A maximum of 4 times can be opted by the insured related to any of the services under this add-on. The insured would be able to claim only for the services opted for by him at the time of policy issuance. If I lodge a claim after the expiry of my Car Insurance Policy for an event that occurred during the policy period, will it still be valid? Yes, you will be eligible for the claim even after the expiry of the policy date. This is possible because the event happened during the policy period. In Car Insurance Policy, does the insured have to pay the difference if the actual expenses are more than the cover?
For example, if the insured has a cover of Rs. Yes, there are multiple insurance providers that help you renew your policy online. This is possible starting 60 days before the expiry of your existing policy. In case your vehicle insurance policy has already expired, an authorised surveyor will inspect the vehicle before reissuing the policy. The policy would only be issued subject to a satisfactory inspection and submission of required documents. If you have installed an ARAI approved anti-theft device in your vehicle, whose installation is dully certified by the agency, you are eligible for getting a discount of 2.
If I install an Anti-theft alarm and locking system, is there any discount available in Car Insurance Policy? A written evidence of an agreed change in the policy is called an endorsement. It is a document that incorporates changes in terms of the policy. As applicable, an additional premium is charged. A premium bearing endorsement is a kind of endorsement for which additional premium is charged. If there are any changes in the existing policy, such as change of address or modifications to the vehicle or its use, it can be done by an endorsement by the insurance company.
All you have to do is submit a letter to the insurer with proof for the required changes, and obtain the endorsement. Some endorsements may require you to pay an additional premium. Hence, you must check the correctness of the endorsement before submitting the same.
For the purpose of applying premium rate, the place where the vehicle is registered is taken into consideration, instead of the place where the vehicle is used. If your vehicle has been registered in Mumbai, the rate applicable for Zone A is charged. Even when you shift to a different city, the same premium rate will be applicable for your vehicle.
Similarly, if a vehicle is registered in a town or a tier 2 city, it attracts Zone B premium rate. Subsequently even if the owner shifts to a metro, he will continue to be charged the Zone B rate.
Yes, there is a possibility to transfer the insurance in the name of the buyer of the vehicle, provided the seller informs of such transfer in writing, to the insurance company. A fresh proposal form has to be filled in this case.
There is a nominal fee charged for transfer of insurance with pro-rata recovery of NCB. This is charged from the date of transfer till the policy expires. If the policyholder fails to do so, no claim will be payable for own damage to the vehicle. A valid car Insurance is mandatory by law for all cars running on Indian roads. There are mainly two types of car insurance in India offered by general insurance companies in India.
They are- third party insurance and comprehensive insurance. Third party insurance covers for damage and liabilities of the third party only arising out of a collision. It is the most basic and cheapest form of car insurance to get. Comprehensive insurance covers for damages for the insured vehicle and also the liability of the third party arising from the accident. The IDV is calculated on the ex-showroom price of the car and it changes annually as per the depreciation rate of a certain model.
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The other factors affecting car insurance premium include no claim bonus which is rewarded to the insured for not making any claims during the policy term. Discount on car insurance can be availed if the car owner has installed an anti-theft device approved by ARAI Automobile Research Association of India or opts for a voluntary deductible. All the above factors affect the final calculation of the car insurance premium payable. The fitting of the CNG should be endorsed in the RC barring, which an insurance claim would be considered as void.
The policy document is a ready reckoner that you can refer for the complete list of documents to be submitted if you have a Car.
If you are availing the cashless facility then only the repair invoice would be required. For theft claims, you would need to file an FIR with the local policy and the copy of the same needs to be submitted to the insurance company along with the keys of your vehicle and a non-traceable certificate. The premium for your car insurance is calculated on different factors for the Own Damage cover Comprehensive cover and the Third party cover.
The Third party cover shields you from loss or injury you cause to a third-party the calculation is based on the engine capacity. You may also apply for the Personal Accident cover, which will protect you from accidents. The premium amount would have the PA cover and service charges would be reflected in it. A third party liabilty insurance cover is clearly limited. But there are some scenarios where even a comprehensive car insurance policy with add-ons can't help:.
A comprehensive car insurance will cover your car from instances of theft, fire and vandalism. It also protects from natural disasters such as cyclone, floods, earthquakes, or from civil disturbances such as riots, which damages your car.
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A list of what perils are covered will be provided in the policy document. Make sure you go through the list to understand the protection being offered. Along with this, it also covers any legal liability arising due to the damages caused to any third party triggered by your car. The third party car insurance only covers your legal liability for any loss and damages to third party because of your car. It will not cover you or your car for any damages suffered. A comprehensive car insurance will cover your car from damages, which are caused from perils apart from collision. A deductible is a part of the monetary loss which you decide to bear in case of a claim.
While the compulsory deductible is pre-set by the IRDA, you can choose to opt for a voluntary deductible based on your capacity of bearing the claim amount. The higher you opt for a voluntary deductible, lower will be your premiums.
Yes, it does. The location at where you reside can affect the premium. If your locality is prone to robberies, theft, burglary then the motor insurance premium will be higher than the localities where the instances of theft are less. The metro cities in India usually have higher premium than non-metro cities, you will find that cities are usually divided into zones for insurance purposes normally it is metro cities and the rest of India.
You may wish to make changes to your existing car insurance policy, and these changes are done through an endorsement. An endorsement is a written evidence of the changes made in the policy. If you need to make any changes then you can submit a letter to the insurer with the necessary proofs. This helps you obtain an endorsement, which can affect the premium to be paid for the policy.
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What car insurance cover should I buy? The policy type does not cover you or your vehicle. The add-on covers are meant to support car insurance plans adequately. Some of the add-on covers are zero-depreciation, invoice cover, engine and electronic circuit cover and No Claim Bonus Protector cover. A zero depreciation cover ensures that the insured can have a full claim on the value of the parts without deductions for standard depreciation that are replaced after an accident.
The engine and electronic circuit cover offers protection during flooding. A policy period is the duration during which the policy is effective. The policy period starts on a particular day, which is defined on the purchase of the policy and. It is valid for one year or a period of three years depending on the insurance plan selected by the insured.
Yes, the policy can be cancelled and the unused premium amount refunded usually on a pro-rata basis.
If a claim is raised, refund shall not be made. There could also be a nominal cancellation, which is charged. Depreciation in car insurance refers to loss of value due to wear and tear of the vehicle. The rate of depreciation is significant from the time you buy the car insurance policy.
It is applicable to each car part except glass. A cover note is an interim document, which is issued by the insurer until a final insurance policy can be provided. The cover note will have the name of the insured, the insurer and details of the coverage. A cover note is usually valid for a period of 60 days and the insurer issues the Certificate of Insurance before the expiry of the cover note. It enables the purchaser to cancel the policy, and receive a refund on the condition that a claim is not yet made.
Yes, it is possible to transfer the No Claim Bonus NCB , which is accrued to the new insurance policy even after expiry. This is possible within 90 days from the expiry of the car insurance, the NCB benefits post this period is not transferable.
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Within 90 days the amount and discounts earned are all transferred to the new policy. There are also concessions for modified vehicles for the blind, handicapped and mentally challenged persons that is endorsed in the RC by the RTA. Can the insurance continue to be in the name of the previous owner whereas the vehicle is transferred in RTO records in my name?
No, this is not advisable. The registration and insurance of the vehicle should be in the same name and same address otherwise the claim might get denied.