance company. When a car is stolen and cannot be recovered, the insurance company processes your claim and requires that you submit the RC book/card of your car and a copy of the keys to them. To ensure that the insurance company is protected, you’ll need to sign additional paperwork. Your claim will be paid out once the process is complete.

Third-party involvement may be necessary.

A third-party claim should always be reported to the police and then to your insurance company if there is a third party involved. Obtain the other driver’s insurance information and notify the other driver’s insurer if you are a third-party victim of an accident.

 

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