This add-on protects you, the insurance policy holder, and the passengers in the car against the risk of physical disability or death due to an accident. When you buy this add-on, a stipulated insurance claim is paid to the nominee of the insurance policy holder, who is the owner-driver of the insured vehicle, in case of death or permanent disability. The passengers in the car will also receive financial protection in case of injury or death.
Unnamed Passenger Cover: This cover provides for financial assistance for everyone sitting in the car. Paid Driver Cover: This provides protection to a driver apart from the owner who is the policyholder. This cover is for those who often travel in a chauffeur-driven car. This cover provides the full cost for repair of a damaged engine, which could happen via anything from leaked lubricant to fire.
This policy is helpful for people living in flood-prone areas and areas that receive high rainfall and are prone to waterlogging. This add-on insures your car against all car items that are subject to wear and tear.
For example, nuts, bolts, screws, washers, brake oil, engine oil, gearbox oil, power steering oil, radiator among others. Your basic car insurance policy does not cover damage to any consumables and that makes this cover useful.
This cover is suitable for those who have long driving schedules on a daily basis or have to drive in rough terrains. This cover helps you get help if your car breaks down in the middle of your journey. It is useful for multiple small yet essential services relating to a car breakdown such as:.
Before finalizing your car insurance policy, you must check these factors that are significant deciding factors when finalizing a cover:. The IDV of the vehicle is the sum assured in case of theft or damages to your car beyond repair. It is adjusted for depreciation and impacts the premium you pay for your insurance policy.
Higher the IDV, more the premium and more the coverage. When a claim is made on account of total loss of the insured vehicle, the following depreciation rate is considered at the time of settlement. IDV of vehicles beyond 5 years of age and of obsolete models of the vehicles is determined upon mutual understanding between the insurance company and the insured claimant.
NCB is the incentive or reward you get for not raising any claims through the tenure of your policy. A beneficial car insurance policy will have a high no claims bonus, which is often offered as a percentage of the discount you may receive on renewals of your car insurance policy.
This refers to the voluntary contribution you commit to make in case a claim is raised at the time of prospective damage.
This amount, which is voluntarily agreed upon by the policyholder, is set at the time of buying or renewing a policy. For example, if the voluntary deductible is set at INR and a claim is raised for damages worth INR 40,, the insurance company is liable to meet INR 35, in claims while the remaining amount is paid for by the policyholder. In cases where the voluntary deductible is lower than claim, the insurance company has no liability to make any payments.
For example, if the claim is of INR and the voluntary deductible set at the commencement of the policy is INR , the company will not pay anything rather the policyholder will take care of the expense.
As a part of this facility, insurance companies offer a network of authorized garages where you can get your car repaired without paying any cash. When selecting a car insurance policy, it may be beneficial for you to select an insurance provider that provides this facility to make your insurance experience smoother.
Consumers must note the list of claims that can be made to their insurance companies before visiting a cashless insurance facility. There are many intricacies relating to a car insurance cover in India.
While self-awareness and learning about all aspects of your rights as a policyholder are most important, the first step to sign up for a suitable car insurance policy is to identify your needs. Digitization of information on insurance has also made it easier for consumers to compare policies and choose the best suited for them.
Diligent research can ensure you invest the right amount of money to insure yourself. Katrina Kaif-Vicky Kaushal's wedding takes over the internet hilariously, netizens start meme fest.
Horoscope 12 Nov Libra people will get profit in business, know about other zodiac signs. Vastu Tips: Keep these things in mind while constructing a window in main entrance of house. Chhath Puja Updates: Arghya time, puja vidhi, mantra, muhurat, significance. Video of pomp Chhath puja celebrations in Australia and the US win hearts. Five-year insurance mandatory for vehicles sold from September 1 Bumper-to-bumper insurance including coverage for the driver, passengers and owner of the vehicle should be mandatory for 5 years.
The rule will apply to new vehicles sold from September 1. Follow us on. Watch Live News :. URL copied. Write a comment. Top News Covid Delhi records 62 fresh cases, 2 succumb to infection after 20 days. New RBI schemes will give impetus to inclusive, responsive financial system: Shaktikanta Das Sensex jumps over points in early trade; Nifty tests 18, Delhi: Licensed venues won't need separate permit to serve liquor at weddings, parties Sensex slumps points to close below 60,; Nifty falls points to settle at 17, PM Modi to launch RBI's retail direct, integrated ombudsman schemes on Friday.
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Employee's Compensation Insurance Policy. Renew Reliance Health Infinity Insurance. Renew Health Insurance. Home Knowledge Center Insurance Reads. Third-party car insurance : Only third-party insurance is mandatory by Law. The other party will receive compensation for the damage and you can be protected from a financial catastrophe. Comprehensive Insurance : A comprehensive insurance not only provides the coverage of third-party insurance but it also provides protection for your own vehicle.
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