WhatsApp with us: Premium estimate is based on the assumption that there has been no break-in and claim made in any of the previous policies. We believe that a car insurance policy should be quick, easy and most of all - reliable. Hence, we have come up with a comprehensive policy that not only offers optimum protection to your vehicle, but also helps you financially in case of any unfortunate occurrence. Now a dent in your car will not cause a dent in your finances. At Reliance General Insurance, we have quick and effective solutions for all your car insurance needs and more! Therefore, if you own a car, you are mandated by law to take up a Third Party Liability Cover.
You can avail this add-on while renewing your previous car insurance policy with us if the value of your car is less than or up to Rs. This retainable NCB is applicable to the following conditions. Sometimes, a bunch of seemingly insignificant expenses can create a big dent in your pocket. All expenses incurred on consumable items are covered in case they are damaged due to perils covered our policy.
Consumable items such as nuts and bolts, screws, washers, grease, lubricants, clips, AC gas, bearings, distilled water, engine oil, oil filter, fuel filter and break oil are covered. This add-on cover is applicable to the following conditions. An engine is the heart and soul of your car. The Engine add-on cover offers compensation for expenses incurred while fixing the indirect damage done by water ingression or leakage of lubricating oil leading to loss or damage to.
In this condition, we have to leave our vehicles in the garages and travel by our own. This add-on cover compensates for your daily travel allowance when your vehicle is in the insurer's authorized network garage for more than 3 days for repairs. We are concerned about financial impact of an accident.
Here are some valuable recommendations to help you with your decision. The Third Party Liability Car Insurance policy is generally chosen by individuals who want to buy car insurance as it is mandatory by law. If you seek overall protection from the damages caused due to unforeseen accidents, opting for a comprehensive car insurance policy is the best option. Additionally, you can pick add-on covers as per the risks which are more relevant to you. Interested in Third-party liability insurance?
Information is the key to make the right decisions. To ensure that you make an informed purchase, we have explained the essential car insurance concepts right here. The IDV Insured Declared Value is the current market value of the car which is calculated after deducting the depreciation amount. It is a crucial component of the car insurance policy as it determines the amount of compensation. We offer a wide range of add-on covers to ensure superior protection from a variety of risks.
Refer to our add-on cover section, for more details. You may already know that the monetary value of your car reduces overtime. This eventuality is a result of asset depreciation. Nevertheless, with Reliance General Car Insurance policy, you can combat the losses of depreciation by taking up a zero depreciation add-on cover along with your car insurance.
With a zero depreciation cover, you can be assured that the entire claim amount will be paid to you without deducting the depreciation sum. Other factors like add-on covers, discounts, purpose of the vehicle and safety features such as airbags and anti-theft devices will also be taken into consideration while calculating your car insurance premium.
The poor road conditions and a blatant disregard for traffic regulations make Indian roads one of the most dangerous in the world. These fatalities are only expected to rise in the future. We don't mean to scare you by these grim statistics. The statistics reflect the kind of dangers that the roads entail. Hence, It's better to be safe than sorry!
The value of your car depreciates overtime. Hence it is important to know your IDV. A lower IDV attracts a lower premium. The No Claim Bonus is your rightful reward for being a responsible driver.
The safer your car, the lower will be the premium. Installing anti-theft devices can fetch you up to 2. Become a member of the Automobile Association of India and you can secure a concession on personal-damage premium. A Voluntary deductible is the amount you agree to pay out of your pocket. The higher your voluntary deductible, the lesser will be your premium. Providing coverage is just one aspect of our car insurance policy.
What if you are stranded due to an accident or car-breakdown in the middle of nowhere? We offer the below mentioned assistance services that will help you out in the times of need. Many car insurance holders are of the opinion that buying add-ons are unnecessary. This is because a car insurance policy offers basic protection against damage and losses to your vehicle, so one might think that add-on covers are avoidable.
When you are on the road, your safety is at risk from a number of factors. So, you should buy add-on covers for your car as they are not just additional cost, but an asset, offering vast range of advantages.
At Reliance General Insurance, we want to make sure our car insurance holders can secure the best possible protection for themselves. So choose wisely and secure your car with our assortment of add-on covers. For superior risk coverage, we have compiled a mix of add-on covers in a single package.
The Motor Secure Plus Cover includes. Note that automobile insurance coverage is available only for the claims intimated within 7 days of the loss or damage.
The Motor Secure Premium Cover encapsulates all of the crucial risk factors to offer a comprehensive coverage in a single package. The Motor Secure Premium Cover includes. Got some questions? You can call us on regarding any queries while buying car insurance online. Here's how it is accumulated on a yearly basis. You can avail discounts on your car insurance premium in case you have opted for a voluntary deductible while buying the policy.
A Voluntary deductible is a minimum amount that you choose to pay from the claim amount. The higher the Deductible amount, the lower is your auto insurance premium. Please refer to the below table for the applicable Voluntary Deductible. Besides the attractive discounts offered by NCB, you can avail additional discounts on auto insurance in case…. As much as we would like to cover all possible risks, certain situations are just not feasible. We like to maintain complete transparency with our customers.
So here's what we don't cover:. We offer car insurance in various Indian cities. We have a wide network of cashless garages all over India. Click here to know more about car insurance in your city!
Motor car insurance renewal
Towing Services are free of charges for Garages present with in 25 kms from breakdown location. Towing to Garages beyond a radius of 25 km from breakdown location will be chargeable. That apart, you should get your car insured because it saves you from any financial loss caused due to accidents, damage or theft of your car. There are two types of car insurance: It is mandatory by law to have third-party insurance.
Comprehensive car insurance, on the other hand, is purchased when you want to be compensated for any damages to you, your co-passengers and your vehicle in addition to third-party coverage. That means in case of an accident, theft, fire, explosion or natural disasters, your car will be insured under a comprehensive car insurance policy. Hence this is the most preferred plan. A successful inspection is followed by an online recommendation made to you, by the surveyor. Within 48 hours following that recommendation, you will have to log-in to the website and convert your auto insurance policy.
Failing to convert your policy within that time frame means that you have to go through the entire process again. Reliance General Insurance has introduced the No Claim Bonus retention add-on cover with private car insurance.
This helps you to retain your valuable No Claim Bonus at a small additional premium. Click here to understand No Claim Bonus Retention. If you wish to change your insurance provider at the time of renewing your car policy, you can enjoy your NCB discount by getting it transferred as well.
However, remember to provide the No-Claim Bonus certificate from your previous insurance company to ensure the transfer. The policy remains more or less unaffected even if you move. You will, of course, need to change your contact details i. This can be done online or at any Reliance General Insurance branch closest to you.
This is simply because motor insurance rates are fixed based on the registration zone of the car.
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A print out of this document definitely serves as the original policy document. There can be two types of endorsements: In a non-premium bearing endorsement, you won't be charged anything for the changes incorporated in the policy. For an endorsement, you simply need to raise a service request online, by logging onto our website: However, the policy can only be cancelled once we receive a copy of the new policy.
This is because it is mandatory for any car to be insured, at least against third-party liability. It helps to customise your policy based on your requirements. Some of the add-on covers we recommend and offer to you are: If you want to avail of this facility, all you need to do is pay a small amount of additional premium. Please note that we cover only private cars and two wheelers, with a maximum of two claims in one policy period. A transparent and quick process, choice of numerous insurers, along with a dedicated team of experts make InsuranceDekho a trusted choice for many insurance buyers.
More than 2 lakh happy customers are a testament to the same. Feel free to reach out to our dedicated team of experts, in case of any confusion. Be it buying your insurance policy, or support required incase of claim, our team of experts is at your service 7 days a week.
How InsuranceDekho Works?
InsuranceDekho is an online platform that lets you compare quotes from top-rated insurance company and purchase the best insurance policy that suits your needs. Buying an insurance policy on InsuranceDekho is simple - choose the type of policy you want, fill in the required details, compare various quotes, make payment and get your policy. InsuranceDekho caters to your most pressing needs including car insurance, bike insurance and health insurance.
From entering your details to making payment, completing the entire process takes around 5 minutes. While we already have broken down the features of the plans into easily understandable points, you can reach out to our dedicated team of experts in case of any confusion. Feel free to call us on for your motor insurance queries and for any queries related to health insurance. There are two ways in which you can make a claim: For instance, a truck is used to transport raw materials from a factory to a supermarket or courier companies carry parcels.
Since the number the commercial vehicles are on the road most of the day, the risk of the vehicle meeting with an accident increases with it. In the event that an accident does take place, it would mean a loss of business for a few days along with repair or replacements charges. For this reason, it is essential that businesses invest in commercial vehicle insurance plans India so that they can avoid paying exorbitant prices towards repairs out of pocket.
Apart from this, commercial vehicle insurance protects businesses fromdepreciated value of the vehicle, and acts as a buffer to shield the business from financial losses or expenses. Add-on covers can be taken up to protect business interests in check without having to foot the bill for expenses that can be covered by insurance.
Yes, the premium paid towards motor vehicle insurance can be listed as an expense for commercial vehicles. No limit has been set on the maximum premium to be paid for vehicle insurance claim. It must be noted that if the vehicle is being used for personal use then the premium is not eligible to be treated as company expenses.
However, in the event that the vehicle is used for both commercial and personal purposes then a deduction can be allowed on premium paid for the period where the vehicle was used for business. Since commercial vehicle is mandatory by law here, the objective of making it compulsory is to protect the insurer arising from an accident.
For this reason, a comprehensive plan covers damages caused by third party insurance. The best way to find an appropriate commercial vehicle insurance plan in India is to use a premium calculator to check the premium payable. The calculator helps one calculate the premium amount to be paid that includes third party insurance, add-on covers, and other requirements. The date of registration of insurance and details of the vehicle need to be filled up in the online insurance calculator,after which one can click the submit button.
The calculator will then calculate the premium using these details, and give policyholders an idea about the premium they are likely to pay. There are two major types of motorcycle insurance policies available that include comprehensive policies and liability only insurance policies.
Therefore, all two wheeler vehicle owners have to mandatorily purchase some form of third party liability insurance.
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Motorcycles, bikes, super bikes, scooters, and mopeds require some form of insurance cover. If the vehicle owner is caught without a valid two-wheeler insurance policy, then they can be fined or jailed, as per the provisions in the law. Comprehensive motorcycle insurance plans provide coverage that is extensive and covers nearly everything. There are four major benefits extended by such policies that include:. A personal accident insurance cover protects policyholders with an upper limit of Rs.
Insurance companies have optional benefits that include cover for liability policy.
Motor Insurance Policy
This form of insurance cover protects policyholders from wear and tear of the vehicle caused due to natural or man-made reasons. Note that the basic insurance covers offer add-ons or riders for this type of coverage unlike comprehensive plans. Since most of the vehicles on the road are two wheelers and the number is always on the rise.
To cater to two wheeler owners there are several insurance companies offering insurance policies. The two main choices to purchase motorcycle insurance is through an agent or buy it online. Regardless of how the insurance is purchased there are a few key things that one needs to keep in mind when making a decision. Some of the aspects that one needs to take into consideration while deciding the most suitable motorcycle insurance are as follows:. The first things that one needs to take into consideration while selecting motorcycle insurance is to check the policies.
Look at as many polices that are available and the coverage offered by each of them. The next step would be to compare benefits, exclusions, and features offered by each of the motorcycle insurance policies. This will definitely give you an idea about the policies available and zero in on the best possible options. Make sure that the premiums offered by different insurers are compared and that the payments are affordable.
Research helps because it can help the prospective policyholder select a coverage plan that has better riders and offers discounts. Also, this way you can be sure that you are able to make the best possible choice at a reasonable price. In the age of the Internet, there are so many insurance players exclusively online, which might turn out to be a scam.
For this reason, it is essential to select a reliable insurance company to place your trust in. Always cross check whether the insurance company is legitimate one by checking motor insurance reviews online and find articles. It will help visiting an aggregator website to check if the company has been mentioned or not.
Two wheeler insurers offer customers no claim bonus with the policy. Often they might even add in a rider or two free of charge. Another indicator of whether or not an insurance company is any good or not is to check their client complaint ratio.
If the claim settlement rate is high it indicates that in case you run into any trouble chances are that it will get resolved. Also, this data indicates the kind of customer care support one is likely to receive. So, keep these points in mind while shopping for motorcycle insurance. A zero depreciation motorcycle insurance cover is a rider or an add-on policy that policyholders can opt for.
This rider protects, or rather, insulates policyholders from the depreciation amount which is deducted when one registers for an insurance claim. The reasons that can be attributed to the depreciated value of the two wheeler vehicle include wear and tear as well as age. When policyholders file claims they pay a large sum because of the deduction caused by depreciation.
However, the best way to save money is to invest in a depreciation rider that will provide relief and ensure that economic damages are buffered. This is a great idea since the insurer will cover the losses. Taking on a zero depreciation insurance cover helps customers in a number of ways.
Some of the benefits offered by zero depreciation insurance include:. However, with this type of add-on cover it gives people a sense of security they need to incur a huge loss with each passing year and that the costs for repairs or other related expenses will be covered by the rider. When it comes to older vehicles there are many exceptions that are added to the terms and conditions.
This is reason enough to invest in this type of insurance cover. Another aspect that one needs to think about if one is having second thoughts about investing in this cover or not is that it adds value to any basic cover. Policyholders have to renew this rider every year to keep enjoying the benefits provided by this cover.
Another question that is bound to cross the mind of two wheeler vehicle owners with superbikes is whether a regular insurance plan is enough to cover super or sports bikes. Well, the answer to this question is no. A regular motorcycle insurance coverage might cover wear and tear but not anything serious since these bikes are much more expensive.
Also, in the event that an accident takes place the repair charges will be much higher, to say the least, and would result in the policyholder making out of pocket payments. However, there are a few riders that are available that add a few more protections to existing insurance coverage plans. Some of these add-on covers are as follows:. A zero depreciation cover is one that is essential for a sports bike since it protects that bike from wear and tear, which is not covered by standard insurance plans.
By taking up this add-on cover, it reimburses policyholders with the loss caused due to depreciation. There are a number of standalone riders that can be added to motorcycle insurance plans for sports bikes. Some of the options available include key replacement, daily cash allowance, pillion cover, zero depreciation, passenger cover, and daily cash allowance to name a few.
Investing in a cover for pillion riders is a must since it is essential to protect them. If an accident takes place causing death or disability of pillion riders are eligible to receive an allowance, pre-decided, to the person affected or the family if the policyholder purchased this cover.
Another cover that policyholders with superbike need to purchase is a daily cash allowance cover. In case the vehicle sustains severe damage and requires repairs immediately then this insurance cover is the perfect option to take up. Many policyholders are unaware of the fact that they can purchase multi-year two-wheeler insurance. This would save them the trouble of renewing the insurance plan yearly and same it serves to be a much more convenient option.
However, policyholders should always keep in mind the renewal dates in mind because missing the renewal date could lead to several problems. Some of the advantages of selecting a multi-year insurance plan have been discussed in the following sections. The foremost objective of multi-year insurance is that the policyholder needs to renew the insurance plan after three years.
In a way, this helps minimizing the risk of the policy getting lapsed in the next few years and save on losses. Also, it is always better to take on long-term plans since the benefits provided are more rounded out and are available over a period of time.
In the event of an accident with another vehicle or object resulting in injuries or damage to property to a third party, not policyholder and the insurance company, the policyholder can raise a third-party claim. Basically, this insurance cover protects the policyholder from liability caused do to an accident based on the terms and conditions agreed upon in the policy document.
Most insurance policies cover third-party covers but not own damage covers. However, the benefit of having an own damage cover is that protects the policyholder from making out of pocket expenses in cases where they were at fault for causing damage to the vehicle. Also, it is always better to add this as rider since it can help policyholders from spending a lot of money on repairs and damages to the vehicle. Paying a higher premium for an insurance plan is a much better idea than shelling out money each time for repairs or any changes.
Another benefit of option for this type of motor insurance online is that it extends personal accident cover to the policyholder. In the event of an accident, the insurance plan covers the medical related expenses as a result of injury or hospitalization or disability caused by accident. The process of filling out all the paperwork to get an insurance policy can take a lot of time. However, at the time of renewal it is quite quick, simple, and easy as the application can be filed online.
No additional documents are required and if the policy is being renewed before the date of expiry then there will be no problem while renewing it. Also, this process will take only a few minutes to complete. Another thing that policyholders need to keep in mind is that the process to port their insurance plan is rather simple. All they need to do is file the paperwork and the insurance policy will be transferred within no time.
Long-term insurance plans have a number of benefits that are extended to policyholders. Some of the benefits include:. The foremost advantage that any long-term insurance plan is that it eliminates the hassle of worrying about renewals every year.
Taking on a long-term plan will help policyholders focus on other things and drive their vehicle without worrying about the insurance plan lapsing any time soon. While taking out a yearly insurance the premium is bound to increase the following year and one would end up paying more the next year. However, when it comes to purchasing long-term insurance plans the advantage is that the same premium is set for the following years.
As a result, policyholders can save more money by opting for a long-term insurance plan instead. Additionally, the tax benefits extended and other benefits combined will help the policyholder save quite a bit. The procedure to cancel an insurance plan is quite simple and hassle free something that most policyholders are not aware of. Like a single-year insurance plan the policyholder can opt out of the policy at any time while the policy is active and the insurance company will refund the money that has not been utilized.
However, it must be noted that in order to purchase a new motor insurance policy online one needs to surrender the previous one. Note that the points earned on NCB can be transferred and request a certificate to be issued by insurer to be shown to the new insurance company to receive a sizable deduction on premium amount. Another essential point that one should keep in mind is that policyholders should never compromise on no claim bonus.
If the policyholder has not made any claims that year then they are entitled to a discount or reduction in premium amount the next year, even in the case of long term insurance plans. Investing in a good insurance plan can help policyholders protect themselves from liability from a number of situations.
Also, vehicle inspection is apparent every year during policy renewal.
But in the case of long term polices, the inspection takes place only when the policy is being renewed and hence is a non-issue for long-term insurance policies. According to research studies, motorcyclists are more prone to meeting accidents when compared to other vehicles. This is all the more reason that vehicle owners must buy insurance policies as it is mandatory by law as stated in the Motor Vehicles Act.
Each state has rules when it comes to enforcing traffic rules and for this reason it is essential to select an insurance plan that will holds good across the border. Some essential tips that one should keep in mind include:. Liability insurance includes protection to policyholder in cases of property damage and bodily injury offering coverage in case of accidents or other circumstances.
This insurance type is important for everyone regardless of the state that policyholder resides in.
Customers can buy a car insurance policy and renew it online on the website of . Insurers should make the motor third-party insurance policy available for. Get car insurance quotes and buy/renew policy with Reliance General Insurance. This add-on covers private cars, with a maximum of two claims in one motor. Car Insurance: Compare car insurance online. Buy or renew insurance policy for your 4 wheeler and get upto 75% discount on premium. Get your car policy.
It refers to the formulation of pay outs that do not cause legal liability and any losses or expenses are covered by this insurance plan. This type of coverage is a unique insurance coverage for two-wheeler insurance.
Specific coverage foots in the bill for parts or equipment that are not usually insured under an insurance coverage. A collision coverage plan involved the collision that takes place between two vehicles.
These insurance plans help policyholders protect themselves from financial liability due to a collision. It is common to see cases where one driver is hurt by another and does not have any form of insurance which would be sufficient.
For this reason, it will be helpful to have such an insurance plan to safeguard the policyholder. The guest passenger liability insurance is designed for two-wheeler vehicles specifically.
It covers injuries sustained by the pillion or co-passenger on the two-wheeler vehicle. Several states make this type of insurance cover mandatory.
Even if it is not mandatory it is a good idea to select this rider or insurance plan. A question that is bound to cross the mind of a vehicle owner at some point in time is whether an insurance plan can be cancelled. It is mandatory by law that all vehicle owners must purchase at least third-party liability insurance but the policyholder has the right to cancel a policy to take on another one.
However, policyholders need to be careful not to cut it too close since it could lead to imposition of fines and breaking several laws. For this reason, pre cancellation the policyholder must purchase another one at the earliest to protect them and the vehicle from any form of liability. A policy is active from the date of purchase and will be available till the date of expiry. While the policy is active and one wants to cancel the insurance policy for a number of reasons.
While selling or buying aold vehicle, it might be a good idea to cancel the current coverage. Most insurance companies allow the insurance policy to be updated for models,wherein premiums reflect the changes.
Therefore, policyholders must try to amend the insurance policy first if they are thinking of selling their vehicle. However, a fee would have to be paid for this change and one for the cancellation as well. In the event that new vehicle buyers do not want to use the existing insurance policy, they can cancel the policy and opt for one that suits their needs.
Think it through and compare policies before opting to select an insurance policy that caters to their needs. It is needless to say that driving on Indian roads without any form of insurance is risky business. Vehicle owners driving without the right documents, which includes insurance, if caught by law enforcement officials will be fined. Endorsement policies are referred to as policies that are made on behalf of the policyholder from the insurer. For instance, an endorsement refers to making changes in the insurance policy on the request of the policyholder that includes, and is not limited to, the following:.
Motor insurance companies anticipated that policyholders might want to change their policies when the policy is active. For this reason, the provision of endorsements has been established so that the policyholder can request for changes. People tend to request for an endorsement once a year while a smaller number request for multiple endorsements throughout the year.
Also, several additions and removals on the coverage plan are made each month by policyholders. However, policyholders need to be mindful of the number of endorsement requests made by the policyholder. This is because making frequent requests that are not well thought out or necessary can cost the policyholder a lot of money, unnecessarily. There are a number of reasons why a policyholder might request for an endorsement that include the following:. These are some of the changes that can be requested by making an endorsement to an insurance company.
The process of making an endorsement is quite simple that the policyholder will have no trouble carrying out. The policyholder has to write a letter to the insurer requesting that the changes to be made to the policy. After the insurance company receives the request, they will look into this and cross check if all the details are in place. Once the accuracy of all the details about the request has been cross checked it will proceed to the next step. Since the endorsement process is quite simple that includes completing and submitting documents along with the letter and the proof of necessary changes.
Some endorsements will elicit an increase or decrease in the premium amount. So as a thumb rule opt for endorsements that are necessary because it will save the policyholder and the insurance company time and money on processing requests.
Cashless insurance was first extended to policyholders by medical insurance companies. Seeing the multiple benefits that it offers this concept has been adopted by the motor insurance sector as well in the form of extending cashless claims to policyholders.
As the name suggests, cashless claims in motor insurance refer to policies which provide cashless repair of accidental damages at a network garage of the motor insurance company. For example, if the motor vehicle breaks down and requires repairs immediately it must be taken to a garage and the policyholder need not foot the bill and pay out of pocket for these expenses.
Cashless claims are very popular among policyholders since it makes the process of accidental claims and repairs quite convenient. In the event of an accident, the motor insurance company must be informed first along with a detailed incident. Also, ask the insurance company the procedure to be followed to file a claim, since it differs from one insurance company from the other. When the motor vehicle is taken to the garage, one must hand over the keys to the vehicle and inform the garage about the insurance policy.
The next step in the process is to select the garage for the repairs. However, this process will be guided by what is stated in the policy document based on the coverage plan and the bills can be sent to the insurance company.
Once it is verified, the insurer will make the payment for the accidental repairs. However, policyholders must keep in mind that not all repairs are covered by an insurance policy like damaged parts, and would have to be paid by the policyholder. Other than that, the insurer will take care of the rest of the details. It would be a good idea for policyholders to ask the insurance company for a list of authorized garages that are available for cashless service, just to be prepared for emergencies.
For the most part, cashless claims cover vehicle parts, accessories as well as plastic parts. Most of these costs are agreed upon by the insurance company and the garage so that the policyholder is not hassled during this process and ensure that everything is in order.
Most polices holders are often unsure about what qualifies for a cashless insurance claim. Some of the mistakes committed by policyholders are as follows:.
Policyholders often modify their vehicle when it is already insured; the vehicle is inspected or evaluated at the time the insurance plan was purchased. However, modifications to improve the vehicle would result in the motor vehicle being different from the one that had originally been insured. Also, in case of improvements made using modifications which would increase the efficiency of the vehicle. This in turn would result in a rise in the premium amount payable to the insurance company by the policyholder.
Another point that policyholders often overlook is that if the damages caused by the owner of the vehicle unintentionally.
Unless policyholders have purchased own damage rider or add-on policy the cannot file a claim in such circumstances since most insurance policies cover damage caused by unavoidable events or natural disasters.
The key takeaway for policyholders from these three points is that the terms and conditions of cashless claims are quite clear. It is best that policyholders become familiar with them to receive the best outcomes. Since buying an insurance cover is a significant investment it is essential that policyholders make the most of it. Another add-on plan is return to invoice or RTI cover that offers policyholders a number of benefits that have been discussed in the following sections.
With the RTI cover policyholders have an option to bridge the gap the value of the vehicle on the invoice and Insured Declared Value. The coverage plan reimburses the lost incurred by the policyholder which is the price the policyholder paid for the motor vehicle. Note that the RTI cover would increase the premium of the insurance plan. Additionally, the add-on benefits offered till the motor vehicle reaches the predefined age limit. The insured declared value or IDV is the value of the vehicle paid by the insurance company to the policyholder in the event that the motor vehicle is damaged beyond repair or gets stolen.
The insurance company sets the IDV value at the time of purchase of the insurance plan by the policyholder. There are several instances where the RTI is applicable.
This scheme is essential for the policyholder to recover any financial losses resulting from the vehicle being stolen or getting severely damaged. Also, in areas that are prone to thefts one should opt for this add-on cover that protects the policyholder from liability. The foremost advantage that this cover provides is that the policyholder will be able to get back the on-road purchase price for the vehicle.
Something that policyholders need to keep in mind is that the RTI is available for a vehicle that is not more than 3 years old. As a rule, most insurers do not offer a renewal policy as long as the invoice covers specifics like registration charges, road tax, on-road price of vehicle among other things. If policyholders opt to buy a new motor vehicle, then this is an excellent option to select. Since accidents at times result in the need to replacement of damage or repairs it might make one wonder if total damage results in automatic replacement.
One should note that IDV is not the actual market value rather it is a value that is as per the one given by Insurance Regulatory and Development Authority.
In order to establish total loss, the documents required include an FIR and driving license. Also, the amount estimated required to pay towards vehicles repairs for garage and the owner.
Policyholders must intimate their insurer to inspect the vehicle in the event that an accident has taken place at the location where the accident occurred. In cases of total damage then the vehicle has to be shifted to a garage and the insurance company can help repair the vehicle. In scenarios where total loss is enormous, policyholders might wonder whether the policy can be renewed or not. The answer to this question is no since the vehicle in question is deemed to be written-off as a loss.
Even if the vehicle is being sold to a buyer, scrap dealer, even in such instances the policyholder needs to make sure that the vehicle documents are transferred and the RTO is informed about this sale to prevent any misuse of the documents.
Often vehicle owners buy a second hand vehicle and think whether they really need to buy another insurance plan. However, as a rule, all vehicles must be insured as per the law and this is the first part of the answer that vehicle owners should understand and accept, no questions asked. In the event that the second hand vehicle meets with an accident without having an insurance coverage, then the policyholder would have to pay the bill out of pocket.
For this reason, if one is purchasing a second hand vehicle then it must be ensured that the previous insurance plan is transferred to the new owner or it is cancelled. If the insurance plan is going to be cancelled then the policyholder must have a replacement policy on standby to purchase it so that the insurance plan is covered from day 1 of purchase.
Some of the common mistakes that vehicle owners tend to make include filing a case of grievance in consumer court without understanding the insurance policy its terms and conditions. In the hurry to purchase the insurance plan, vehicle owners skip the most important step which is to understand what the insurance policy says.
Since the insurance policy is a binding contract between the insurance company and the policyholder it is a must that policyholders should know the specifics. Also, old owners sellers are responsible to ask the new owner buyer whether they want to purchase a new insurance policy or to transfer the existing one.
Once this has been sorted out, the new vehicle owner should ensure that all the paperwork is in place and the transfer is successfully completed. Not transferring the insurance plan will cause trouble for both the buyer and the seller. Each insurance policy is divided into two parts: After a vehicle owner buys a used vehicle according to sectionMotor Vehicle Act mandates that the policy should be transferred to the new owner in 14 days.
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During this time period, the third party will be transferred automatically but it is not the case with own damage. Once the 14 day period has passed and the new owner has failed to transfer the policy to his or her name, then the insurance company cannot be held liable to pay for any losses that were incurred by the new owner.
Also, if the name of the first owner is still on the insurance policy, even then the insurance company is not liable to pay for damages. If the vehicle owner does move court, then the first owner will be sent a notice to pay the third party out of pocket for losses that the third party has incurred due to the new owner.
Additionally, the proof of sale, transfer of vehicle and other procedures is time consuming and difficult process to say the least. For this reason, the new vehicle owner and the seller are urged to transfer the insurance plan as soon as the deal is finalized so that all a host of problems can be avoided. Since the number of vehicle thefts are on the rise investing in an anti-theft device would sound like the perfect option to a number of problems.
Installing an anti-theft device on the vehicle will help protect the policyholder and the vehicle but this it in turn can help reduce the insurance premium rate as well. Ensure that the device purchase has been approved by Automobile Research Association of India. Yes, insurance companies do give incentives to policyholders who have invested in anti-theft devices. They encourage policyholders to invest in this technology since prevention is always better than cure. Insurers feel that installing these devices help prevent theft of the vehicle or finding the vehicle after an attempt to steal the vehicle.
As a result, it is a win-win situation for both the insurer and the policyholder. Several attractive discounts are offered to policyholders particularly lower premium insurance rates.
On an average, insurance companies offer a 2. Policyholders should check out the discounts offered for a specific insurance plan over a period of time.Online car Insurance Policy ?? ?? -- Service Network Reality -- How to Buy
Most vehicles are fitted with some or the other type of anti-theft devices. One of the first questions that an insurance agent is bound to ask prospective customers is whether the motor vehicle has an anti-theft device or not. There are a number of security features that are available to policyholders in a market that include ignition cut off device, satellite tracking devices, engine control, and computerized anti-theft device.
Policyholders can select the specific features that they want installed in their anti-theft device based on the risks that they are exposed to. However, one should look at the variants offered some of the features include:. Imagine that a person is running out of time and is almost late for a meeting and is unable to find his or her vehicle keys. Nothing can be more annoying than that.
In such a situation, it is best that the policyholder gets a replacement for the key instead. However, making a duplicate key does not come cheap not is it an easily available service.
The key can be replaced only by the manufacturer or the motor vehicle and this means that it is going to take some time and it will cost quite a bit. Policyholders need to worry since they can invest in an add-on key replacement cover while purchasing a motor insurance cover. The basic motor insurance online policies do not cover key replacement and, hence, it must be bought exclusively by the policyholder as an add-on policy.
Regardless of whether the key is lost or stolen, the policyholder can send a request to the manufacturer for a new set of vehicle keys. However, it might take a week or two to receive the replacement key. Also, in some cases, very rare, the locks will be changed as well and that will be an added expense.
It goes without saying that the cost for the more expensive motor vehicle will shoot up when compared to other vehicles. The insurer will pay for the charges incurred to make replacement keys if the keys are stolen or lost and in case the lock needs to be changed.
A key replacement cover can be purchased to cover the extra costs and expenditures due to the loss of the key. This add-on cover includes the following:. The insurance cover will cover the costs involved in key replacement and to keep it safe. In order to avoid this, it is best that the motor vehicle owners purchase two sets of keys while purchasing a motor vehicle since it is always better to be on the safe side and avoid such issues.
For this reason, policyholders are urged to take up this add-on insurance plan since it will help them breathe easy and be prepared for any possible situation that comes their way. Needless to say, the process is quite simple and one need not worry about any complications since the insurance company will guide the policyholder every step of the way.
During the monsoon season, the number of accidents, repairs, and small claims that one could have otherwise avoided come to light. For this reason, a policyholder might end up making multiple claims in a year. However, policyholders are bound to think about whether it is ok to file multiple claims a year or not. Filing two back-to-back insurance claims in a week or spread over a year do not really matter. This is because these claims will be reported by the insurance company as multiple claims over a single year.
When multiple claims are made then the question regarding the deductibles arises. For instance, if the windshield gets cracked and needs replacement immediately since it is essential requirement of the vehicle and each time a claim is raised a deductible is applicable for the damage caused.