Claim Process for CAR Insurance:
1. What is CAR Insurance: It is an agreement between the car owner (insured) and the Insurance Company where in by paying the premium by the Insured the insurance company agrees to give financial coverage for the perils insured.
2. Is it compulsory to have the Motor Insurance: Yes. As per the Motor Vehicle Act it is compulsory to have minimum Act Only policy (Third Party Liability Policy) for those vehicles plying on the public road which covers the damages done by the insured vehicle to any third party property damages or injuries to the third party
3. Why should I buy a comprehensive Insurance (Own Damage + Act only) when the as per the law I am required to have only Act only (Third Party) policy? : Own damage section of the Insurance covers the man-made causalities or nature’s causalities and can claim from insurance Company for the damages sustained to your vehicle due to the accident hence by opting for comprehensive cover you can have peace of mind that if there is any accident then the Insurance company shall pay for the financial loss suffered by you due to an accident.
4. What is NCD – No claim discount: when the Insured do not claim on the Insurance company during the last policy period, at the time of renewal the Insurance company offers NCD which is nothing but a reduction of the premium for the claim free year
5. What information I need to submit at the time of buying On Line Policy?: No documents is required to be submitted but it is always advisable to have the details of the previous policy and Registration Book handy so that appropriate information could be submitted while submitting the data for on line policy.
6. Best Reasons To Buy Insurance Online: Presented below are 5 express reasons to purchase your next insurance policy online or pay insurance premium online. As noted before, it is all about combining convenience with simplicity.
a) Lots of Options- Whilst the offline search for insurance policies may seem convincing enough, you aren’t actually seeing the whole picture. It’s not your fault- legwork can be daunting, and you cannot convincingly check out all the available options in a defined period of time. Thus, checking out all the available options (inclusive of the pros and cons, terms and conditions, qualification factors and peer reviews) online makes for a very sensible choice.
b) Avoid the Mind Games- When dealing with an insurance agent, you are forced to match with a fellow human being who isn’t an impartial authority with regards to what suits your condition the best. He is a salesman who is trying to sell you a product, and all the marketing tricks are in play. Thankfully, this isn’t a problem when buying insurance policy online. In light of all the information before you, an informed and accurate decision can be made instantly.
c) Buying Online is Cheaper- Insurance companies prefer it if you buy their insurance policies and/or pay your premiums online. This is because the said companies don’t have to pay the agents any hefty commissions and the commonly incurred costs pertaining to sales, documentation and other facets of the policy are saved. Thus, the costs are kept low and all the benefits reaped are passed onto the customer. It is a win-win situation for both the insurance company and the customer.
d) Discounts and Offers- To encourage people to purchase insurance policies online, insurers, in collaboration with partners, offer lucrative discounts and offers. For instance, some credit cards companies as the ones offered by Citibank and Standard Chartered Bank offer 5% cash-back to their cherished customers as and when they affect a credit card transaction. Why not use this facility to pay your insurance premium and avail a sizable profit?
e) Its Faster, Safer and Simpler- Obviously, running a rat race to find the best insurance plan versus checking out the ‘one’ online are poles apart in terms of the time, energy and patience involved. Plus, insurers ensure that when it comes to safety, financial transactions on their websites are akin to the online equivalent of Fort Knox. Plus, procedures are so simple, even a child could complete them all (not a recommended proposition though).
Hence, buying the insurance policy online is totally worth it when compared to buying from the traditional sources. In this modern age of internet, fast connectivity and banking’s enhanced presence online, choosing the slower option could be considered a costly mistake
7. What is normally excluded from the Policy coverage:
a. Loss or damage if policy is not in force
b. Accidental damages caused when the CAR was used for illegal activities
c. Gradual wear and tear of Vehicle and its parts and damages due to war and nuclear risks
d. Loss or damage to vehicle when driven by a person without a valid license
e. Loss or damage to vehicle as a result when driver was under the influence of intoxication due to drugs, alcohol etc.
f. Loss or damage to engine as a result of oil leakage and hydrostatic loss unless specifically covered
g. Loss or damage to vehicle as a result of abuse, misuse, and in contravention of manufacturers guidelines