National comprehensive car insurance plan provides the policyholder with many benefits. It assures the customer of complete coverage, and third-party liabilities are covered as well.
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Benefits of National Comprehensive Car Insurance
Several benefits are already covered under a comprehensive car insurance plan. You can avail of more services by purchasing add-ons. They further improve the benefits of your insurance plan. The benefits are listed below:
- Excellent Protection: The company assures the insured vehicle and the policyholder to provide complete protection. The company is responsible for compensating for all the financial needs of the policyholder in a time of crisis.
- Third-party Coverage: All the third-party liabilities and any damage to the property is entertained under a comprehensive car insurance plan. When the policyholder is at fault during the mishap, he/she need not worry about the expenses.
- Own Damage: If any damage occurs to the insured vehicle by natural or artificial calamities, thefts, or any accident, the cost of repair will be covered under the insurance.
- Single Premium: The third-party liabilities and personal damage are covered under the same premium, making the process easy and quick. There are no complications, and the plan works smoothly.
- Add-ons and No-claim Bonus: Different add-ons can be purchased along with the comprehensive car insurance policy to enhance the benefits of the insurance. The policyholder also receives a no-claim bonus for all the claim-free years.
Claim Process of National Comprehensive Car Insurance
The claim process is easy with the National Car Insurance. You need to follow these steps when you want a claim on your insurance:
- Intimate the policy issuing office as soon as possible after the damage.
- An FIR must be lodged in the local police station in case of an accident or third-party liabilities.
- Collect the claim form from the office or download it online from the official website of the National Insurance Company.
- Fill up the claim form correctly and go through it thoroughly.
- Submit the claim form to the Policy issuing office along with the required documents. These documents may include a copy of the Registration Certificate, Driving license, etc.
- After approval, the claim will be settled.
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National Comprehensive Car Insurance FAQs
Ans: A no-claim bonus is offered on the own car damage in the plan. The NCB is awarded to the policyholder in case of a claim-free year. The NCB is 20% for the first year. It increases to 50% in 5 years.
Ans: Some ways to reduce the car insurance premium are as follows:
- Drive sensibly to earn no claim bonus
- Drop unnecessary add-ons
- Renew the policy before the expiry date
- Try to raise no claim for minor damages as it can lead you to have no claim bonus
- Try to avail of the discounts
Ans: The car insurance premium includes the cost of the own-damage premium, third-party liabilities, and the cost of add-ons. The NCB and add-ons can prove to be beneficial in reducing the premiums.
Ans: No, you can drive a car without owning comprehensive car insurance. Third-party insurance is a legally necessary document, whereas comprehensive car insurance provides extensive coverage and can be more beneficial for you.
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Note: This is your car’s recommended IDV as per IRDAI’s depreciation guidelines.asdfsad However, insurance companies allow you to modify this IDV within a certain range (this range varies from insurer to insurer). Higher the IDV, higher the premium you pay.