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If you own a car you already know
a little about insurance. Well you should since it’s
a legal requirement and can save you a lot of money. Buying
insurance can get to be an expensive affair but when trouble
strikes, your finances will be protected.
There are basically two
kinds Motor Vehicle Insurance:
Motor Policy A (Third Party Risk) the 'Act Only Policy'
covers third party damages up to Rs 6000/- only. Risk from
fire and theft requires an additional premium.
Motor Policy B (Comprehensive Insurance Policy) protects
you from the following eventualities:
- Damage due to man made or natural calamities: Natural
calamities include fire, floods, hurricanes, landslides,
cyclones or earthquakes. Man made calamities include, theft,
riots, strikes, malicious acts of vandalism or damage occurring
in transit via road, rail, waterways or air.
- Personal accident cover: In the event of an accident,
it is important that you have personal accident coverage.
You may also opt for a personal accident cover for passengers
traveling with you, just to be on the safe side.
- Third party legal liability: This would cover you for
legal liabilities that result in permanent injury/death
or damage to property, in the event of a mishap.
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The insurance policy is valid for a period of one year.
If you do not make a claim during the policy period, you are
eligible for a discount, which is adjusted against the renewal
premium. In case your policy expires, you can still avail
the no claim bonus if you renew the policy within 90 days
of its expiry.
To submit the claim you need to provide following documents
to the insurance company
- Vehicle Insurance Policy
- Original and a copy of the registration book
- Original and a copy of the driving license
- FIR in case of an accident involving third party injury
or damage
- Claim form and the estimated cost of repairs from your
workshop.
Once the mentioned documents are submitted the insurance
company will inspect the damaged vehicle and authenticate
the estimated cost of repairs. Once the surveyor has completed
the inspection, the car can be repaired.
The following rates of discount apply:
First year - 20%
Second year - 35%
Third year - 50%
Fourth year onward - 65%
This insurance policy does not cover your vehicle under the
following circumstances:
Damages arising out of mutiny, nuclear risk or war
Depreciation and consequential loss thereof
Mechanical/ electrical failures
Wear and tear of car tires and tubes
Vehicle being used other than the purpose for which it was
purchased
Damages occurring from driving without a valid license
Damages occurring from intoxication by alcohol or drugs
Everyday wear and tear
Happy driving!
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