Is your Vehicle Insurance Due For Renewal?
Let's find the best quote for you!
Car owners need reliable and customized insurance to protect their vehicles, but finding the right coverage can be challenging and time-consuming.
Is your Vehicle Insurance Due For Renewal?
Let's find the best quote for you!
Car owners need reliable and customized insurance to protect their vehicles, but finding the right coverage can be challenging and time-consuming.
Why should you opt for us?
We offer competitive rates and a wide range of coverage options, so you can get the protection you need when you need it. Our recommended insurance policies are designed specifically for you.
We have partnered with leading insurance brokers like PolicyBazaar, BajajCapital, TurtlemintPro, PolicyBoss, RiwaPro, and more, to ensure that you always get the best option.
Benefits at a Glance:
- Competitive Premium Rates
- Extensive Range of Options
- Instant Policy Issuance
- Complete Online Process
- Excellent Service
- Reliable Claim Assistance
Why should you opt for us?
We offer competitive rates and a wide range of coverage options, so you can get the protection you need when you need it. Our recommended insurance policies are designed specifically for you.
We have partnered with leading insurance brokers like PolicyBazaar, BajajCapital, TurtlemintPro, PolicyBoss, RiwaPro, and more, to ensure that you always get the best option.
Benefits at a Glance:
- Competitive Premium Rates
- Extensive Range of Options
- Instant Policy Issuance
- Complete Online Process
- Excellent Service
- Reliable Claim Assistance
FAQs:
Q. What is Motor Insurance?
A. Motor Insurance or Car Insurance is a contractual agreement between an insured and an insurer. Its purpose is to safeguard against unexpected incidents while driving. The policy offers coverage to the policyholder for potential third-party liabilities and damages to the policyholder’s vehicle resulting from accidents or collisions on the road.
Q. What are the two basic categories of Car Insurance Policies available in India?
A. You can choose from two fundamental types of Car Insurance Policies in India. These include Third-party Car Insurance Policies and Comprehensive Car Insurance Policies.
Q. What is a Third Party Policy?
A. A Third Party Policy is an obligatory insurance policy that provides coverage to vehicle owners under Section 146 of the Motor Vehicles Act 1988. Third Party Policy is designed to compensate for damages caused to the property of third parties and also covers the death due to bodily injuries to the third parties. However, it’s important to note that a Third Party Policy doesn’t cover damages to your own vehicle.
Q. What is a Comprehensive Motor IInsurance Policy?
A. A Comprehensive Motor Insurance Policy offers extensive protection for your vehicle, encompassing damages caused by collisions, fires, theft, earthquakes, and more. Additionally, it provides coverage for any liability towards third parties, including death, bodily injury, and property damage caused by your vehicle.
Q. Which Car Insurance Policy should I choose: Comprehensive or Third Party?
A. According to the law, having a third-party liability-only policy is mandatory to drive your vehicle on the road. However, this policy does not cover damages to your own vehicle caused by incidents like fire, theft, earthquake, terrorism, etc., which can lead to significant financial losses.
Q. What are the Different Long-Term Car Insurance Policies Available?
A. Following the Supreme Court’s directive with effect from September 1st, 2018, all brand-new car owners are required to purchase a long-term policy. You have the option to select from the following long-term policies for your valuable vehicle:
- Three-year Liability-Only Policy
- Three-year Package Policy
- Bundled Policy which combines a three-year liability cover with a one-year cover for own damage
Q. What is IDV? What Factors Determine the IDV?
A. The Insured Declared Value (IDV) of the vehicle is considered as the ‘SUM INSURED,’ and it is determined at the commencement of each policy period for every insured vehicle.
The IDV of the vehicle is established based on the manufacturer’s listed selling price of the specific brand and model of the vehicle proposed for insurance at the inception of the insurance or renewal process. It is then adjusted for depreciation according to the specified schedule. Similarly, the IDV of any side car(s) and/or accessories installed on the vehicle, which is not included in the manufacturer’s listed selling price, is also determined in the same manner.
Q. What is Zero Depreciation Cover or Bumper-to-Bumper Coverage?
A. Zero Depreciation coverage, or Bumper-to-Bumper coverage, is an optional add-on that can be purchased by paying an extra premium. It provides comprehensive coverage for your vehicle without considering depreciation. In the event of significant damage to your vehicle, you are not required to bear any depreciation charges. Instead, you become eligible for the total claim amount, subject to the terms and conditions outlined in the policy.
Q. What are the Advantages of Purchasing Car Insurance Online?
A. When you buy car insurance online, you can enjoy the following benefits:
- Paperless Process: The online purchase eliminates the need for paperwork and physical documentation, streamlining the entire process.
- Instant Policy: Upon completion of the online purchase, you will receive your policy instantly, saving you time and allowing you to obtain coverage promptly.
Q. What is the meaning of ‘Premium’ in car insurance plans?
A. The term ‘Premium’ in car insurance refers to the amount you pay to the insurance company to purchase a car insurance policy. It is the annual cost that the policyholder is obligated to pay the insurer in exchange for coverage against unforeseen accidents on the road, allowing them to drive legally.
The premium is impacted by factors like Policy Term, Type of Policy, the Insured Declared Value (IDV) of the vehicle, Registration Year, and Regional Transport Office (RTO) details.
Q. Is car insurance required for an Electric/CNG/LPG car?
A. Yes, owners of Electric cars or cars fitted with CNG/LPG must also have a valid car insurance policy. However, the premium charged can be a little higher.
Q. Does an old car also require car insurance?
A. Yes, as per the Motor Vehicles Act 1988, car insurance is obligatory for all cars, regardless of their age. However, older cars typically have a lower premium since their market value diminishes over time.
Q. Can I pay my car insurance premium in installments?
A. No, car insurance premiums cannot be paid in installments. Section 64VB of the Insurance Act 1938 prohibits insurance companies from assuming the risk of providing coverage to policyholders until the full premium payment is received from the policyholder before the start date.
Q. What factors influence car insurance premiums?
A. Several factors contribute to the cost of car insurance premiums. The following are some of the key factors that affect car insurance:
- Location of Car Registration: Vehicles registered in tier 1 cities generally attract higher premiums than those registered in tier 2 or 3 cities.
- Car Manufacturer & Model: Different car variants incur varying premium amounts based on their market value and the coverage they require.
- Safety and Anti-Theft Device: Cars equipped with sufficient safety and anti-theft systems lower the theft risk, resulting in lower premiums.
- Type of Policy: Comprehensive car insurance is slightly more expensive than third-party car insurance, as it offers extended coverage benefits for damages to your vehicle. On the other hand, third-party car insurance comes with relatively cheaper premiums since it provides only basic third-party coverage.
- Add-On Covers: The choice of additional motor insurance add on covers with comprehensive car insurance directly affects the premium amount to be paid.
Q. How long is the validity of a motor insurance policy?
A. A motor insurance policy remains valid for a period of 12 months starting from the commencement date (or as indicated on your policy schedule).
Q. What is a ‘No Claim Bonus’ in a car insurance policy?
A. A ‘No Claim Bonus’ or NCB is a benefit your insurance company provides as a reward for not filing any claims during the policy period. NCB is a discount applied to the premium amount when renewing your car insurance. It typically starts at 20% and increases up to 50% for every consecutive claim-free year, rewarding your responsible driving behavior.
However, if you make a single claim within a policy period, the NCB will reset to 0%.
Q. Can I avail the No Claim Bonus (NCB) when renewing my expired policy?
A. The No Claim Bonus remains valid for up to 90 days from the previous policy’s expiry date. However, if the policy is not renewed within this 90-day period, the No Claim Bonus will reset to 0%, and no benefits will be carried over to the renewed policy.
Q. Can I transfer my insurance policy to the new owner when selling my car?
A. Yes, if you sell your car, transferring the car insurance policy to the new owner is possible. The buyer (transferee) needs to apply for the transfer of insurance with the insurance company within 14 days from the date of the transfer of the car and pay the endorsement premium for the remaining policy duration.
An endorsement needs to be processed to transfer the existing insurance policy to the buyer. Supporting documents such as the sale deed, Form 29/30, NOC (No Objection Certificate) from the seller, NCB (No Claim Bonus) recovery details, and copies of the old and transferred RC (Registration Certificate) will be required to facilitate the endorsement under the existing policy.
Q. What if I replace my car during the policy term?
A. If you change your vehicle within the policy term, you can substitute it with another vehicle of the same class for the remaining policy term. However, any adjustment of premium will be made on a pro-rata basis from the date of the substitution. It is important to inform your insurance company about the vehicle change and inquire about the impact on your premiums. You can contact your insurance company to update your policy in accordance with the underwriting guidelines.
Q. How can I register a claim for my car insurance policy?
A. You can register a claim for your car insurance policy either through the company’s website or by contacting their call center.
© securemywish.com
FAQs:
Q. What is Motor Insurance?
A. Motor Insurance or Car Insurance is a contractual agreement between an insured and an insurer. Its purpose is to safeguard against unexpected incidents while driving. The policy offers coverage to the policyholder for potential third-party liabilities and damages to the policyholder’s vehicle resulting from accidents or collisions on the road.
Q. What are the two basic categories of Car Insurance Policies available in India?
A. You can choose from two fundamental types of Car Insurance Policies in India. These include Third-party Car Insurance Policies and Comprehensive Car Insurance Policies.
Q. What is a Third Party Policy?
A. A Third Party Policy is an obligatory insurance policy that provides coverage to vehicle owners under Section 146 of the Motor Vehicles Act 1988. Third Party Policy is designed to compensate for damages caused to the property of third parties and also covers the death due to bodily injuries to the third parties. However, it’s important to note that a Third Party Policy doesn’t cover damages to your own vehicle.
Q. What is a Comprehensive Motor IInsurance Policy?
A. A Comprehensive Motor Insurance Policy offers extensive protection for your vehicle, encompassing damages caused by collisions, fires, theft, earthquakes, and more. Additionally, it provides coverage for any liability towards third parties, including death, bodily injury, and property damage caused by your vehicle.
Q. Which Car Insurance Policy should I choose: Comprehensive or Third Party?
A. According to the law, having a third-party liability-only policy is mandatory to drive your vehicle on the road. However, this policy does not cover damages to your own vehicle caused by incidents like fire, theft, earthquake, terrorism, etc., which can lead to significant financial losses.
Q. What are the Different Long-Term Car Insurance Policies Available?
A. Following the Supreme Court’s directive with effect from September 1st, 2018, all brand-new car owners are required to purchase a long-term policy. You have the option to select from the following long-term policies for your valuable vehicle:
- Three-year Liability-Only Policy Three-year Package Policy
- Bundled Policy which combines a three-year liability cover with a one-year cover for own damage
Q. What is IDV? What Factors Determine the IDV?
A. The Insured Declared Value (IDV) of the vehicle is considered as the ‘SUM INSURED,’ and it is determined at the commencement of each policy period for every insured vehicle.
The IDV of the vehicle is established based on the manufacturer’s listed selling price of the specific brand and model of the vehicle proposed for insurance at the inception of the insurance or renewal process. It is then adjusted for depreciation according to the specified schedule. Similarly, the IDV of any side car(s) and/or accessories installed on the vehicle, which is not included in the manufacturer’s listed selling price, is also determined in the same manner.
Q. What is Zero Depreciation Cover or Bumper-to-Bumper Coverage?
A. Zero Depreciation coverage, or Bumper-to-Bumper coverage, is an optional add-on that can be purchased by paying an extra premium. It provides comprehensive coverage for your vehicle without considering depreciation. In the event of significant damage to your vehicle, you are not required to bear any depreciation charges. Instead, you become eligible for the total claim amount, subject to the terms and conditions outlined in the policy.
Q. What are the Advantages of Purchasing Car Insurance Online?
A. When you buy car insurance online, you can enjoy the following benefits:
- Paperless Process: The online purchase eliminates the need for paperwork and physical documentation, streamlining the entire process.
- Instant Policy: Upon completion of the online purchase, you will receive your policy instantly, saving you time and allowing you to obtain coverage promptly.
Q. What is the meaning of ‘Premium’ in car insurance plans?
A. The term ‘Premium’ in car insurance refers to the amount you pay to the insurance company to purchase a car insurance policy. It is the annual cost that the policyholder is obligated to pay the insurer in exchange for coverage against unforeseen accidents on the road, allowing them to drive legally.
The premium is impacted by factors like Policy Term, Type of Policy, the Insured Declared Value (IDV) of the vehicle, Registration Year, and Regional Transport Office (RTO) details.
Q. Is car insurance required for an Electric/CNG/LPG car?
A. Yes, owners of Electric cars or cars fitted with CNG/LPG must also have a valid car insurance policy. However, the premium charged can be a little higher.
Q. Does an old car also require car insurance?
A. Yes, as per the Motor Vehicles Act 1988, car insurance is obligatory for all cars, regardless of their age. However, older cars typically have a lower premium since their market value diminishes over time.
Q. Can I pay my car insurance premium in installments?
A. No, car insurance premiums cannot be paid in installments. Section 64VB of the Insurance Act 1938 prohibits insurance companies from assuming the risk of providing coverage to policyholders until the full premium payment is received from the policyholder before the start date.
Q. What factors influence car insurance premiums?
A. Several factors contribute to the cost of car insurance premiums. The following are some of the key factors that affect car insurance:
- Location of Car Registration: Vehicles registered in tier 1 cities generally attract higher premiums than those registered in tier 2 or 3 cities.
- Car Manufacturer & Model: Different car variants incur varying premium amounts based on their market value and the coverage they require.
- Safety and Anti-Theft Device: Cars equipped with sufficient safety and anti-theft systems lower the theft risk, resulting in lower premiums.
- Type of Policy: Comprehensive car insurance is slightly more expensive than third-party car insurance, as it offers extended coverage benefits for damages to your vehicle. On the other hand, third-party car insurance comes with relatively cheaper premiums since it provides only basic third-party coverage.
- Add-On Covers: The choice of additional motor insurance add on covers with comprehensive car insurance directly affects the premium amount to be paid.
Q. How long is the validity of a motor insurance policy?
A. A motor insurance policy remains valid for a period of 12 months starting from the commencement date (or as indicated on your policy schedule).
Q. What is a ‘No Claim Bonus’ in a car insurance policy?
A. A ‘No Claim Bonus’ or NCB is a benefit your insurance company provides as a reward for not filing any claims during the policy period. NCB is a discount applied to the premium amount when renewing your car insurance. It typically starts at 20% and increases up to 50% for every consecutive claim-free year, rewarding your responsible driving behavior.
However, if you make a single claim within a policy period, the NCB will reset to 0%.
Q. Can I avail the No Claim Bonus (NCB) when renewing my expired policy?
A. The No Claim Bonus remains valid for up to 90 days from the previous policy’s expiry date. However, if the policy is not renewed within this 90-day period, the No Claim Bonus will reset to 0%, and no benefits will be carried over to the renewed policy.
Q. Can I transfer my insurance policy to the new owner when selling my car?
A. Yes, if you sell your car, transferring the car insurance policy to the new owner is possible. The buyer (transferee) needs to apply for the transfer of insurance with the insurance company within 14 days from the date of the transfer of the car and pay the endorsement premium for the remaining policy duration.
An endorsement needs to be processed to transfer the existing insurance policy to the buyer. Supporting documents such as the sale deed, Form 29/30, NOC (No Objection Certificate) from the seller, NCB (No Claim Bonus) recovery details, and copies of the old and transferred RC (Registration Certificate) will be required to facilitate the endorsement under the existing policy.
Q. What if I replace my car during the policy term?
A. If you change your vehicle within the policy term, you can substitute it with another vehicle of the same class for the remaining policy term. However, any adjustment of premium will be made on a pro-rata basis from the date of the substitution. It is important to inform your insurance company about the vehicle change and inquire about the impact on your premiums. You can contact your insurance company to update your policy in accordance with the underwriting guidelines.
Q. How can I register a claim for my car insurance policy?
A. You can register a claim for your car insurance policy either through the company’s website or by contacting their call center.
© securemywish.com