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My Insurance Bazaar: What does Motor Insurance plans covers?

My Insurance Bazaar: Know all about your what does Motor Insurance plans covers or Not? A Motor Insurance plan which gives protection to a vehicle owner against All damage or your physical assets, and it is also mandatory for you to buy a motor insurance policy on any vehicle that you own .

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My Insurance Bazaar: What does Motor Insurance plans covers?

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  1. My insurancebazaar A Motor Insurance Handbook Take Control of your ride apka khayal humara lakshya Myinsurancebazaar.com A SALASAR INSURANCE BROKERS INITIATIVE

  2. COMMON TERMS THE LAW SAYS THAT EVERY VEHICLE WHETHER A TWO OR FOUR WHEELER SHOULD HAVE AN INSURANCE POLICY IDV : Insured declared Value The maximum amount of money that would disbursed to the policy holder in case the vehicle is written off NCB: No claim bonus The maximum amount of discount which a policy holder can get in case of renewal in case no claims being made in the year preceding Zero Depreciation A special Add on cover a new car owner can get to protect against depreciation shocks. Applicable in case of 1st 3 years of ownership Approved Garages Every insurance provider has tie ups with garages across the country so that policy holder can get cash less repair facility for repair Online Purchase A facility provided by Insurance brokers like myinsurancebazaar.com where you can compare and find the right insurance plan to buy.

  3. What Motor Insurance is: • An Insurance plan which gives protection to a vehicle owner against: • Damages to his/her vehicle • In case as a vehicle owner you need to pay any third party liability as determined by law Driving a motor vehicle without insurance in public places is a legal offence as per Motor Vehicles Act 1988 Types of Motor Insurance Cover: • Broadly of two types • Liability only policy ( This is a statutory requirement) • Package Policy ( This is a combination of Liability only policy and Damage to owner’s Vehicle usually called O.D Cover)

  4. What Motor Insurance covers : • The damages which the OD Section of the policy covers • Fire explosion ,Self Ignition & Lightning • Burglary /Housebreaking / Theft • Riot & Strike • Earthquake • Flood ,Storm ,Cyclone ,Hurricane tempest , inundation, hailstorm , frost • Accidental external means • Malicious Acts • Terrorism Acts • While in transit by Rail /Road or Inland waterways ,Lift, Elevator or Air. • Landslide or Rockslide What Motor Insurance don’t covers : • Below are the cases which are not covered • Not having a valid driving license • Under influence of intoxicating liquor/drugs • Accident taking place beyond geographical limits • Electrical & Mechanical Breakdowns

  5. Frequently Asked Questions Q How Premium of a Motor insurance is determined? • There are many factors that determine the premium that you pay. For own damage cover different insurance companies charge different rates. The premium depend on the IDV, coverage and the deductibles . Lower coverage and lower IDV can raise issues during claims Q If CNG or LPG is fitted in the vehicle , Is it important to Inform the same to the Insurance company? If a new CNG or LPG is fitted in the vehicle,1st it need to be informed to the RTA where the vehicle is registered so that the same can be included in the RC of the vehicle. All these need to be informed to the Insurance company also so that they form a part of the OD and third party policy. It is necessary that the policy covers the newly fitted kit so problems done arise during claims. Q Is service tax is applicable and how much is it? Post calculation of Net Premium , the final premium is approached by adding Service tax to it. The service tax rates are applicable as per concurrent tax guidelines.

  6. Frequently Asked Questions Q What is the period of the policy? Period of the policy is also know as the term of the policy. The policy is usually valid for a period of one year and has to be renewed before the due date . In case of Motor Insurance grace period for renewal is not applicable like other insurance policies. Q If a vehicle is registered and used in two different cities What premium rate is applied? For the purpose of calculating premium , the place where the vehicle is registered is reckoned and not the place where the same is used. Cities in India are divided into two Zones ,Zone A & B . Zone A mostly include tier cities. Q What is No claim bonus ? NCB is a benefit accrued to an insured for NIL claims during the previous policy period. As per current norms , it ranges from 20% to a maximum of 50% on Own Damage Premium. This is not applicable in case of Third party damage

  7. Compare and then buy online www.myinsurancebazaar.com For Further details regarding plans and claims CALL TOLL FREE ON 180-01028-550

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