Traffic and rising costs of car repair are the indicators of a valuable vehicle insurance. We all usually take good care of our Vehicle. As vehicle insurance is mandatory by law, every vehicle owner must know the features and factors of vehicle insurance premiums.
Features of vehicle insurance:
A comprehensive policy cover is more valuable in addition to a third party liability cover. It is better to check online for insurance providers, as there are many insurance agents approaching you at the first place. Your new car dealer may advice you for an insurance. Insurance is usually expensive from a vehicle dealer. Seek quotes from different insurance companies.
Make sure you read the insurance documents carefully - Car insurance has its own list of frills. Insurance policy includes damage/loss of your vehicle due to natural calamities, theft, accident and terrorist activities. Also covers risk against riots, strikes and loss/damage while in transit. By paying additional premium accessories like music system, air-conditioner, etc can be covered. Vehicle insurance covers only book value of the damaged parts. Premiums are paid by you annually.The insurance company pays for cost of damaged parts which needs to be replaced and the minimum labour cost to repair vehicle. Depreciation for rubber/plastic/nylon parts is calculated at 50%
& 30% in case of fibre glass components.
The insurance doesn't include consequential loss, depreciation, mechanical and electrical breakdown, failure or breakage. Insurance is not valid when vehicle is used outside the geographical area.
Premium determining factors:
The Insurance premium rate depends on model, cubic capacity, area or locality of registration, expected usage in terms of mileage, theft rate, age of vehicle,, safety threat, etc. A new vehicle means higher insurance premiums. Even a good driving record keeps your premium at low rate. Commercial use of your vehicle will push up the premium rates.
Insurance Claim Procedure
In case of accident, following documents are a mandate:
- 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.
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