hello friends today we’ll discuss about auto insurance as per Vehicles Insurance act, every one who own a vehicle, is liable get insured you all either buy or renew insurance online or through an agent you ought to note of 1 thing,
insurance buying tips no.1
after the expiry of 1st year’s insurance but before the renewal that, if you haven’t filed or claimed any claim during the previous year then insurance firm offers a reduction in next year’s renewal premium which is named No Claim Bonus or NCB and therefore the rate of this NCB are often ranges from 20% to 50% this NCB applies only on “Own Damage Premium” cover auto insurance has two sorts of covers.
insurance buying tips no.2
1st is own damage cover this insurance covers damages arises thanks to fire,explosion,earthquakes,floods and theft or terrorism.
insurance buying tips no.4
2nd is third party cover third party insurance may be a statutory requirement and during this cover, all quite physical injury or property damages caused to 3rd party by you, is roofed means it covers your legal liability now if you simply have taken third party insurance then you will not be ready to get NCB now, lets check the slabs of NCB after 1 claim free year you’ll be eligible to urge NCB@20% on Own Damage Premium and you’ll get upto 50% NCB subject to before that previous 4 years you haven’t claimed or filed insurance.
insurance buying tips no.5
let’s take an example.. assume you’ve got a car and its IDV after 1st year is Rs.4 lakh and its own damage premium involves Rs.12000 and @20% you’ll save Rs.2400 provided you’ve got n’t filed or claimed any claim within the previous year here i might wish to tell you another thing that as and once you renew your vehicles insurance please confine mind that what proportion IDV you’re getting to get against the premium you’re paying assume you have a 2 wheeler that renewal premium is Rs.900 approx and against that you simply are getting to get only Rs.19000 IDV but it’d be possible that another company in lieu of additional Rs.40-50, offers more IDV cover.
and, now if you too lookout of such small things then you’ll save money out of the renewal’s insurance hope that you simply have liked this tutorial and can also share together with your friends.