What do you need to know about car insurance?

Car insurance is compulsory in India. So if you have a car, you need to have car insurance.

In the event that your car is involved in an unfortunate accident, your car insurance plan should be adequate to cover the cost of repairing damage to your car and damage to third parties.

Car Insurance Policy Online

Three Types of Car Insurance Policies:

There are three types of policies in car insurance and one can choose the plan that meets his needs and objectives.

1. Comprehensive insurance plan:

This is a popular insurance plan that offers comprehensive insurance coverage to the insured.

The coverage provided in this plan includes a plan to reimburse the damages caused by an accident, insurance cover for medical expenses for injuries sustained in an accident, indemnity for theft of a vehicle, and damage to the property of another person caused by an accident caused by the policyholder and risk to life and property. The injury also includes third-party liability insurance.

2. Third Party Liability Insurance Scheme:

Third-party liability is mandatory in India. It also insures against damage or injury caused by your car to another third party or his property.

3. Motor Vehicle Collision Insurance:

This insurance protects the policyholder from accidental damage to his or her own car.

However, this insurance plan does not cover the vehicle from violent damage or theft caused by foreclosure.

Choose according to your need

Therefore, it is important to first understand what needs and purposes the vehicle is being used for and then decide which type of car insurance plan is best for you.

How to renew car insurance frugally without wasting money?

The insurance should not expire

It is only after the car insurance expires that many people try to renew it or end up doing it with tension at the last minute. Precautions are needed to avoid this. When the insurance plan expires, the respective companies do not contact their users. There is also no guarantee of the safety of the vehicles. When the vehicle is last renewed, the vehicles should be displayed at the insurance offices for due process. Only then will the insurance documents be updated. To avoid this inconvenience, follow the proper steps and start the renewal process before the insurance plan expires.

When renewing an auto insurance plan, explore the possibilities. Other companies are likely to announce special discounts and lower interest rates on vehicles. Thus when trying to renew auto insurance, try to know the offers announced by other companies.

Bonus for unclaimed rights

If you do not claim any rights during the policy term, you are likely to get a no-claim bonus (NCB). If you're eligible for it, ask your insurance company for clarification on obtaining an NCB. This way, you will get various benefits when the auto insurance plan is renewed. In particular, some insurance companies offer exemptions of up to 75% of the premium for those eligible for NCB. Alternatively, the NCB offer can be transferred from one company to another.

It is important to study seriously

Before getting car insurance, do thorough research on it. If you have any questions, please contact the insurance office immediately. Some insurance companies offer online services to attract customers. So if you have any doubts about the offers, questions, terms, and conditions related to the insurance plan, fill it out immediately.

Various offers

Various insurance companies offer a variety of offers called add-ons. So before renewing the insurance, approach the offices and get an explanation about the add-ons offers. By doing this, you can avoid wasting too much money. Examine all the offers that companies offer and make a decision on which would be the right move.

Car Insurance FAQ

1. Can I renew my car insurance policy online?

Yes, you can easily renew your car insurance policy online. Also, you can get a no-claim bonus or NCB (if applicable) and exclusive online discounts for renewing the policy.

2. Are there any benefits to car insurance?

Yes. Insurers like Bajaj Alliance from time to time offer discounts and deals on four-wheeler insurance. You can visit their website to know the best offers currently available.

3. Can I claim car insurance twice a year?

Generally, there are no restrictions on the number of claims you can make under the car insurance policy in a year. However, one should remember that the car insurance claim affects the NCB (No Claim Bonus). Repeated claims in a year may also increase the premium when you renew the policy.

4. Do insurance companies go after uninsured drivers?

The insurance company will not legally go after an uninsured at-fault driver if you do not carry collision/comprehensive or uninsured motorist coverage. Filing uninsured motorist claims are generally the most successful way to get your expenses covered after an accident with an uninsured driver.

5. Can a car be registered in one name and insured in another?

 Most U.S. states allow their residents to register and insure their vehicles under different names. However, using separate names for the registration and insurance of a car may confuse the insurer and affect payment of settlements to insured drivers.

6. Do car insurance claims expire?

What Is The Statute of Limitations For A Car Accident Case in California? If you're filing a claim for personal injury in California, you generally have two (2) years from the date of the injury to file a claim, with a few exceptions. Once the statute of limitations expires your matter may not be brought to court.