Terms of motor car insurance that will save you from cheating

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car insurance: Today we have simplified terms of the motor car insurance that should be checked before taking or claiming an insurance.There are six important terms which I will be going to clear to you.I am clearing all these terms to you so that you won’t be cheated by anyone.

Terms of the motor car insurance

1.personal accident cover

This term is generally not for vehicles this term deals with your insurance.personal accident cover makes you safe financially against future accidents, bodily harm, such as accidental death or permanent disability which is caused only during road accidents.

lakhs of people were killed in road accidents in recent years. India has recorded large number of road accidents annually.so when you are going to buy insurance for your vehicle then you can look for personal accident cover as it will protect you financially from road accidents.

Tip-This is not confirm that every motor insurance policy has personal accident cover so you must look for this under your insurance policy and if it is not included then you should look for it when you are buying it next time.

2.Insured Declared Value(IDV)

This term is the most commonly used terms and you should know about it while claiming your insurance. IDV is usually a current market value of your vehicle and it changes according to time.IDV is the total sum payable by an insurer for a vehicle insurance.It refers to the maximum value you will get if your vehicle is lost. for instance, if your vehicle is lost then you can claim this amount from an insurance company or if your vehicle is damaged then you can also claim the appropriate value of the damaged parts from your insurer.

Tip-when you are going to buy insurance for your vehicle then you should check maximum IDV of your vehicle.

3.Own damage premium

This term is used for the amount that you will pay to avail an insurance cover equal to the IDV.This forms a major part of your total insurance premium.  own damage protection protects your vehicle against loses and damage caused due to natural phenomena like an earthquake and also from man-made calamities like fire.

Tip-The ODP differs from vehicle to vehicle and also from places to places so you should ask about this from your insurer.

4.Zero depreciation cover(zero Dep)

when you take insurance of your vehicle then companies waive off the charge of the replacement parts but if you have taken this in your insurance plan then the company will pay you for this it means that your claim will increase in case of accidents.But it will surely increase the amount of the policy but taking this is a good choice.

Tip-This cover is applicable only applicable first few insurance claims because this demands a more claim. you should opt for it as this will be really increasing your claim highly.

5.No Claim Bonus(NCB)

This is one of the most commonly used insurance terms.this is a reward you will get when you do not claim an insurance whole year. this is a benefit you will get when you haven’t made any claim in the previous year. this is given for using your vehicle safely. This discount lowers the amount of your insurance plan.since This amount is high therefore you should not make small claims instead of small claims you can take the benefit of NCB as this amount is as much high as 20 % for first year 40% for the second year and 60% for the third year.

Tip-This claim can be transferred from one company to another company but you will not get this benefit if you do not renew insurance within 90 days of expiry date so you should make sure that you claim your NCB.

6.Third party cover

This is the another commonly used term by insuring company.This cover protects you from any financial liability as a liability of a death, physical injury or damage to the third party.Third party cover is used for that because this is a term which does not relate the relation of person and insurance company.

Tip-According to Indian law it is compulsory to have third life cover included in your policy so do double check your insurance plan for this plan.

If you are buying car insurance for the first then read this guide.

That’s all that you should know about insurance terms.Now I hope that all your queries are cleared by reading this article.on cheapcarinsurancebz.com i write articles for clearing queries so do visit for more articles.

If you are planning to buy health insurance for you then must read this article.

 

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