All Insurance News and Plans

After purchasing a car, the next step is to select a suitable motor insurance policy that will help to financially safeguard the vehicle and insured from various liabilities. Such an insurance policy extends a host of benefits that individuals must be aware of before purchasing one.  Following are the key reasons individuals should opt for a motor vehicle insurance plan in India.  Protects your vehicle financially  Individuals can purchase a comprehensive  motor insurance policy that provides financial coverage against any accidental damage to their own vehicle alongside third-party vehicles or property. Such plans also financially protect the vehicle against damages due to accidents, fire, natural calamities, etc.   Pays for third-party damages  It is mandatory to purchase an insurance policy that provides coverage if you cause damage or injury to a third-party in India.  If your vehicle is involved in any road accident which injures a pede...

Though, having a motor insurance policy is mandatory according to Motor Vehicle Act. It is also imperative to maintain the policy so as to gain timely benefits and save, at the same time.  Here’s how you can save on renewal of your motor insurance policy -  1. While, buying motor insurance for your vehicle make sure to compare policies. You can do your research online as it will give you access to several lenders to compare with.  2. Take into account the Insured Declared Value (IDV) which is also known as the maximum assured sum of the motor insurance policy and is calculated by making an adjustment to the market value of car sans their depreciation. It is the amount you can claim if your vehicle gets damaged beyond repair or is stolen and is well coordinated with the premium. Conceptually, higher IDV leads to higher premiums and vice versa.  3. Redeem your no claim bonus to get up to 50% discount upon renewal of your policy. Several no claim...