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Insurance | January 07
5 Truths about motor insurance you must know

Every vehicle owner is required by law to ensure their vehicles along with getting a third-
party liability. Still, most of the insured individuals lack the basic knowledge about motor
insurance and what all it entails. 
There is a range of questions to be answered by the company
to choose the policy type to avail. This article mentions five discreet and interesting points
that will help in accurately buying the motor insurance policy.

1. The best policies are available at the best prices: The cover for the components of the
car is well capped based on its original value. While analyzing this comprehensive
cover plan with the individual accessories insurance, the former stands at a fractional
cost.

2. Do not avail claims on small accidents: To enjoy the complete benefits of No Claim
Bonus, the insured must avoid any minor losses. NCB is the discount rewarded by the
insurance company for not availing any claim that year. If the individual makes a
claim then the NCB falls back to zero.

3. Never let the policy lapse: One lapsed insurance policy can cost the individual a hefty
amount in terms of the premium of the next policy. This makes the insurance
company believe that the insured is riskier than the average policyholder, thus
charging you heftily.

4. Prefer a zero-depreciation cover: The depreciation is deducted from the cost of the car
whenever filed for any claims. If the policy is zero depreciation covered, there won’t
be any deductions from the cost of the car and its components. While the premium
will be higher than the basic one but it’s worth all the efforts.

5. Get the best deal: While searching for motor insurance, there can be a difference in
the premiums offered by the different companies. Apart from this, there can be
several discounts available on anti-theft devices installed, safety instruments in the
car, etc.

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Important Message The information contained in this file is provided for informational purposes only, and should not be construed as legal advice on any matter. The content and interpretation of the law addressed herein is subject to revision. We disclaim all liability in respect to actions taken or not taken based on any or all the contents of this file to the fullest extent permitted by law. Every effort is made to avoid errors. In spite of that, errors and discrepancies may creep in. It is expressly stated that neither Findoc Investmart Private Limited nor any of the contributors of updates will be responsible for any damage to anybody on the basis of this document. Readers are, therefore, requested to cross check with the original sources e.g. Government publications, Orders, Judgments etc., before taking any action or making any decision. These services are being provided through our group companies Findoc Capital Mart Pvt Ltd and Findoc Finvest Private Limited

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