Although, we maintain our vehicle with good care, vehicle insurance is mandatory by law. The owner must know the factors and features of vehicle insurance premiums.
Factors which affect the premium:
Vehicle insurance premium depends on cubic capacity, model and area of registration. And age of vehicle theft rate, mileage etc . terms will be considered. A brand new vehicle means that will have high insurance premiums. Sometimes with good driving record keeps your premium low rate at the time of renewal. Commercial usage of vehicles will have high premium rates as expected.
Insurance Claim Procedure:
In the case of accident procedure and documents which are mandatory:
- Proof of insurance policy Original and a copy of Registration Book.
- Original and a copy of Driving License of the person driving the vehicle at the time of accident.
- FIR in case of accident involving Third Party Injury or Damage.
- Claim form along with the original estimate of repairs obtained from the workshop.
The inspector verifies all these documents and estimates the cost of repairs. once the inspection done car gets repaired. In case you car is stolen, then immediately you need to inform nearest police station and insurance company.
Features of vehicle insurance:
Complete policy will cover more valuable and third party liability cover. it is better to survey in online for more information than agents.
Generally your vehicle dealers suggest the insurance companies which will be higher than normal. get quotes online and pick which is most appropriate to you.
Make sure you read the insurance documents thoroughly - and its has own magics. Insurance policies should include loss/damage of vehicle by natural calamities, accident, theft and other activities. Some will cover risk against strikes, riots and damages. By paying extra premium, accessories like AC, music system etc. will be covered under your policy. Annually payments are to paid.
Insurance company pays for cost of damaged parts which are to replaced and labor cost of vehicle. Depreciation for rubber/nylon/plastic/ parts is calculated at 50%& 30% in case of fibre/glass components.
Disclaimer: The opinions expressed in this article are the personal views of the author. CarSaleIndia is not responsible for the accuracy, completeness, suitability, or validity of any information on this article.
Source: MouthShut.com