You would already know a little about insurance if you own a car. Actually you
should since it’s a legal requirement and can save you a lot of money. Buying
insurance can be a bit expensive but when trouble strikes, your finances will
be protected.
Basically there are two kinds of Motor Vehicle Insurance:
Motor Policy A (Third Party Risk) the 'Act Only Policy' covers third party damages up to Rs 6000/- only. Risk from fire and theft requires an additional premium.
Once the above mentioned documents are submitted, the insurance company will inspect the damaged vehicle and confirm the estimated cost of repairs. Once the surveyor has completed the inspection, the car can be repaired.
The following rates of discount apply:
First year - 20%
Second year - 35%
Third year - 50%
Fourth year onward - 65%
Basically there are two kinds of Motor Vehicle Insurance:
Motor Policy A (Third Party Risk) the 'Act Only Policy' covers third party damages up to Rs 6000/- only. Risk from fire and theft requires an additional premium.
Motor Policy B (Comprehensive
Insurance Policy) protects you from the following eventualities:
Damage due to man-made or natural calamities: Natural calamities include fire, floods, hurricanes, landslides, cyclones or earthquakes. Man-made calamities include, theft, riots, strikes, malicious acts of vandalism or damage occurring in transit via road, rail, waterways or airways.
Damage due to man-made or natural calamities: Natural calamities include fire, floods, hurricanes, landslides, cyclones or earthquakes. Man-made calamities include, theft, riots, strikes, malicious acts of vandalism or damage occurring in transit via road, rail, waterways or airways.
Personal accident cover: In the event of an accident, it is
important that you have personal accident coverage. You may also opt for a
personal accident cover for passengers travelling with you, just to be on the
safe side.
Third party legal liability: This would cover you for legal liabilities
that result in permanent injury/death or damage to property, in the event of a
mishap.
The insurance policy is valid for a period of one year. If you do not make a
claim during the policy period, you are eligible for a discount, which is
adjusted against the renewal premium. In case your policy expires, you can
still avail the no claim bonus if you renew the policy within 90 days of its
expiry.
To submit the claim you need to provide the following documents to the insurance company:
To submit the claim you need to provide the following documents to the insurance company:
1. Vehicle Insurance Policy
2. Original and a copy of the
registration book
3. Original and a copy of the driving
license
4. FIR in case of an accident involving
third party injury or damage
5. Claim form and the estimated cost of
repairs from your workshop
Once the above mentioned documents are submitted, the insurance company will inspect the damaged vehicle and confirm the estimated cost of repairs. Once the surveyor has completed the inspection, the car can be repaired.
The following rates of discount apply:
First year - 20%
Second year - 35%
Third year - 50%
Fourth year onward - 65%
This insurance policy does not cover your vehicle under the following
circumstances:
§ Damages arising out of mutiny,
nuclear risk or war
§ Depreciation and consequential loss
thereof
§ Mechanical/ electrical failures
§ Wear and tear of car tires and tubes
§ Vehicle being used other than the
purpose for which it was purchased
§ Damages occurring from driving
without a valid license
§ Damages occurring from intoxication
by alcohol or drugs
§ Everyday wear and tear
Happy and safe driving!
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