Motor insurance premiums involve various factors like payment modes, claim history, and policy purchase method. Choosing strategic options such as spreading payments, leveraging No-Claim Bonuses, opting for Pay As You Drive, avoiding dealer-driven policies, and making smart deductible choices can significantly reduce premiums without compromising coverage.
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Track your car insurance details online in minutes
In India, you can easily check your car insurance details online through platforms such as the Parivahan Portal, IIB Portal, mParivahan app, and state RTO websites. These government-run resources allow you to quickly access your vehicle’s insurance status, policy issuer, and validity by entering the registration number.
When will your insurer not cover claims under your third-party motor insurance?
Driving in India without third-party (TP) insurance is illegal and can result in financial burdens if caught without a valid policy. However, even when you have a TP cover, there may be instances where your TP insurer may refuse to cover damages and injuries caused to third parties by the insured vehicle. Read on to […]
Zero depreciation car insurance: 5 things to know
Zero depreciation car insurance ensures that the insurance company does not deduct the depreciation value of car parts while settling a claim.
Why it is important to have third-party car insurance
Driving responsibly is crucial for safety, and third-party car insurance is mandatory in many countries, including India. Lacking this insurance can lead to legal penalties, financial liabilities, and potential imprisonment. It also affects future car ownership and insurance dealings. Third-party insurance ensures protection and responsible vehicle ownership.
The impact of car insurance on your car resale value
Car insurance significantly impacts the resale value of used cars. Factors such as Insured Declared Value (IDV), depreciation, claims history, and the type of insurance policy play crucial roles. Comprehensive insurance generally enhances resale value, while third-party insurance may lower it. Properly managing these elements can ensure a fair deal for both buyers and sellers.
How to get a duplicate copy of your car insurance documents
The article emphasized the necessity and details of vehicle insurance, urging car owners to keep their policy documents secure. It covered the government’s requirement for third-party liability insurance and various ways to get a duplicate copy, including via emails, insurer websites, apps, customer support, company offices, and insurance agents.
Insured Declared Value in motor insurance cover: How is it calculated, is lower IDV better?
If you are confused by personal finance terms, jargon and calculations, here’s a new series to simplify and deconstruct these for you. In the seventh part of this series, ET Wealth explains the meaning of Insured Declared Value (IDV) in vehicle insurance.
Types of car insurance plans you should know about
India mandates third-party insurance (Motor Vehicles Act 1988). IRDAI sets premiums. Types: third-party liability, Own Damage, and Comprehensive insurance with extensive coverage including INR 15 lakh Personal Accident Cover and add-ons. Own Damage covers accidents, disasters, theft. Premiums depend on vehicle age, model, coverage limits, safety gadgets, Insured Declared Value (IDV), and No-Claim Bonus (NCB).
What Is zero depreciation in car insurance?
Car owners are advised to drive responsibly to save on insurance premiums and claim settlements. The concept of zero depreciation insurance ensures full invoice value payment during claims. This add-on is beneficial for new, luxury, or frequently-driven cars, and those in high-risk areas.