Insurance

Insurance

Insurance FAQs
  • Is it necessary for me to have auto insurance?
    Yes, it is necessary.


  • What are the different types of auto insurances available?
    1. Comprehensive auto insurance;

    2. Comprehensive with zero depreciation auto insurance;

    3. Third party auto insurance.


  • What is covered under a package/comprehensive policy?
    Everything, as declared by the insurance companies.


  • What are the different classes of vehicles that can be insured by a motor insurance company?
    All kinds of vehicles can be insured by a motor insurance company.


  • What documents do I need to submit when buying insurance for my vehicle?
    Registration Certificate (RC) of the vehicle.


  • Is there anything in specific that the motor policy does not cover?
    The engine and the electric parts of the vehicle are not covered by the motor policy.


  • How is the premium calculated?
    Every company has a specific calculator for different cubic capacities (cc). Depending on the cc, IRDA (Insurance regulatory development authority) has fixed the formula for calculating the premium for the vehicle depending on the price of the vehicle.


  • Can I pay the premium for my auto insurance in installments?
    No.


  • What is a cover note?
    Cover note is the brief summary of the details of the policy.


  • What does IDV (insured’s declared value) mean?
    Depending on the type of vehicle and the cc of the vehicle, every vehicle has a specific price value which is defined by the calculator set by the insurance company.


  • What is a No Claim Bonus (NCB)?
    If no accident or any type of claims have been taken on the vehicle, then while renewal of the policy, the insurance company gives you a no claim bonus which reduces the premium of the vehicle according to the no claim bonus.


  • Is my NCB discount transferrable?
    No, its not.


  • If I add accessories to my vehicle during the policy period, are they also covered?
    No, accessories are not covered.


  • How do I renew my policy?
    Value of the vehicle which is defined by the insurance company along with no claim bonus, if any, determines the renewal premium of the policy.


  • Do I need to lodge an FIR in case of an accident?
    Yes.


  • What documents do I need to submit when I make a claim?
    Driver's License, Insurance policy, Registration Certificate and the Police FIR.




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