Tags
Posted by Iffco Tokio | Filed under general insurance
25 Tuesday Oct 2016
Tags
Posted by Iffco Tokio | Filed under general insurance
18 Tuesday Oct 2016
Posted motor insurance
inBuying motor vehicle insurance in India is a compulsory step in order to abide by the Motor Vehicle Act. Therefore, when one buys insurance the first time, he comes across several insurers who promise to offer you lower quotes than the other insurers. However, it is not necessary that the cheapest quote will fetch you the required covers. In order to buy the best motor insurance, check the following points about the insurer.
One of the biggest troubles, which are faced by people, is paying the bill at the garage or workshop after the servicing of the damaged vehicles. One should buy the insurance from the insurer who offers a cashless motor insurance. This ensures that the cost of damage would be directly paid by the insurance company. Moreover, the insured does not need to chase the insurer to get the claim amount after he has paid the damage repair expenses.
Another important point is to ensure that the insurer should have a wide network of garages and workshops where this facility can be utilized in case of emergency. Otherwise, the insured would have to drag around his damaged vehicle from one location to another. To make the identification of the garages easier, many insurers feature a garage locator option on their website.
The insurer should also feature additional discounts and covers, like a person who has an ARAI approved; Anti-theft equipment installed in his car is entitled to get a discount on the quotes. Similarly, a member of Automobile Association is eligible to get a discount on the quotes.
The insurance company should also support additional covers like Zero Depreciation cover, road side assistance covers etc. The application of these covers varies with the model, date of manufacturing and other such factors.
Since every business has its presence online, therefore, it is important that your insurer should also feature online renewal and claim settlement. The online renewal is a one click business as you just need to enter the policy details and make the payment.
One can also buy online motor insurance and on successful purchase, the e-policy will be emailed to you on your registered email ID. Buying policy online is easier as you can see changes in the quotes as soon as you apply any additional covers or discount.
NCB or No claim Bonus is the discount which accumulates with every successive year when you do not claim a settlement from your policy. This discount is applicable to your renewal quotes thus reducing the cost of renewal. One should keep in mind that NCB is very important as it can go as high as 50%
Many people are under the wrong impression that the insurance cannot be transferred or they will lose the NCB on transferring the insurance. But the truth lies in the fact that insurance policy can be transferred with just a certificate from the current insurer.