Car Insurance

To explain it with a rough analogy: your car’s VIN, chassis & engine number are for your car, what your Aadhaar, PAN and Passport number are for you! So, it goes without saying, all 3 of these numbers are very important. Not knowing where to find them is somewhat equivalent to not knowing where your identity proof documents are located, can you imagine that?! Keeping this in mind, the following article will tell you where you can find these important numbers in your vehicle – it should help when buying car insurance , filing a claim, and if you ever need to file an FIR. Not to mention, it’s good to know just for your general knowledge too! So let’s begin. 1. VIN VIN stands for Vehicle Identification Number, no awards for guessing that one! Your car’s VIN is unique, just like your fingerprint. It is made of 17 alpha-numeric characters and it is used to identify & keep records about your vehicle. It may also be required when buying a car insurance policy for your ca...

Motor insurance has become a very important purchase in order to protect the owner of a care financially in case of an accident or any other untoward damage to the care. In this article, we look at the various exclusions made to covers of motor insurance plans:   ·         Zero depreciation cover: The main exclusion in zero depreciation cover is the deductible fixed by the buyer at the time of purchase of policy. ·         Consumable expenses cover: The exclusions in consumable expenses cover are any expenses made towards consumables not mentioned in the policy and any consumables related to wear and tear not directly related to claim. ·         Engine protector cover: The exclusions in engine protector cover include any wear and tear, mechanical & electrical failure and parts falling under warranty, loss or damage due to corrosion of engine or parts due...

If you have owned a car for a long time, there is a chance that your insurance policy is nearing expiry. In the spirit of covering the basics, ensure that you renew your insurance policy, if you haven’t done already. Failure to do so can hurt you in two different ways. Firstly, it puts you on the wrong side of the law. Secondly, letting your car insurance expire puts you at risk of heavy financial losses. Contrary to popular belief, buying and renewing car insurance is not just an activity related to compliance. Car insurance actually proves quite useful in situations like car accidents or vandalism. Moreover, it is much easier to renew your car insurance now with car insurance renewal online. Here are some tips to do it right: Do it yourself The days where car insurance was as complicated as cooking are long gone. In fact, new-age insurance providers have made their offerings simple enough for you to get car insurance renewal online . Many car buyers follow the adv...

Car insurance is extremely important and mandatory too! However, current reports show that a vast populace is not insured. Moreover, if you ask individuals, many will tell you they wish they didn’t have to pay for motor insurance . Well, this article will highlight the importance of such policies to reinforce their need if you drive your vehicle on Indian roads. Without car insurance: Driving your car on Indian roads without a valid motor insurance policy could result in numerous fines and even jail time. This is because, because of the Motor Vehicles Act, car insurance is mandatory. Driving your car without a valid policy could invite a penalty of Rs. 4,000 and jail time of up to 6 months. Liability: Besides for the fines, car insurance covers your liability towards others in case they suffer injuries or their property is damaged due to an accident that you are involved in. Without a motor insurance policy, you’d have to cover these costs out of your own pocket. However...

We all want to pay lower car insurance premiums! It’s one of the main reasons why motorists refrain from making a claim against their insurance policy - it helps them unlock no claim bonus which can reduce the annual cost of a policy by up to 50%. However, despite this, there might be occasions where our insurance premium increases, leading us to feel cheated! However, there might be some plausible reasons for this, let’s find out more! Rise in third party premiums. Right, if your car insurance has risen without you making a claim, this is probably the reason for it. The premium for thirdparty insurance is increased every year and this result in a higher premium on your car insurance policy. Why does this happen? Well, the IRDAI hikes the rates for third party premiums every year and insurance companies simply integrate these new rates into their plans. The IRDAI does this because every year new vehicles are added to Indian streets. This results in higher risks of an accident ...

PUC and motor insurance previously had nothing to do with each other. One could renew their vehicle insurance policy or make a claim against it without having a valid PUC. The only trouble you could get into was if you were pulled over by the police and did not have your PUC certificate. However, you could now face issues if you do not have a valid PUC when purchasing, renewing or filing a claiming on your motor insurance policy . Why is this so? Not too long ago, the Supreme Court of India had issued several directives to reduce the pollution caused by vehicular emissions. Among these directives was one that made a PUC certificate necessary for purchase and renewal of motor insurance. The IRDAI has now taken up this directive and informed all insurance companies to insist on valid PUC certificate on issuance & renewals of policies. What effect will this have? Experts think that since third party insurance is mandatory, the directive will ensure that motoris...

Car insurance renewal is no longer the daunting task it used to be. This is especially true if you’ve purchased your motor insurance plan from an InsureTech company. Such firms will do everything they can to make the process easier and ensure you are able to renew your policy with ease. However, there are certain things you need to bear in mind when your car insurance renewal date is around the corner. This article will highlight these points of consideration to ensure you renew your policy like a pro! To begin with, know that you can switch your insurance provider. Maybe a friend has told you about a better motor insurance plan or you are not satisfied with the customer support of your current provider. Whatever the case is, you can move to a new insurance provider. You can change the type of plan as well. Your policy is either a third party policy or a comprehensive plan. Maybe you opted for third party insurance not knowing what it was and because it was ch...

If orange is the new black, then renting is the new owning! Sure, buying a home or a car has always been joyous moment, but the new generation is looking for practicality and they find it in the form of leasing. Until not too long ago, leasing was reserved for corporate big shots and luxury cars. Companies offered their top executives swanky premium cars as perks of the job. However, the concept of leasing a car is picking up steam, and if you’ve been thinking about giving it a try, this article will further your planning and understanding of the concept by throwing light on the motor insurance aspect of car leasing. Do I need to buy insurance on a leased car? This is one of the biggest differences between owning and leasing a car. With your own car, you need to pay for various things such as a motor insurance plan , vehicle upkeep and in some cases, vehicle repair. However, with a leased car, the lessor will usually take of these aspects for you. Therefore, you wil...

Car insurance and warranty are very important for your car. However, there is no comparison between the two - they are completely different elements of protection that are designed to complement each other. Unfortunately, some car owners feel that, if they have one, they don’t need the other. It is due to this misconception that many of them even fail to renew their insurance policies . Keeping this in mind, the following article will explain both and explain why you need insurance despite having multiple years of warranty for your car. Vehicle warranty: Vehicle warranty is what keeps you insulated from bills that arise due to any manufacturing or material defects. It’s a written guarantee that the car manufacturer will bear the cost of repairs or replacement in case your car’s parts do not work as promised for a certain period of time. Most manufacturers will provide standard warranty when you buy the car and offer the option of extended warranty to get protection from m...

Car theft is a real danger - figures from Delhi show that 125 cars are stolen every day. So many cars being separated from their owners on a daily basis is a cause for concern. However, it shouldn’t worry you much if you own a comprehensive car insurance policy. Even if your car is stolen, your insurance policy will reimburse you with a large percentage of your car’s value. This is because all comprehensive insurance policies cover theft by default. However, if you are one who requires extra peace of mind from theft, you can opt for a number of add-ons that will reduce, if not completely nullify, the impact of a stolen car. This article will highlight 3 of these add-ons to help you get full-proof protection from car theft. 1. Zero-depreciation cover: Usually, car insurance will provide you with the insured declared value of your vehicle in case it is stolen. However, it will also take into consideration the depreciating value of your car when providing the payout. ...