Vehicle Insurance All Things To Know

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Motor  vehicle insurance is an insurance policy that protects the owner of the vehicle against any financial loss arising out of damage or theft of vehicle.

  • Glass (Wind Shield, Door, Glass, etc.) .. No
  • Fiber Glass Components ………………………………………. 30 %
  • Rubber and plastic components ……………………………………… 50 % Metallic elements
    (According to old age)
  • 0-6 months ………………………………………. No ……………………………….. No
  • 6 months – 1 year ……………………………………… ……………….. 05%
  • 1 year – 2 years ……………………………………… ……………… 10%
  • 2 years – 3 years ……………………………………… ……………… 15%
  • 3 years – 4 years ……………………………………… ……………… 25%
  • 4 years – 5 years ……………………………………… ……………… 35%
  • 5 years – 10 years ……………………………………… ……………. 40%
  • Over 10 years ……………………………………….. ……… 50%

Everyone knows that insurance can only be achieved if it is to legitimize a vehicle. Some have heard something. I have taken the bumper to bumper insurance. Therefore, if you have a knife or a knock, you will get the whole cash. If you ask the friend why bumper to bumper insurance, you can see that the wall is lying down. Similarly, most consumers will take insurance companies of any company that says executive in the showroom. And when you have acceded to the accident and are going to claim it, you start to hear some things you are not familiar with yet.

Vehicle insurance

There are two types of auto insurance. According to the Motor Vehicle Act, a third party insurance policy or a liability policy must be compulsorily compulsory for public transportation. Secondly, the package policy includes insurance cover for vehicle, passengers and goods based on vehicle prices.

Third party insurance

This policy covers losses that may result from the public or their properties or property. Resolutions / compensation fees settled at the Motor Accident Tribunal shall have to be paid by the respective insurers to the concerned persons if the accident and disability are in the public. However, if the property is destroyed, the maximum number of entitlements can be made up to 7.5 lakhs.

Package Policy

Package Policy provides protection against damages caused by a third party. It is also said that Bumper to Bumper, Foolware, and the Depression Policy. If the package is polygonal, insurance cover is provided for all components of the vehicle (including fiber, rubber, plastic and glass). If there is a claim in the package policy, there is no need to claim a certain amount of money. Say this is the Compulsory Exx. For example, a private car does not claim Rs. 1000-1500 for private cars.

Firearms, explosions, self-fire, thunderstorm, lash, agitation, strikes, accidental exterminations, damaging actions, natural disasters such as floods, earthquakes, thunderbolts, storms, hurricanes, tsunami etc. are caused by damage to the vehicle.

Estimated premium

Vehicles are bicycles, private cars, taxi, auto, freight vehicles, travel passenger and other purposes. The first criteria for IdiVi or the market value of each vehicle. In addition, premium is paid in package cover or full cover insurance based on the capacity of the vehicle, which is for use and for age. However, since the Third party insurance premium is fixed in advance, premium payable is to be paid on the basis of their respective vehicles.

Discounts in premium

There is no discount on third party insurance premiums. However, each company is offered a variety of discount on the price fixed on the prices of vehicles. It is available in the market for up to 50%. Hence, the premium rate for various insurance companies can be compared with comparison. In addition, no claim bonus is eligible for non-claim years. Exemptions are available to the members of the Automobile Association of India, blind, physically handicapped, mentally retarded individuals. This should be indicated by individuals in the register register.

Insurance duration

The policy term is usually one year. However, two wheelers are allowed to insure up to three years continuously.

Insurance renewal

Whether you are insured in any company or renewing it, you have the opportunity to change the company to the other. If the full cover or package policy is renewed within 90 days of the policy, the existing non-claim bonus will be eligible. No insurance is paid after checking the vehicle for inspection of any type of vehicle.

Vehicle insurance documents

The insurance cover note is usually given when a new vehicle is released from the showroom. When the vehicle goes out, the cover note should be written on the engine and the chassis number. The term of the cover note is limited to a maximum of 60 days. During this period, the vehicle shall be registered with the Registrar no of the insurance company and obtain the insurance certificate and policy of the vehicle. The insurer will have information about vehicle owner and vehicle details, insurance duration and amount of insured. Policy will have policy terms.

Duplicate Policy

Approach the insurance company provided with the written application. A duplicate policy will be issued from the company if the prescribed fee is paid.

Insurance Transfer

When a vehicle is sold to another, we must ensure that the registration certificate is changed for the newly acquired person. Within 14 days from the date of registration of the registration certificate, the insurance policy should be transferred to the insurance company in the name of the newly purchased person. Otherwise, if the claim is made, the insurance company is law

No Claim Bonus

No claim bonus is the discounted offer to the insurance company’s premium for those who do not claim the vehicle for the vehicle. This will be 20 percent after the first year and 25%, 35%, 45% and 50% in each subsequent year. As soon as the existing vehicle is replaced and the new vehicle is used, an old vehicle can be transferred to a new vehicle by the NCC.

Situations where insurance is not provided

The vehicle will not be eligible for driving without a driving license, driving under the influence of alcohol and drugs, vehicle trafficking or accidents, unauthorized use of vehicles, and mechanical / electrical breakdown on the vehicle.

Sum of Insurance

The price of the vehicle is called the insured declaration value (IDV). This is a fixed price based on market price and old age. This corresponds to the marketing price.

Steps to get claim

You have to give an insurance company a copy of the claim for claim claim (claim confirmation). In addition, the insurance company should fill out the claim form. Along with other documents of registration such as registration certificate, insurance, tax and driving license, and the repair work estimation of the vehicle along with the original. If necessary, the police would have to produce an FIR or GDR. An FIR is required to issue a claim on serious injuries and accident deaths due to accidents. If the accident occurs, the postmortem report is also required.

Insurance, anyone driving

When a private / private car is insured, the vehicle holder / owner is provided with an insurance cover of one lakh rupees. Accidental death, permanent and total disability are covered.

The cost of insurance for the private car is two lakh rupees. Embargo is also covered with permanent and complete disability. However, the above two can be paid 50/100 extra premium for one lakh / two lakhs and the policy can be taken. But, if you can not find the car in the accident, you will not have the insurance.

Claim Depreciation

The company is buying insurance through the insurance company, which costs the vehicle just before the accident occurs. At the time of the accident, a fixed percentage discount will be considered for new components depending on the old age.

 


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