As per the Motor Vehicle Act, , a third-party insurance is mandatory for all running vehicles on Indian roads. After an at-fault accident, the accident forgiveness option ensures there is no increase in your insurance rate. If your car insurance premium is not paid within the due date or provided grace period then your insurance policy will lapse. It's advisable to renew your car insurance policy by making premium payments on time every year. Car insurance costs rises every year depending on the company costs in policy distribution, loss in investment, fuel prices, etc.
Your insurance premium can go up depending on the age and value of your car, your driving history, and the claims made. For old cars, i. The validity of the PUC Certificate for new cars is 1 year. Vehicles that were bought on or after 1 April are considered to be new cars under this classification. As long as a car insurance policy is in force, there is no restriction on the number of claims that can be raised in a year.
However, the number of claims allowed under add-on covers like NCB protect, zero depreciation, etc. You can find more details on these limits in the policy documentation. Total loss: When an insured vehicle is totally damaged, or destroyed to an extent where it cannot be repaired or recovered for further usage, it is said to be a total loss. Under such circumstances, the vehicle cannot be driven on public roads. The rebuilt vehicle will also get a salvage loss tag. A certificate of insurance COI is the document issued by your insurance provider when you buy an insurance policy from them, or renew an insurance policy with them.
The certificate of insurance is a token of proof for your insurance purchase. The certificate is furnished with all the details related to the insurance policy such as, the type of insurance, the coverage provided by it, name of the insurer, policy number, tenure of insurance, and name of the insured. Yes, the city you are residing in will have a direct effect on the premium that you pay.
Rural areas are less likely to have accidents as the traffic congestion is less. Hence, the rates of premiums are less if your car is registered in a rural area. Urban areas with a high population are usually more congested and thus the rates of accidents are higher. Since, insurance companies ascertain the premium rates based on the risk involved, the rates will be higher in urban areas or metro cities than rural areas.
Another factor on which the insurance rates are dependent is the area in particular. Your insurer can figure out the amount of thefts and accidents in the area where your vehicle is registered using your PIN code. Areas with more thefts, vandalism issues, accidents, etc.
During this tenure, your car will be covered under the policy. The starting date is basically the date of inception of the policy and is usually valid for a year. The policy will be valid till the ending date and has to be renewed once the coverage tenure is over. No, it is not possible to continue a car insurance in the name of the previous owner even after the ownership is changed to your name. It is mandatory to have the same address furnished for the registration and insurance of the car, in order to make a claim. It is important to change the name and address to enjoy the benefits of the insurance policy.
The following points can be quoted as the disadvantages of not having a valid insurance policy for your car:. Invite penalties: Having a valid insurance policy for your vehicle is compulsory as per the Motor Vehicles Act, If you are driving without insurance, be prepared to pay a hefty fine for breaking the law.
Pay third-party losses: Having car insurance ensures that the losses incurred by a third party on their property will be covered under the policy. The insurance company will cover the expenses that are to be borne by the policyholder. In case you do not have an insurance policy, you have to pay off the expenses from your own pocket. Pay for own losses: If your car was involved in an accident, there are high chances that your vehicle has undergone certain losses.
These expenses are covered under a comprehensive insurance plan otherwise. Legal complications: If your car does not have an active insurance plan, you might be penalised heavily and might also be imprisoned for not having an active policy. This is in addition to the financial loss that you have to bear to repair your vehicle. Loss of No Claim Bonus: If you had an insurance plan for your vehicle earlier and you decided not to renew it, you will be losing the No Claim Bonus NCB that might have accumulated in the past policy tenure.
If your car insurance application has been rejected, you should look for another insurance provider immediately.
There are a number of public and private sector insurance companies in India and most of them offers car insurance as a product. The best thing to do would be to approach another insurer and get a quotation for your vehicle insurance policy. Remember to check for quotes online through a third-party website and compare between all the options there. Using this method, you might end up getting a better deal altogether. If the insurance policy is renewed within 90 days of its expiry, the NCB can be availed. You will lose the NCB if you renew the policy after the day period.
If you are renewing your insurance policy with your current insurer, you do not need a proof. Your insurance company will have a complete record of the claims that you have made and the NCB accrued.
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You would need a proof of no claims only if you are renewing your insurance with a different insurance provider. In this case, you can ask your previous insurer to issue a letter confirming the No Claim Bonus accumulation. You have to declare the additional fittings at the time of making the insurance policy proposal. An insurance company covers the cost of ambulance as part of the medical expenses after a car accident. The cost for an ambulance ride is covered if it is medically necessary. It conducts testing, research and development, homologation, and frames the rules and regulations pertaining to vehicles manufactured for India.
It uses state-of-the-art technologies and qualified human resources to meet its objectives. Car insurance premium calculators are offered by the leading motor insurance companies in India to help the customers get an idea about the amount of premium that they will have to pay against a car insurance policy. Customers need to provide their name, address, and contact number along with the details of the car to be insured.
At the time of an auto insurance claim that includes replacement of car parts, an insurance company calculates and applies the rate of depreciation to car parts before settling the claim. The depreciated amount will have to be borne by the policyholder. This is applicable to a comprehensive car insurance policy as well, because the coverage provided by such an insurance plan does not include depreciation on car parts. However, a comprehensive car insurance policy can be enhanced through add-on covers by paying extra premium.
One of the most popular add-on insurance covers in the auto insurance domain is the zero-depreciation cover. Also referred to as nil depreciation cover or bumper to bumper insurance, this add-on plan enables you to recover the entire cost of replacing car parts without having to pay for depreciation. This cover is only offered to cars that are less than 5 years old.
This article educates you on the nuances of the zero depreciation cover. If you own a Maruti car, then you should get it adequately insured through the solutions offered by Maruti Insurance Broking Private Limited. Maruti Insurance has tie-ups with renowned car insurance companies in India to provide you the best products and services. While your car is insured with an appropriate auto insurance policy from Maruti Insurance, you can get it repaired at any of the Maruti Suzuki service centres throughout the country.
These service stations offer advanced amenities and infrastructure to offer you a smooth experience each time.
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You can also renew your existing auto insurance policy at the website of Maruti Insurance Broking Private Limited in a hassle-free manner. The claim process and the procedure for adding endorsements to your policy are quick and convenient as well. Car insurance can be broadly classified into two types, i.
If you are conscious about the cost of auto insurance and would like to limit it to a minimal level, then third-party liability insurance is the best option for you.
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Although it is the cheapest form of motor insurance, it has limited coverage. If you desire complete protection for your vehicle from accidents, thefts, man-made and natural disasters, and third-party liability, then you should buy a comprehensive car insurance policy. This article explains the inclusions and exclusions in comprehensive and third-party liability insurance plans. It also enables you to get a detailed insight on these insurance schemes so that you are better equipped at the time of a policy purchase.
An auto insurance policy is a safety net that protects you, your family, and your cherished vehicle from unforeseen incidents like accidents, theft, loss of life, etc. So, it is imperative that your vehicle is equipped with adequate insurance coverage. Buying auto insurance is important, but consistently renewing it without any gap in insurance coverage is what matters the most.
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Some insurers also refuse to renew the insurance of old cars that have a gap in insurance coverage. This article educates you on the A-Z of car insurance renewal. You will also be enlightened on the pronounced advantages of renewing auto insurance online. Car owners can either sell their old car or can transfer it to another state and get a re-registration done. The re-registration must be done before the expiry of the Registration Certificate.
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