Negligence on car insurance may be heavy, know everything related to the insurance of your vehicle!
If you do not renew your vehicle policy within the stipulated time, you may have to pay a heavy fine. Please tell, this period is usually 90 days.
Whenever people think of buying a vehicle in India, they do full research on new models of cars, from color to features. But do you know that it is very important to know about the insurance of the vehicle, as much as you want to know about its features and mileage. Let us tell you what things are very important to consider before buying a car insurance, and what is covered inside the vehicle insurance.
How Insurance works: Vehicle insurance works on a "Use it or lose it" policy, which you have to pay an annual premium to take advantage of in a serious accident. However if no accident occurs, you lose the premium amount paid for the safety of your vehicle. But in this case you get a No Claim Bonus, which is a good amount. Let me tell you, starting from 20% of the premium in the first year and up to 50% in the sixth year, you get a no claim amount. It is advised not to claim insurance for minor losses due to that.
How the insurance amount is decided: The value of your insurance policy is based on the IDV Insurance Declared Value, which is the maximum sum insured to be paid by the vehicle owner. This amount is approximately equal to the market value of your vehicle. So when you buy insurance for a new car, its insurance declared value is based on the price of the showroom. On the other hand, if you do not renew your motor policy after one year, then your IDV value is reduced.
Time to renew is only 3 months: It should be remembered here that it is better to get your vehicle renewed in a timely manner than being caught in any major accident. If you do not renew your vehicle policy within the stipulated time, you may have to pay a heavy fine. Please tell, this period is usually 90 days.
WHAT HAPPENS IN VEHICLE INSURANCE Cover: Includes events outside your control, such as lightning, earthquake, flood, typhoon, hurricane, cyclone, landslide, besides damage done by anyone such as theft, riot, strike, terrorist activity. , And any damage caused to the vehicle through road, rail, or water is covered. With this, it completely protects your family's future in an unfortunate situation. However, third party legal liability has been made mandatory now. Which you can also avoid the legal liability of accidental loss.
If you do not renew your vehicle policy within the stipulated time, you may have to pay a heavy fine. Please tell, this period is usually 90 days.
Whenever people think of buying a vehicle in India, they do full research on new models of cars, from color to features. But do you know that it is very important to know about the insurance of the vehicle, as much as you want to know about its features and mileage. Let us tell you what things are very important to consider before buying a car insurance, and what is covered inside the vehicle insurance.
How Insurance works: Vehicle insurance works on a "Use it or lose it" policy, which you have to pay an annual premium to take advantage of in a serious accident. However if no accident occurs, you lose the premium amount paid for the safety of your vehicle. But in this case you get a No Claim Bonus, which is a good amount. Let me tell you, starting from 20% of the premium in the first year and up to 50% in the sixth year, you get a no claim amount. It is advised not to claim insurance for minor losses due to that.
How the insurance amount is decided: The value of your insurance policy is based on the IDV Insurance Declared Value, which is the maximum sum insured to be paid by the vehicle owner. This amount is approximately equal to the market value of your vehicle. So when you buy insurance for a new car, its insurance declared value is based on the price of the showroom. On the other hand, if you do not renew your motor policy after one year, then your IDV value is reduced.
Time to renew is only 3 months: It should be remembered here that it is better to get your vehicle renewed in a timely manner than being caught in any major accident. If you do not renew your vehicle policy within the stipulated time, you may have to pay a heavy fine. Please tell, this period is usually 90 days.
WHAT HAPPENS IN VEHICLE INSURANCE Cover: Includes events outside your control, such as lightning, earthquake, flood, typhoon, hurricane, cyclone, landslide, besides damage done by anyone such as theft, riot, strike, terrorist activity. , And any damage caused to the vehicle through road, rail, or water is covered. With this, it completely protects your family's future in an unfortunate situation. However, third party legal liability has been made mandatory now. Which you can also avoid the legal liability of accidental loss.
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