Everyone loves to thrill with their favorite car. With car driving as well as car care also take full care. Vehicle insurance is very important for our vehicles just as we insure ourselves and our families for the better future.
Here, we are describing vehicle insurance which protects your vehicle from theft, accident or any other kind of loss. So, those, who want to get details regarding same, must explore this page completely.
What Happens To Auto Insurance?
Vehicle insurance is also known as car insurance, gap insurance and motor insurance or insurance. When you buy insurance for your car or any other vehicle like a truck, motorbike, car etc. then it is called auto insurance.
Vehicle insurance helps you after the breakdown of the vehicle, or any kind of injury to you. Car finance or financial aid in money spent on treatment of the person. In some cases your insurance provides you protection of up to 100 percent and fewer than that.
According to Motor Vehicle Act 1988, insurance for every vehicle in India is essential. If you are caught driving without a driver’s insurance, then you will have to pay a pory.
What You Need For Vehicle Insurance?
After collecting hard earned money in life, we can fulfill the dream of car ride. It will be the name of your beloved car in the list of some of the most expensive things in life. If your car gets victim of an accident, insurers will help you financially.
Apart from this, the insurance company will also provide the money to repair the car on your roof. When you drive a car, you have responsibility on your shoulders, other than yourself, which is as follows.
Other passengers of your car
- Your co-operator
- The wealth of others
- Pedestrian people
- And you yourself
Insurance completely compensates you for any losses incurred during your accident. In view of the above points, there is a provision for third party insurance to every vehicle owner in India. Only then can you drive a vehicle on Indian road.
What Is The Period Of Auto Insurance?
Auto insurance, always being up to date is very important. Motor insurance is for a period of 1 year which is fixed according to the vehicle’s immediate cost.
How Many Types Of Vehicle Insurance Are There?
We have two types of insurance, a third party insurance and secondly Comprehensive Insurance. Both types of insurance and policies are different in their policies which are as follows.
1-Third Party Insurance –
In the case of any accident in this insurance, etc., If the accident occurs, or if it dies, then said company compensates him. In addition, it also protects the damage caused to third party vehicles. According to the law it is necessary to keep third party insurance. The company does not cover your loss in this insurance.
2- Comprehensive Insurance –
This insurance is comprehensive, in which the insurance holder gets the full claim during the accident. There is a driver-cum-operator as well as a third party that means your vehicle is crashing. The company carries the expenses of both. It is much better; the company compensates the loss of both in this insurance.
How Much Money Do You Have To Spend For Your Vehicle?
This is a simple question that comes in the mind of every vehicle owner when he plans to buy auto insurance. Let us know, the amount of insurance for each vehicle and its premium varies. In determining the price of auto insurance, considering the points given below, the amount is decided.
The amount of premium is based on the following points.
- Vehicle Models
- Year of construction
- Place of registration
- Current showroom price of vehicle
- Whether the customer is personal or corporate
What Happens To The No Bonus?
No claim bonus is a very expensive word in the insurance sector. Yes, but do you know that no claim bonus is in reality. No Clebe Bonus is a kind of reward that is given by the company to the insurance holder.
This is given in the case of the insurer who does not make any claims in the first year of his / her insurance period. So the insurance company offers a rebate to the next insurance and this year increases in the case of non-claim, which is as follows.
In the profit percentage of No Claim Bonus:
- No claim bonus if not done in 1 year – 20%
- No claim bonus if not done in 2 years – 25%
- No claim bonus if not done in 3 years – 35%
- No claim bonus if not done in 4 years – 45%
- No claim bonus if not done in 5 years – 50%
The insurance company offers a maximum rebate of up to 50 percent. It is not exempted more and it happens when the insured does not make any claim on his company for 5 years continuously.
Should Be Done In The Case Of An Insurance Claim Process?
To claim insurance, you first need to strengthen your documents first. You can easily claim your insurance after being fully equipped with paperwork. For this you have to keep the following documents fully prepared.
Documents required for insurance claim:
- Original copy of the insurance policy
- Vehicle registration book
- Original copy of driving license
- FIR copy of accident
- Rashid of third party accident
- Rashid of Damage Repair in Vehicle
To get more information regarding vehicle insurance, please visit our next pages.
Check here – What is Insurance