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Insurance Tips

Insurance tips with apnigaari.com

Why Car Insurance?

Would you like to find yourself behind the bars for the violation of the 'Rules of Road Regulations' ? We believe you surely won't, and if so, make sure of insuring your car plying on public roads. Law (the Indian Motor Vehicle Act 1988) mandates every car on public roads to be insured. So if you are out on streets driving your car and out of knowledge of the legal importance of the car insurance, you may find yourself in the quagmire of lawsuit or other legal intricacies. So, you are legally bound to purchase the car insurance at the time of purchasing your car.

But you may again find it difficult and perplexing at the point of choosing the right and suitable car insurance offer among multiple offers of a number of car insurance companies albeit the uniformity of the basic ethics and guidlines of all car insurance companies that follow intrincically all those guidelines in line with the Indian Motor Vehicle Act 1988 . If so all gidelines are identical in their nature, how does a car insurance company differ from another? The answer is at their promptness in settling the Claim reimbursement and the way of shouldering all liabilities of Third party relieving you of all pressures aftermath of an accident make different one insurance company from another. So, before you choose the right and suitable one, you have to be fully informed of all the basic rules and regulations and the way of reimbursing and settling claims and other related subjects for choosing an ideal car insurance company.

Policy Renewal:

An outright NO.Insurance companies are barred from floating such facility for their clients due to the Insurance Act 1938. But as it being an era of e-banking and keeping it in mind, many insurance companies come forward for their rescue with credit card payment option facility.Once you avail the facility of making the whole payment for premium through your credit card, you are free to pay the amount to the credit card banker in installment,if any. In short, you are not at all allowed to pay your insurance premium in installment to the insurance companies, though the solution is at your hand.

At a glance

No Installment facility granted.

Credit Card payment option granted by some insurance companies.

If Discount or Bonus offers available on Premium payment :

An obvious YES. But it's an entire discretion of the Insurance companies, who offer Discounts taking into consideration of your claim -records. Still anxious to get it detailed ? They are as following for your eligibility ciriteria for availing of these offers.

At a glance

It is a sole discretion of the insurance company.

Number of Claim records throughout a policy period credits or debits Discount or Bonus on your premium amount.

No Claim Bonus :

Surprised? Suppose you put up no insurance claim on your car insurance policy despite your car having been damaged, surely of affordable price, Insurance companies will declare an offer of Bonus for you under this clause while you go for paying your next insurance premium . Interestingly, this bonus may go upto 50% on the pretext of the clause 'Own Damage part' of the premium.

More explicitly, the insurance companies may provide you bonus upto 20% or 25% or 35% or 45% or even 50% if you haven't put up claims on your policy respectively for the first year or the second year or the third year or the fourth year or the fifth year respectively. Only applied condition is to keep your policy renewing consecutively and thus getting No Claim Bonus everytime you pay your premium and ,thereby reducing the your insurance premium amount. Here, policyholders are to remember that if policy renewal is not made within 90 days after the expiry of the policy period of 12 months or of a special permitted short policy period, they will be disposed of all No Claim Bonus , certainly if any. Isn't it lucrative one ?.

At a glance

Accumulation of No Claim Bonus reduces insurance premium amount.

No claim for 1 year- 20% bonus.

No claim for 2 consecutive year - 25% bonus.

No claim for 3 consecutive year - 35% bonus.

No claim for 4 consecutive year -45% bonus.

No claim for 5 consecutive year and thereafter - 50% bonus.

Renewal of existing Policy within 90 days after the expiry of every policy period is mandatory for getting No Claim Bonus.

Membership Bonus :

Yet another great deal awaits you ! If you are a member of an authorized automobile association and using anti-theft electronic device approved by the Automative Research Association of India in your car, then you are eligible for getting a bonus of upto Rs. 500/- only on the submission of valid authenticated papers while you pay your insurance premium. So, you can yourself reduce your car insurace premium amount and the means of reduction is at your hand.

At a glance

Given to any member of an Authorized automobile association.

If an automative research association of India authorized anti-theft electronic device fitted in your car.

Voluntary Excess :

Enthused of previous discounts ? Here again another reward that can be another means for reducing your car insurance premium. Thinking how it is possible. Very simple.

This bonus is offered by Insurance companies on insurers' voluntary deductibles. To be more specific, if you sustain a loss on facing a car accident and bear a part of expenses on your own , you will be exempted from paying the full of your premium amount,of course on par with your voluntary deductibles , and thereby giving you a relief at the time of your premium payment for your favourite vehicles ,which is mandatory if out on streets. Still clarification required, suppose the repairing cost of your car resulting from an unwanted accident adds up Rs. 5000/- and you yourself afford the half of it at the spot, and you claim the another half to your insurance company. But interestingly when you go to pay your next premium , you will be exempted from paying the full premium only on furnishing the valid and authenticated papers to the insurance authority.

At a glance

Exemption allowed to policyholders sharing a part of repairing expenses after a mishap.

If an automative research association of India authorized anti-theft electronic device fitted in your car.

Bonus given at the time of renewal of insurance after the submission of valid documents of your bills.