Category Archives: Vehicle Insurance

What are the types of Car Insurance Cover ?

Car Insurance is a actually a contract between you and the insurance company. In this contract, you agree to pay the premium amount and the insurance company agrees to pay for your losses as mentioned in your policy. Auto insurance also provides property, liability and medical coverage out of which property coverage pays for damage to or theft of your car.

What are the types of Car Insurance available?

There are 3 main types of car insurance policies :

1) Third Party Liability Insurance

This policy will cover your vehicle if it gets involved in any mishap with a third party vehicle, accidental death, or injury to a third party. The liabilities are taken care of with this type of insurance. This policy is mandatory for all vehicles driving on public property in India.

2) Comprehensive Car Insurance Policy

This policy covers damaged caused by the vehicle owner himself, and by third party vehicles, both. It also covers theft as well as damage by natural or unforeseen disasters.

3) Zero Depreciation

A relatively new aspect, zero depreciation is one step further of comprehensive plans. Car owners need to pay one fixed amount for administrative charges, the rest of the costs are handled by the insurance company. While zero depreciation was mostly done on luxury cars as premium is higher, nowadays, it is done on smaller cars as well/ however, cars over three years cannot apply for zero depreciation policy. A zero depreciation cover will cover all the costs related to tyres, plastic, rubber, etc. that comprehensive plans do not cover.

Looking for Car Insurance Policy? Compare with Money Expert.

How to Avail Discounts on Premiums ?

1) You can reduce the amount of your premium by applying for discounts. In case you have equipped your car for ARAI anti theft features, you can apply for a 2.5% discount on your premium as the risk of your car getting stolen is reduced.

2) You can also apply for occupation discount based on the profession of the driver of the vehicle. Some specific occupations are considered less risky than others, for these professions, car owners can apply for occupation discount on their insurance premium.

3) No claim bonus is another great way that you can reduce the premium. Do not claim any bonuses for a year, and you can be rewarded by your insurer by getting a discount on your premium for the next year.

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How to choose the best Car Insurance Policy in India ?

Choosing the right car insurance policy for your vehicle can be almost as mind numbing a process as choosing the car itself. Many people rush into choosing a car insurance policy without going through the fine print and all the available options. However, this could be a big mistake as a long term plan.

6 Tips to Choose the best Car Insurance Policy in India

In this article we will tell you how to choose the best car insurance policy in India for your vehicle:

1) Customer Service

Choose a car insurance company that will provide you with 24 hours customer support. This will give it an edge over other companies. Do your research well and narrow down on the car insurance companies that are able to provide you with 24 hours online customer support, and even offer you better benefits than other companies.

2) Compare the key benefits and features offered by the car insurance companies

It is assumable that you are reviewing a number of car insurance companies before choosing one which fits the best for you. In this case, compare all the key features and benefits that each car insurance company is providing you, so that you can choose one which is the most appropriate for your needs.

3) Consider the reviews of other car insurers

The internet is the best place for checking out reviews of any product and service you could wish for. Check out the reviews of other car owners on the insurance companies and policies that they have chosen so that you get a better understanding on which one might work best for you.

4) Compare insurance premiums online

While you can come across a great number of deals and discounts to lure you when you compare insurance premiums online, most of these could be a trap or a scam. You must compare different insurance premiums online but make sure you are doing so from reputable sources so that you do not fall into any traps. You must also check for the premium on the fixed IDV value which the site is computing for you.

5) Cashless Garages

One of the standard tests for a good car insurance company that you can do on your own, is to check the number of cashless garages that the car insurance company offers. The more the cashless garages, the better the car insurance company is!

6) Check the CSR of the car insurance company

Before you narrow down and choose the car insurance company and policy that you want to opt for, you must review the record of your insurers previous claim settlement. CSR or Claim Settlement Ratio refers to the amount of time taken by the insurer to settle down claims from clients. The IRDA website of India will give you a good idea about the CSR ratio of various car insurance companies in India. Never proceed with a car insurance company if you find the CSR of the company to be bad.

These are some tips that you can follow in order to choose the right car insurance company to protect yourself and your vehicle.

What is Zero Depreciation in Two Wheeler Insurance?

Depreciation refers to the decrease of value of assets. There are some assets which appreciate, or increase their value over time. These are assets such as land and property. However, two wheelers value depreciates over time. This is disadvantageous for owners of two wheelers taking insurance.

Zero Depreciation in Two Wheeler Insurance

With the usual passing of time, a two wheeler goes through unavoidable wear and tear. The cost of maintenance and repair can be quite a costly affair for two wheeler owners. However, zero depreciation in two wheeler insurance can protect customers from depreciation factor when filing in a claim. There are several benefits that benefit policy holders when opting for a zero depreciation or Nil depreciation cover.

At the time of filing a claim, two wheeler owners end up paying a large sum of money extra on the overall cost in order to cover up the depreciation deduction.

What does a zero depreciation policy cover?

  • Coverage on plastic
  • Rubber
  • Fibreglass parts
  • Nylon
  • Available on new as well as renewal of old policies
  • The policy is designed for old and new bikes of a maximum age of up to two years

What things do a zero deprecation policy not cover?

  • Damage on the bike due to uninsured peril
  • Damage on the bike due to mechanical breakdown
  • Normal wear and tear
  • Damage on the two wheeler items that are uninsured; such as tyres, gas kits and bi fuel kits.

Also Read : Top 5 Car Insurance Companies in India

What sort of two wheeler owners should opt for a zero depreciation policy?

  • New drivers
  • People owning luxury vehicles
  • Those riding in accident prone areas
  • For those having a vehicle with expensive spare parts

What kind of factors affect your zero depreciation policy?

  • The age of your two wheeler
  • The location in which the owner is based
  • The model of the two wheeler

What are the conditions on which an owner can apply for a zero depreciation policy?

It is important for every individual to read the policy documents very minutely. You must read the wordings very carefully and understand the terms of your policy. These are the basic conditions that come with a zero depreciation cover policy:

  • If the two wheeler is damaged completely or stolen, then the zero depreciation policy is not applicable.
  • If the two wheeler has suffered from damage, the repairs must be done from a garage which is partnered with the insurer.
  • The zero depreciation policy can be availed only twice during the policy cover.

What are the benefits associated with a zero depreciation policy?

  • Your two wheeler is completely protected after opting for a zero depreciation policy.
  • A zero depreciation cover adds value to the basic cover of your two wheeler
  • An owners out of pocket expenses can be reduced to a minimum when he opts for a zero depreciation cover policy.
  • No cost of depreciation will be charged when a two wheeler owner makes a claim
  • The depreciation value of your two wheeler will not be considered when you go for claims.
  • Your investment in your two wheeler is made almost nil
  • The zero depreciation policy cover adds more value to the basic two wheeler insurance cover.
  • A two wheeler owner can enjoy a safe, protected and peace of mind experience after opting for a zero depreciation policy cover.

It is extremely important in this day and age to opt for a zero depreciation policy cover for their two wheelers. With the rising expenses of two wheelers and the cost of maintenance and repair, a zero depreciation policy cover can greatly be advantageous to policy holders as it will save them a lot of expenses. The two wheeler owners can also save out of pocket expenses as well as get a greater cover value on their two wheeler.

Top 5 Car Insurance Companies in India

Best Car Insurance Companies in India : In India, car insurance is not only legally mandatory but also advisable to have one. In Indian driving conditions one should be prepared at best to make up for any miss happening that can take place any time.  If you buy a new car, you have to opt for an insurance policy. Even if you are driving your old faithful car for years you have to renew its insurance every year before the current active insurance policy expires.

Top 5 Car Insurance Companies in India

As per the rule, only a third party insurance is mandatory. However, it is advisable to go for a comprehensive insurance to have your car shielded for various situations. It’s obviously better to be safe than sorry.  It might be difficult to choose the best car insurance companies in India from which you can get your car insured. This is because there are way too many car insurance companies in India. To help you with this we are coming up with a list of top 5 car insurance companies in India.

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Top 5 Best Car Insurance Companies in India

1) Bharati Axa

Bharati  Axa , founded in 2008 is one of the most reputed car insurance companies . The company received ISO 9001:2008 as well as ISO 27001:2005 certification in the very first year of its operation. Bharti Axa has already sold 3.5 million policies till date which is a testimony to the faith, car owners have shown in this company. One can get an insurance policy for a new car instantly without having to go through long procedures of lengthy paperwork.

2) Oriental Insurance

You must have heard this companies name if you have got your car insured. Or it is likely that you have got your car insured from this company.  This state owned company is one of the best car insurance companies in India which has got an iAAA rating by ICRA and awards like ‘best bank and financial institution award’ and ‘best public general insurance award’ . Oriental Insurance might just be the best car insurance company in 2017 from which you can get your car insured.

3) The New India Insurance Company

New India Assurance, just like Oriental Insurance is a highly trustworthy name in the field of car insurance in India. New India Insurance is a government owned entity, which boasts of a strong infrastructure, human resource and capital. This is the only insurance providing company in India to get an A- (Excellent) rating by A.M.Best Co. This is enough to put your trust on this company’s services.

4) United India Insurance

United India Insurance is another great state owned car insurance providing company car in India. It has provided excellent services when it comes to car insurance for decades now. United India Insurance is one of the leading insurance companies in Asia. It can be a great choice for getting your car insured from the best car insurance company in 2017 in India.

5) TATA AIG

In private sector, Tata AIG is one of the oldest car insurance companies in India. It is one of the best companies to get your car insured from, if you are looking for this service from a private sector company. Now with its Go Digital campaign TATA AIG is one of the most sought after companies to get your car insured from a company that provides instant services without much paper work.

It is advisable to go for a comprehensive insurance as it comes handy if your car gets stolen or gets involved in any accident. The above list of top 5 car insurance companies in 2017 in India should definitely help you select the most suitable company to get your car insured from.

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