For many of us, owning a car is a dream that has been nurtured since long. While buying a car does help you fulfill that dream, it is protecting the vehicle that becomes your priority afterwards. Car insurance , which is mandatory under the Motor Vehicles Act, , is the best way to protect your car from losses incurred as a result of accident, and against liability that could incur during such instances. There are two types of motor insurance available in the market i. Comprehensive and Third Party.
Technology advancement Insurers now have introduced applications to register and settle motor claims on your smartphone.
With the help of photos and videos, you can settle cash claims as quickly as 20 minutes for up to a certain amount. Check if your insurer offers the facility, this will save a lot of your time during claim settlement. No Claim Bonus This is a reward by the insurer for a claim-free year.
A consecutive four to five claim-free years can get you up to 50 per cent discount on your premium.
Even if you plan to change your insurer for the next policy period, your NCB benefits can be transferred. You just need a certificate from your current insurer. Renew before it lapses The crucial element of your motor insurance policy renewal is that you get it renewed before the policy expires.
Once the expiry period crosses 90 days, you will not be entitled to your NCB.
Car insurance checklist in india
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Rental Reimbursement: Once your vehicle is sent to a network garage for repairs, managing without one can be daunting. Either you would have to carpool or take public transport for commuting, and in both the cases, it means, incurring extra expenses. It defeats the entire purpose of buying the insurance.
Therefore, always go with the correct IDV of your vehicle to get the maximum benefit from your insurance policy, even if it means shelling out a little extra money as premium.
Policy Lapse: Though every insurer gives a grace period to renew the policy after the due date, it is inevitable to get your policy renewed on time.
Car Insurance Checklist
Moreover, you will also lose benefits and discounts in case your policy gets lapsed. Claim Settlement Ratio: While buying a car insurance, check the claim settlement ratio of an insurer which is a yardstick to measure the number of claims settled by the insurer. The higher the claim settlement ratio, the higher the chances of a claim being settled. Next Post. Please login to join discussion. Free PDF Download: Beginners Guide to Investing in the Stock Market. Subscribe to OneMint.
If you are one of them who are buying first time auto insurance, check it out these top 20 tips to buy best The Indian Motors Act makes it compulsory for all automobile buyers to get their vehicles insured. Your policy document checklist . Compare your car insurance policy from India's top car insurance companies Here is a checklist that will help you decide the best car insurance company for. Get complete auto insurance checklist at Bimadeals. An auto insurance in India is valid only within the country and cannot be transferred outside India unless.
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Checklist for motor insurance renewal
Contact Us. For other comments, or inquiries you can write to me at onemint at gmail dot com. Consider the claim settlement ratio at the time that you are comparing the costs and benefits of different insurance policies. Besides the settlement ratio, you must take into account the settlement time. When you look out for a car insurance plan, consider those that come with no-claim bonus. Insurance companies reward policyholders who do not lodge a claim during the tenure of a policy.
If you decide to sell your car and buy a new one this no-claim bonus can be transferred to the new policy for the new car. Mangotree Insurance Web Aggregators Pvt.
Feb 15, If you are one of those utterly confused first-time new car buyers here is a simple 5 point checklist to buy the best car insurance plan in India to. A lot of thought goes into buying a new car. Before making a purchase, we spend considerable time researching on the different makes and models and. Feb 20, Car insurance is mandatory for every vehicle be it a small hatchback or a Cars in India depreciate by 15 per cent in first year and by 10 per.
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Apr 30, Checklist for motor insurance renewal. If you own a car, you surely know how important insuring that could be. However, only a few peruse their. Feb 13, Buying a car insurance is also one of those activities where many a times Follow the below checklist to buy the right car insurance in India. As per the Indian Motors Act, it is mandatory for a car owner to own third party coverage, while it is upon the discretion of the car owner to buy vehicle damage.