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What is IDV?
The IDV (Insured Declared Value) of the vehicle is an essential element of the vehicle insurance policy. It’s something that’s an immediate effect on the vehicle insurance premium. Basically, the IDV is the existing monetary valuation of the vehicle upon that your insurance coverage is offered. In simple terms, it’s the existing market value of the vehicle taking depreciation into account for the objective of insurance. Additionally, the IDV is deemed while the’Sum Insured’which will be fixed through the commencement of the vehicle policy period.
What is No Claim Bonus?
With the aid of a’No Claim Bonus'(NCB), you are able to avail a discount in the vehicle premium. You’re eligible for an NCB if you never register a state during the last car policy period. This discount can decrease the premium on your vehicle insurance buy around 50%.
What are the add-on covers available?
You are able to avail several add-on covers for your vehicle policy. They incorporate a Nil-dep cover, NCB retention cover (avail the NCB despite registering a claim), Roadside Assistance (Get it for free* with Reliance Car policy), enhanced Personal Accident cover, electrical/electronic accessories cover and so on.
How will a Zero Depreciation Cover Help me?
An automobile insurance with zero depreciation cover helps protect your vehicle against all physical damages caused to the vehicle without factoring in the component of depreciation. With a zero dep cover (also known as “nil-dep”), the whole claim amount is paid by the Car Insurance Company without considering any depreciation sum.
How will your premium be decided?
The vehicle insurance premium is determined by several factors:
Car owner – Factors such as for example age, claim history, residential location etc. affects the vehicle premium.
Age: With age, the car’s value decreases. Thus, the vehicle insurance premium amount decreases with increasing age.
Car make and model – The car policy premium is directly determined by Insured Declared Value (IDV) which, in simple terms, is the existing market value of the vehicle. For example, SUVs and diesel cars attract an increased premium amount than others.
Intent behind the car: If you are using the vehicle for commercial reasons, you will have to pay an increased premium amount.
Level of Coverage: The extent of car insurance coverage impacts the premium. In the event that you avail higher coverage such as for example add-on covers, your premium increases.
Safety features and systems: Safety mechanisms such as for example airbags and anti-theft devices approved by Automobile Research Association of India (ARAI) help to cut back the premium
TYPES OF CAR INSURANCE
You can find two kinds of coverages in regards to car insurance. They’re OD (Own Damage) and TP (Third Party) liability cover respectively.
Third Part Liability Cover: The alternative party cover mandatory by law and is regulated by the IRDAI (Insurance Regulatory and Development Authority of India). It covers any damage caused to a 3rd party because of your car.
Comprehensive Damage Cover: The OD cover, though not just a mandate is required for the entire safety of you and your car or truck and is highly advisable to avail one. The bottom line is, this cover offers coverage against any injury to your car or truck because of risks such as for instance accident, theft, fire and so on.Additionally, this may also cover alternative party insurance.
Frequently Asked Questions:
- Why do I need to insure my vehicle?
- What are the types of Car Insurance in India?
- What are the different types of vehicles that can be insured online?
- What are the documents required to buy car insurance policy online?
- What are the benefits when you buy car insurance online?
- Can I renew my car insurance policy online?
- My motor insurance policy expired; how can I renew in case of break-in of my policy?
- Once the inspection request is logged online, how long does it take to get the car policy?
- What is a No Claim Bonus (NCB)?
- Is my NCB transferable?
- What is the rate at which NCB is transferred?
- In case of my job and place change, what happens to my motor policy?