Vehicle Insurance
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What is Vehicle Insurance
Vehicle insurance provides financial protection against damage, theft, or liability related to the use of a vehicle. It covers repair costs, third-party liabilities, and sometimes medical expenses arising from accidents.
- Coverage Types: Includes third-party liability, comprehensive, and collision coverage.
- Liability Protection: Covers damages or injuries to others caused by the insured vehicle.
- Damage Coverage: Pays for repairs or replacement due to accidents, theft, fire, or natural disasters.
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Why Is Vehicle Insurance Important for Your Family’s Well-being?
Liability Protection
Damage Coverage
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FAQ
You Can Find All Answers Here
It sometimes makes sense not to make small claims. Ideally, whenever your vehicle is damaged, get an estimate for the repairs. If the No Claim Bonus under your vehicle insurance you stand to forfeit in the forthcoming year exceeds the estimate, it makes sense not to raise a claim and instead pay for the damage yourself. For example, if your vehicle met with an accident on the 1st year itself and the estimate comes to Rs.2000, you should not make a claim as it is less than the NCB you will bear in the corresponding year which is Rs.2251 (Rs.11257- Rs.9006)
A vehicle insured under a policy can be substituted by another vehicle of the same class for the balance period of the policy subject to adjustment of premium, if any, on pro-rata basis from the date of substitution. Inform your insurance company that you are changing your car or two wheeler. Ask them how it is going to affect your premiums. Call your insurance company to update your policy according to underwriting guidelines.
NCB is the short form of No Claim Bonus; it is rewarded to the owner of the vehicle who is also the policy holder for No Claim / Claims in the previous policy year. It can be accumulated over a period of time. If you have NCB you can avail a discount ranging from 20-50% on the Own Damage Premium (policy holder’s vehicle).
