INSURANCE

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Need of Policy

The number of road accidents in India is estimated to be three times vis-à-vis developed countries. The number of accidents for 1000 vehicles in India is as high as 35 while the figure ranges from 4 to 10 in developed countries
Comprehensive Car Insurance serves as an add-on to the mandatory third-party cover and protects the car owner from financial losses, caused by damage or theft of the vehicle

Insuring Your Car

Insurance amount : The amount of insurance is equal to the market value of the vehicle and not the original purchase price or book value of the vehicle.

Renewal : The insurance policy needs to be renewed before expiry of the policy period. Any delay in insurance renewal can deprive you of the insurance benefits and also attract a penalty while renewing. Remember, it is against the law to drive an uninsured car. Moreover, if the insurance policy isn't renewed within the period of validity, the car will have to be brought to the insurance company office for inspection.

No-claim bonus : No-claim bonus (NCB) clause is basically applicable to holders of comprehensive insurance policy. The clause refers to the discount that a policy holder can receive on the amount of premium payable, if he/she has not lodged any claim during the year.

Sum Insured

The vehicles are insured at a fixed value called the Insured’s Declared Value (IDV). IDV is calculated on the basis of the manufacturer’s listed selling price of the vehicle (plus the listed price of any accessories) after deducting the depreciation for every year as per the schedule provided by the Indian Motor Tariff.

If the price of any electrical and / or electronic item installed in the vehicle is not included in the manufacturer’s listed selling price, then the actual value (after depreciation) of this item can be added to the sum insured over and above the IDV

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