Car Insurance Policy
Car Insurance or motor insurance as commonly referred to, helps to protect the losses you might incur while driving on a busy road. The loss could be a result of an accident, scratch or a theft. The premium amount of your car insurance is basis the Insurer‘s Declared Value or IDV as used in common parlance. A slight change in IDV can make a whole lot of difference to the motor insurance premium, i.e., if you raise the IDV your premium starts to rise and if you lower it reduces. Thus it becomes very important for any policyholder to always before going for a car insurance renewal, or buying a new policy, to do compare various options.
How does car insurance comparison helps
Everyday we come across hundreds of motor insurance ads and all offering the cheapest car insurance. But all of them may not be true; a simple car insurance query on www.policybazaar.com can clarify that. Today many insurers also offer many value add on‘s like Towing Facility, Depreciation cover, etc. Such add on‘s have a lot of value along with the regular motor policy, but these advertisements never tell you that. Also, what they do not tell you is you can save up-to 55% on your car insurance renewal premium and new car insurance premium. Thus it becomes more necessary for the policy buyer to do a car insurance comparison before purchase.
Coverage under Car Insurance
Car insurance is of 2 types Third Party Car Insurance and a comprehensive package policy, to know them better let‘s understand them in a little detail.
Third Party Car Insurance
Third Party Car Insurance covers you against any legal liability resulting from accident of your vehicle. It covers damage to property, accidental death or an injury to a third party. A Third Party Liability cover is legally mandatory in India under the Motor Vehicles Act. A typical Comprehensive Package Policy comprises of 3 things, firstly, damage to your vehicle, Secondly, a third party legal liability cover and lastly; A personal accident cover to driver (owner) of the vehicle for up to Rs.2 lakhs for a premium of Rs.100.
Comprehensive Package Policy
A comprehensive package car insurance policy is more extensive and preferred by most people. The coverage includes damage or theft of vehicle, third party legal liability and personal accident cover for owner or driver. Many new car insurance plans also provide inbuilt roadside assistance cover with comprehensive car insurance cover. The policy coverage can also be extended by opting for add-ons like accessories cover, engine protector, zero depreciation cover, medical expenses etc.
No Claim Bonus in Car Insurance
For every year in which no claim is made, a bonus is awarded by the insurance company. It is a discount made on own damage premium amount. The discount is cumulative and increases every year. It usually ranges from 10% to 50% and can certainly save substantial amount of money.
Key Benefits of Car Insurance
Car insurance offers multiple benefits:
• Coverage against loss of or damage to the vehicle insured
• Coverage against loss or damage to your vehicle caused by
Fire, Explosion, Self Ignition, Lightning
Riots, Strikes or act of terrorism
Any Natural Calamity
• Liability To Third Parties, arising out of an Injury or Death of a third party and Property Damage
• Personal Accident Cover For Driver
What is not covered in Car Insurance?
• Loss or damage if policy is not in force
• Gradual wear and tear of car and its parts
• Loss or damage to vehicle when driven by person without valid driving license
• Loss or damage to vehicle as a result of intoxication due to drugs, alcohol etc
• Loss or damage to engine as a result of oil leakage
• Loss or damage to vehicle as a result of abuse of car manufacturer’s guidelines
Car Insurance protects you from being financially responsible for an accident, correctly putting, it is a ventilator support which your car lives on. Today with all car insurance companies offering online policies, getting online car insurance quotes is not a difficult task. Plus, to help a new customer www.policybazaar.com assists them in getting, online car insurance quotes and also comparing them, whether it is for new car insurance, second hand car insurance or a car insurance renewal. Getting the cheapest car insurance is not difficult anymore.
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