How Can I Get the Assistance Regarding the Car Insurance?
Car insurance is mandatory in India, and for a good reason. To begin with, under the Indian Motors Act, all car buyers are required to have their cars insured. Second, insurance protects your funds in the event of an accident. The extent is determined by the policy you have chosen. The damages to your car caused by the collision will be covered by your insurance company. To gain the benefit of insurance, you must pay an annual premium.
What Is Covered by Your Car Insurance?
These are the few aspects covered by your car insurance: - Liability to a third party - Accident-related damages and repairs are covered by insurance. - In the event of an automobile accident, hospitalization coverage is included. - Compensation in the event of the insured's death as a result of an accident
Note: This is only an overview of vehicle insurance in India. Detailed information can be found in your policy paperwork.
What Is Not Covered by Your Auto Insurance Policy?
These are the things not covered under your car insurance policy.
- Any loss to your automobile that occurs outside of India's borders
- Damages to the vehicle caused by intoxication influence such as alcohol and narcotics.
- Car damage/loss when driving without a valid driver's license
- Negligence caused the automobile to break down mechanically.
- Natural wear and tear or age-related damage to the vehicle
Car Insurance Policies:
There are many kinds of car insurance policies available in the market. We�ll talk of mainly two.
This policy only covers harm caused to the third party. Highlights include: - Very low-cost - Third-party bodily injuries and death are covered. - Third-party property damage is covered. - Appropriate for older cars
This policy protects you against both your own and third-party harm. Here are a few highlights: - Covers a wide range of add-ons. - New vehicle compatibility - On the upper end of the scale of cost - Third-party and own-vehicle coverage
A few things to think about while purchasing vehicle insurance:
- Before purchasing insurance, it is critical to investigate the insurer's reputation. A company with a strong reputation in the market is more likely to keep its promises in its policies.
- Naturally, you should examine the coverage provided by various plans and select the one that best meets your needs.
Evaluate the riders
- Riders are optional coverages like personal accident coverage, on-road assistance, and NCB protection that help you get the most out of your policy. These will be incorporated into the insurance you're purchasing for an additional cost.
stands for Insured Declared Value and is the highest amount you may claim on the insurance if your automobile is stolen or misplaced. It is a car's current market worth, which decreases as the vehicle becomes older.
- One of the most important factors to consider is how easy and efficient the insurance company's claim system is. Evaluating the insurer's claim settlement ratio is however a smart idea.
Selecting the appropriate auto insurance may be a time-consuming and challenging process. But don't worry, we are here for you! You may now purchase or renew your auto insurance using the Park+ app.
Park+ allows you to get insurance with only a few taps.
- Step 1: Go to the Park+ application.
- Step 2: In the bottom menu, select services.
- Step 3: Select 'Insurance'; it is the third option.
- Step 4: Make a purchase.
Not only can you get vehicle insurance using the app, but you can also create a unique reminder to renew it. Set up an insurance renewal notification in the Park+ app to avoid paying penalties. Let's see how.
- Step 1: Go to the Park+ application.
- Step 2: In the bottom menu, select 'Services.'
- Step 3: Select the last option, 'Reminders & notifications.'
- Step 4: Select 'Insurance' from the drop-down menu.
- Step 5: Select 'Add new alert' from the drop-down menu.
- Step 6: Fill in the insurance information.
- Step 7: Select 'Add my insurance alert' from the drop-down.
Getting to Know Automobile Insurance
Insured Declared Value
: It is the market value of your vehicle. This is the highest amount your insurance provider will pay if your automobile is damaged or stolen. Depreciation affects the IDV each year.
No Claim Bonus
: An insured receive a discount if they do not file a claim during the policy year.
For instance, if you bought your insurance from May 2020 to May 2021 and didn't make any claims during that time, you will be given a discount when renewing it for the following year.
: It is the lowest amount that the policyholder must pay when a claim must be submitted. The Insurance Regulatory Development Authority of India has set this as a necessary amount.
The fee is Rs 1,000 for four-wheelers with engines less than or equal to 1500 cc. The price is Rs 2,000 for those with more than 1500 cc.
: It is a portion of a claim that the policyholder chooses to pay out of pocket in the event of an accident. The only advantage of choosing this amount is that the overall premium amount is considerably decreased. Meanwhile, in the event of an accident or damage, the out-of-pocket costs are relatively higher.
Why Is It Important to Renew Your Auto Insurance on Time?
These are the reasons why your vehicle should be covered with insurance:
- If you are found driving on Indian roads without auto insurance, you may be subjected to a stiff punishment. Avoid the headache of paying a hefty traffic charge by renewing your insurance on time. According to the New Motor Vehicle Act 2019, a fine of ? 2,000 and up to 3 months in jail can be imposed.
- You can either file a claim for cashless insurance or request compensation for payments made because of the damage or loss caused by a vehicle accident.
In any situation, you must:
- Call the helpline number provided by your insurance company.
- Claim by registering.
- Please provide all necessary documentation of damage or accident.
- Wait for the claim to be confirmed by your insurance carrier.