Get your vehicle insured with a suitable insurance policy

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VEHICLE INSURANCE
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Get your vehicle insured with a suitable
insurance policy
Vehicle insurance is an integral part of your car
purchase. Although its a recurring annual
expense, you can make a fair amount of savings on
the annual premiums. Being aware of the
nitty-gritty of such motor policies would be a
good idea. The market caters two types of
vehicle policies Third Party Comprehensive
vehicle policy. The third party refers to
protection cover for the damages in an event of
an accident causing injury, health damage or loss
of life. It also includes personal accident cover
for the owner-driver. This policy will not cover
any damages to your motor. As per the law, it is
mandatory to hold at least third party cover to
drive your car on road. A comprehensive cover is
a protective cover your vehicle as well. It
provides you both third party and own vehicle
damage coverage.
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Although, taking a comprehensive in not mandatory
but if purchased, it will prove quite helpful as
it takes care of your financial needs during an
emergency. It is advisable to cover for damages
done to your own vehicle as well. Every vehicle
is insured based on the value of the
manufacturers price of the vehicle deducting the
depreciation as per the vehicles age known as
Insured Declared Value. The damage to third party
property is covered up to a sum of around 7 to 8
lakhs for the car and around 1 to 2 lakhs for
two-wheelers. While there is no such limit on the
cover for injury or death to the third party.
The premium on the vehicle insurance policy is
determined on various factors like a model,
engine capacity, type of engine, fuel type, the
city you live, your age, profession, security
aspects, claim experience and last but not the
least the modifications made/accessories added to
the vehicle.
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One of the most common ways to save premium would
be accumulating No Claim Bonus (NCB), where you
can get the discount on your premium if you have
not made any insurance claim during the existing
years. You can increase your discounts with each
successive year of zero-claim and goes up to as
high as 50 to 60. Experts suggest instead going
for claims on petty dents or small scratch and
utilize your No Claim Bonus, let them accumulate
and then trade them for a lower premium or higher
insurance claim. Another way to reduce your
insurance premiums would be installing safety
devices, having a membership of an automobile
association, choosing higher deductibles, parking
in garages, safe area, etc. You can always
enhance the protective cover by opting for an
add-on to insurance for risks that are not
covered under a standard policy.
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There is some standard exclusion such as normal
wear and tear, mechanical or electrical
breakdown. If the person driving the vehicle
doesnt have valid license or driving under the
influence of alcohol or drugs, you will not be
able to claim your vehicle insurance policy.
Companies are also in need of business and
offer best of the benefits discounts to
potential and existing customers. You dont have
to be afraid or buy a policy as a mandate. Just
like compare apples-to-apples while shopping for
clothes, accessories, etc. you can do a
thorough comparison online for your vehicle
insurance plan as well. Opt a plan after careful
examination of all the features, benefits and
discounts. You can change your vehicle insurance
provider if youre not happy with the policy
structure, claim procedure or timely customer
service experiences.
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