| 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.
Advertisement |  | 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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