If a person chooses a Liability Only Policy, vehicle problems will not be included in the insurance company then. A Comprehensive Package Policy – Protection against damages to the automobile in addition to the Liability Only Policy. A Package Policy would provide a motor-car owner wider coverage for their insured vehicles. Individuals driving without a valid driving license or consuming alcohol, drugs, and other intoxicating drinks. If the insured vehicle has been used for just about any unlawful reason. The insurance company will determine the sum insured according to the current value of the vehicle as per the maker and the depreciation value with respect to the age of the automobile.

Here, the amount insured is the worthiness for which the vehicle has been covered by insurance and is recognized as the Insured Declared Value (IDV). For alternative party coverage the sum insured is determined according to the Motor Vehicles Act, 1988 and carries a necessary personal accident cover for the car owner also. You will find multiple factors that affect a motor insurance policy premium in India.

Different insurers charge different rates for Own Damage cover. Customers must compare and choose a policy with an affordable premium. The premium will be higher if the client opts for lower deductibles. Premium for Own Damage coverage is decided by the insurance company after approvals from the Insurance Regulatory and Development Authority. Premium for Third Party coverage depends upon the Insurance Regulatory and Development Authority.

If there is certainly any insurance breaks, then an inspection needs to be conducted and additional charges have to be borne by the policyholder. If existing motor insurance policyholders add CNG or LPG kits in their vehicles, then your (Road Transport Authority (RTA) office needs to be informed to make changes in the registration certificate. The insurer also has to be intimated to include the extra superior that has to be paid for the CNG/LPG package. In order to lower their motor insurance premiums, customers can opt for No-Claim Bonus benefits and get extra-special discounts for Own Damage and Third Party procedures.

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They install anti-theft devices in their vehicles as approved by ARAI – Automobile Research Association of India and the auto Association of India. Special concessions for improved vehicles for handicapped, blind, and challenged individuals emotionally. They choose additional voluntary deductibles or excesses. For the Liability Only Section, insurers shall give special discounts on the reduction of ALTERNATIVE PARTY Property Harm from Rs. 7.5 lakhs to Rs.

Policyholders can enjoy the No-Claim Bonus benefits in the same way the name suggests, when they have not made any claims for an entire policy calendar year. As per current norms, the NCB varies from 20% for Own Damage premiums and increases to no more than up to 50%, if there are consecutive claim-free years.