Fixed Deductibles:This is a fixed amount you need to pay during claim.Cashless Claims:Cost of the damage repairing of your insured car is directly paid to the garage by the insurer is called a 'cashless claim', as the policyholder does not have to handle this expense from their own pocket.This notification and subsequent settlement is called 'claim settlement'. Claim Settlement:One need to notify the car insurance company if the insured car suffers any damage due to theft, accident etc.It can be due to multiple factors like accidents, theft, natural calamities, fire, etc. Own Damage:Any type of damage to insured car of policyholder is known as 'Own Damage'.Third party:A third party is a person or a vehicle owner who has been affected by your insured car (other than you or your passengers) is considered a third party in a car insurance claim.This discount will keep increasing for every claim-free year and can goes up to 50%. It is a discount on premium offered to you when you renew your plan after a claim-free year. No Claim Bonus:NCB is like a reward for not making a claim.It is the maximum compensation your insurance provider will offer in case of total loss of your vehicle due to accident, theft etc. It is the listing price of your vehicle minus depreciation. IDV:IDV stands for 'Insurer Declared Value'.This decrease in value is called depreciation. Depreciation:Each year the value of your car decreases by a certain fixed percentage.The coverage of a car insurance policy will vary based on the type of plan you purchase. Coverage:Coverage refers to the financial protection of your plan. ![]() Premium:It is the amount you have to pay annually to enjoy car insurance coverage.However, more add-ons you include, the higher the premium you pay. Add-ons-You can enhance your car insurance coverage by including multiple add-ons.It increases with every claim free year and goes upto 50%. No Claim Bonus-For every claim free year, insurance company provides a discount to car owners as ‘No claim Bonus’.Claim History-If person had a history of multiple claims each year, he/she may have to pay higher premium amount in comparison to someone who had less claims in the past.Third party policy has very limited coverage and has lower premium than comprehensive car insurance policy. Type of Policy-The wider the coverage, the costlier the policy.People living in a safe location pays less premium of their car insurance in comparison to people living in areas prone to theft, accidents etc. Location-The place where you live can also affect your car insurance premium.If you select higher IDV, your car insurance premium will increase accordingly. Value of the car-One of the major factors that affects the car insurance premium is value of the car.Generally petrol car have lower premium than diesel or electric cars. Fuel Type-Premium of your four-wheeler insurance vary depending on type of fuel.Higher the engine cc, higher the premium you need to pay. Car Engine Capacity-Your car engine cubic capacity (cc) also affects the car insurance premium amount.Health of the car-If you haven’t maintained the car in a good health, your car insurance premium may increase.So, newer the car, the higher the premium for car insurance. Age of the car-If your car is brand new or recently launched, repair cost would be on higher side.Luxury, exotic or vintage car attracts high insurance premium than normal cars. Make Model of the car-Make and model determines the car’s value. ![]() Advice from Insurance Experts -Our car insurance experts are always happy to answer all your four-wheeler insurance related queries.Safe and Secure Process –Process of buying a policy online is very secure and follows the online security protocols to avoid the risk of fraud.Just download it from your mailbox and save/make copies. ![]()
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