Motor Insurance Policy

https://www.bajajallianz.com/Corp/motor-insurance/car-insurance.jsp

Buy or renew motor insurance policies online. Buy motor insurance policy in easy steps. Get 24x7 spot assistance cover Motor Insurance policy.

How to make car or motor insurance claim or procedure after accident in India

I had a car accident while I was in India last year albeit a minor one. You might be in a similar situation now or in future. So I’m documenting the procedure for how to make a car insurance claim or procedure after accident in India.

In contrast to what happens abroad, the driver of the other was furious and wanted to get into a fight. Thankfully it was near a busy signal and a policeman was available nearby to resolve the issue.

This is in stark contrast to what happens abroad. We just park the car on the side and wait for a policeman to come and issue a report to both parties. We make our claims based on that and that is reason we have car insurance. There is no need to get too emotional if there is no physical injury.

Putting that aside, in a country like India, owning a car is no longer an ‘owner’s pride’ kind of thing. It has become or is becoming a necessity in life. As banks are willing to lend money to help you buy your dream car, more and more people are queuing up for car loans.

But your dream vehicle can meet an unfortunate accident at any point of time. To cover these risks you need to take out a car insurance which is also known as motor insurance or auto insurance.

Car insurance claim or procedure in India

Nobody wants to get involved in a car accident. It not only ruins your entire day, it can cause multiple injuries and even deaths in some serious cases.

There is hardly any driver in India who has never got involved in a car accident throughout his life. It is true you cannot stop accidents from happening but you can be well prepared to meet the financial losses that results from an accident by buying a proper car insurance.

But before you can use that insurance money to recover your loss and back to normal as it was before the accident, there are a few dos and don’ts which should kept in mind in the process of making a car insurance claim after an accident in India.

What you should do after an accident?

An individual is full of anger and varying emotions immediately after an accident. These negative emotions will try to take control of your self.

In these trying times, you must keep your calm and try to do the following with the best of your abilities.

• You should make an attempt to prevent further accidents by keeping the flashers/emergency lights on. If the lights are not working then you should have a flashlight with you for your own safety while you wait by the side of the road. If possible place a glowing tape hazard triangle 10-20 ft behind your car.
• Even if there are no serious injuries, it is always prudent to call the police. You may need a police report to file a car insurance claim even if you are just claiming for the damage to your vehicle. The vehicle insurance renewal involved in the accident must remain where they are unless they are proving to be a hindrance to the traffic. If so, take pictures from all possible angles before moving vehicle to the side of the road.
• When the police arrive at the scene, make sure you tell the investigating officer exactly what happened. Do not speculate or guess; just tell it to the officer what you really know. Also ensure that the statements given by the other people involved in the accident are accurate as well. Try to make sure your story is heard first by the officer. Also do not admit it is your mistake openly if there is even small doubt. This can be used against you in some cases during your claim procedure.
• If there is visible damage to your car, then you use at least your cell phone camera to take a picture of those damaged areas. If you have visible injuries, photograph them also. But you should never interfere with the police investigation. If you are unable to take pictures at the accident scene, do click pictures as soon as possible before police arrives.
• Typically an investigating officer should take the name, address and telephone number of all the persons involved in the accident but if he fails to do that then it is your duty to take down the details from the people involved in the accident.
• The motor insurance company needs to be notified as soon as possible. There are many policies which require immediate reporting; so you must co-operate fully in this regard. If there are medical benefits in the insurance coverage then you must submit the accident related medical bills to the insurance company. Even better, ask for guidance on how to proceed from your insurance agent/company itself.
• Always maintain a file and keep all documents related to the accident together. The information should include all original bills, the claim number, the details of the adjuster who is handling the claim made by you, the names and contact information of all the persons, receipts of all expenses incurred due to the accident.

[Source: http://www.smartmoneygoal.in/blog/car-motor-insurance-claim-procedure-accident-in-india/#comment-3041]

Want to Shop for your motor insurance? Follow these simple tips

Getting online seems to be the new trend followed by most of the people across the world. Today, many of us stay online for almost all our day to day life requirements. Such is the craze that people wish to do everything from chatting to dating, shopping to connecting friends, executing businesses to recharge mobile phones everything so easily while on the move or at the place and time of their convenience. This way you not only save your precious time but also your valuable energy for other activities. Same is the case when it comes to buying car insurance for your car.

Today, most of the young brigade of the nation prefer buy their insurance online rather than following up with agents to get the required policy. They believe in quick, calculated and smart way of buying motor insurance online. However, it’s some of the in-experienced purchasers who make few mistakes while selecting a policy often leading it to wrong policy purchase which might not even be useful for claim at times. This can lead them in trouble in a crisis situation. So below are a few guidelines to shop for motor insurance online as safely swim towards the shore with good motor insurance policy purchase online.

Determine the Coverage

Coverage is not related to friendship. Just because your best friend purchases “X” insurance policy it doesn’t mean you also needs to purchase the “X” policy for your car. Different cars have different set of needs. Before you start your search, determine the extent of cover you want. This would ideally depend on the make and model of your car, the premium you are comfortable paying, driving habits, the distance you drive daily, any security aspects in car, place of living, parking arena etc. Proceed with your search with your requirements in mind.

Study Products well

The biggest advantage of purchasing motor insurance companies in india would be ample of time to study the details of available products well in the market. Do a thorough research on all the leading car insurance companies, their products specifications and learn all about how they function, the benefits they offer, the features they have, discounts they offer, payment flexibility, their ratings by the experts of the industry and consumers etc. This will give you a fair idea of the market offerings and you can shortlist insurers as per your requirement.

Look for discounts -

Often car insurance providers try to lure their clients with attractive discounts & offers to buy motor insurance online or retain the existing customers as well. Discounts come in different ways like particular credit/debit card payment, member of Automobile Association, No Claim bonuses, lump-sum premium payments etc. Hence, scan the internet for the best offers you can get. The discounts can make a huge difference to the premium amount you actually need to pay.

Compare quotes

Once you’re done with understanding the car insurance products and discounts associated with it, start comparing the one which you think are the best for your car. So, while looking at the right policy, try and shortlist some of the providers you think are perfect for your requirement and compare them for the features in their policy, the benefits they provide, their customer service, the premium to be paid, payment modes etc. this helps you to make a sensible decision. Ideally it should be just 3 or 4 comparison else it will be mess around to choose best policy.

The Claim Procedure

One of the important aspect of motor insurance online would be the after sale services which is your claim settlement. So, while finalizing your car insurance provider check their claim settlement record. Understand the settlement procedure and how long the process could take. Try talking to or reading the experiences of other consumers on the same. This will help to make an informed decision.

If your company lets your migrate your no claim bonus from your previous provider while switching your policy it will be a great deal for you. More importantly if these benefits are merged with other benefits it will really help in getting a cost effective motor insurance online coverage for your car.

Private Car Insurance

Private Car Insurance and Two-Wheeler Insurance can be bought online in 4 easy steps. Buy private car insurance, two-wheeler insurance online and get 24x7 motor claims support.

Why is it Important to Insure your 2nd hand vehicle?

Buying a second-hand vehicle is a difficult task as one has to consider various factors like the condition of the vehicle, price, suitability, documents, etc. However, once you have decided to bring home your vehicle, make sure you check the insurance papers. Third-party insurance is transferable while you will have to get a new comprehensive vehicle insurance policy. Remember to get the names transferred in the insurance policy papers immediately to enjoy the benefits of the policy. If the registration is transferred but the insurance is not transferred, then in case of a claim, it will not be admissible.

 Let’s have a look at some of the benefits of insuring your 2nd hand vehicle:

Covers the bills of damages to your vehicle in case of accident, theft, damage due to riots, natural calamities, etc.

Covers costs in case of injury to driver and/or other people in the vehicle.

Provides death benefit to the family in case accident results in the death of a third party.

If you transfer the No-Claim Bonus (NCB) in your name while buying the 2nd hand vehicle, it will let you enjoy the discounts on your motor insurance online. However there are certain conditions attached to the transfer of the NCB that you might have to check with the company.

And while you get all this done, here is how you can get your vehicle ready for the drive:

Clean your vehicle properly. Give it a wash. If it is a four wheeler, make sure you clean the interiors thoroughly.

Check the brakes, gear, spark plugs, etc.

Change engine oil, brake fluid, coolant, transmission fluid and all that is relevant to your vehicle.

This ensures that your car stays healthy and always ready for a smooth run. The more you keep the vehicle maintained; the better will be your driving experience.

[Source: https://www.renewbuy.com/blog/blog/insurance-2/why-is-it-important-to-insure-your-2nd-hand-vehicle/]

Know All about Roadside Assistance

Be it a flat tire, electrical fault or a minor mechanical defect, anything can disrupt your otherwise smooth car journey. It can be intimidating if your car breaks down in an unfamiliar territory. And this is when roadside assistance comes to your rescue. It offers direct towing service in the event of problems, such as puncture, car running out of fuel and other emergency situations. Some insurance companies offer it along with the car insurance policy while such companies as AXA Assistance India and Cross Roads India Assistance offer roadside assistance as a standalone product. 

How Roadside Assistance Works?

Call up your motor insurance online for help and it will send a crew to your rescue point in no time. Essentially all the services are free, however, in some cases you will have to bear the costs. For example, if you run out of fuel, you will have to pay for refueling. Again, if your vehicle has to be towed, you would have to pay for it. Some companies also provide taxi assistance and hotel accommodation if need be. This facility is most useful during the monsoon season when a vehicle is more susceptible to breakdown.

What does it cover?

Roadside assistance offers a host of benefits to you, the policyholder. Here’s what you can get:

Towing service

Battery jump start

Spare key arrangement

Alternate battery/jump start

Phone assistance

Alternate transport/accommodation

Emergency fuel

Minor repairing

Factors to consider before taking Roadside Assistance Cover

Age of the car: As a car ages, chances of mechanical problems tend to increase. As a result, most of the service providers are reluctant to offer cover for cars aged above five years. And, just in case they do offer the cover, the annual charges would be very high. Additionally, car manufacturers also provide roadside assistance packages along with their vehicle. For example, Honda’s Roadside Assistance costs Rs 1,780 in the first year, Rs 2,950 in the second year and Rs 3,750 after the third year.

Number of services available: The cover may have a cap on the number of times a service can be availed. For example, TVS Automobile Solutions offers two types of roadside assistance packages—Gold Card and Platinum Card. The Gold Card holders can get emergency breakdown assistance six times in a year, while, Platinum cardholders get unlimited emergency breakdown assistance in a year.

Plan prices: The prices for roadside assistance depend largely on the age of the vehicle and the number of services availed by the car owner. But another key aspect is your typical travel route. If you travel within your city, your plan may vary from someone who has to travel inter-city frequently. For instance, Cross Roads India Assistance offers a City Standard plan comprising six free services in a year and costing Rs 911. However, to get highway services, you would have to take either City Premium or City Platinum plan and pay Rs 1139 and Rs 1367, respectively.

Should you take Roadside Assistance Cover?

Roadside assistance is an essential aspect of your car maintenance and protection. In the unfortunate event of a breakdown or accidents, it is of great help.  If you feel your current car insurance is able to take care of such emergency requirements, you can avoid buying a standalone policy. However, if your current car insurer does not give ample features in its add-on roadside assistance plan, go for a standalone policy.

[Source: http://www.policybazaar.com/motor-insurance/car-insurance/articles/know-all-about-roadside-assistance/]

Everything you need to know about Motor Insurance in India

Motor or vehicle insurance is an insurance policy that protects the owner of the vehicle against any financial loss arising out of damage or theft of vehicle. Motor vehicle coverage also includes damage caused to third party or property. Motor Insurance is mandatory in India.Motor Insurance is available for both cars and two wheelers. Owing to low value of two wheeler vehicles, their premium is very nominal.

Comprehensive Cover and Third Party Cover

A third party cover is base insurance policy which covers only damage caused to third party by the vehicle. Comprehensive car insurance is a complete car protection insurance policy. The generic cover includes damage to vehicle, loss and theft of vehicle as well as third party cover.

Add-ons with Car Insurance

One can extend the coverage for car insurance by opting for add-ons. These add-ons will increase the financial coverage but additional premium amount will be added to the base premium amount. Some of popular add-ons available with car insurance are:

Zero Depreciation: There is certain value to part of the vehicle. When a claim is made, depreciation is calculated on these parts and the amount is paid accordingly. By opting for zero depreciation cover, the entire amount of the part is paid as a part of claim.

Engine and Gear Box Protection:  In case damaged is caused to engine parts or gear box of the vehicle due to water ingression, leakage of lubricating oil etc, the costs for repair and replacement will be covered.

Car Insurance Quotes

Car insurance quotes can be found online directly from insurer’s website. Motor insurance online quotes can also be checked from online comparison portals which offer comparison of car insurance quotes from different insurance companies.

Car Insurance Calculator

Car insurance premium calculators are available on insurer’s website. One can get the premium amount for the vehicle. Car insurance calculators take into account parameters like no claim bonus etc and then provide the premium amount.

Coverage

The cover with car insurance includes:

Damage to vehicle caused due to accident, riots, strikers, malicious acts, earthquake, flood, storm etc

Loss or theft of vehicle

Liability to third parties

Personal Accident Cover available for owner driver

What is not covered?

General ageing, wear and tear

Mechanical or Electrical Breakdown

Damage caused by person under influence of alcohol, drugs and any other intoxicating substance

Damage caused by person driving without valid driving license

Consequential loss

Loss damage outside India

Factors which affect premium

IDV: This is the cover amount of the vehicle. Cover is decided on basis of value of vehicle with depreciation adjusted.

Age: As a person matures, he becomes more responsible and with less tendency to drive rashly. Accordingly, premium discount is provided.

Occupation: Discount on premium is offered to people belonging to certain professions. The professions include medical doctors, chartered accountants etc.

Claim History: If you make no claim during your policy years, you can get discount which is called no claim bonus and it ranges from 10% to 50%. Conversely, making too many claims can result in increase in premium amount (loading).

How to reduce insurance premium for:

New Car: If you have brand new vehicle, it makes sense to get comprehensive coverage with add-on covers. However you can still save premium amount by comparing car insurance premiums from multiple insurance companies.

Old Car: If you have old vehicle, you can opt for basic comprehensive car insurance plan. If vehicle is too old, you can go for just third party car insurance. It will certainly save a lot of premium amount.

Claims

There are many ways to apply for a claim. The first and foremost thing about making a claim is to notify the insurance company as soon as possible. Then register the claim by providing requisite documents like claim form, vehicle registration copy etc. Some insurers allow registration online.

Cashless Claim: If you take the vehicle to network garage for repairs, the complete claim process can be cashless.

Claim Reimbursement: If you take vehicle to any other garage, you need to pay for claim amount. After repairs, you can apply for claim reimbursement with the insurance company.

[Source: http://www.policybazaar.com/motor-insurance/car-insurance/articles/everything-you-need-t-know-about-motor-insurance-india/]