This may be a common and can happen to anybody. Let’s understand things by understanding the case of Mr. Raman. Your should remember that the car insurance documents are a mandatory things to raising claims also and when even the RTO has the right to claim to see the documents when required so it is an important thing to be kept in mind.
Raman recently renewed his car policy and while travelling outside with his family on a holiday the car insurance documents some got lost. But he noticed the miss happening only after the family returned from their holiday. Now the challenge before the Raman is to get the duplicate policy document issued asap. He called his insurance company for help regarding the lost document they suggested him to file a FIR first and submit the non congressional report from the police station along with the request for issuance of duplicate document. After thorough verification Raman’s insurance provider issued him the duplicate copy of the car insurance policy.
Raman’s case might be seem to very easy task but the condition may vary from insurer to insurer and can ask for more documents to proof your claim of lost document and you can be asked to pay a fee even for the release of the duplicate copy. So to understand the process further you should know the standard process which the insurance industry follows. You may follow the steps given below to reduce your chances of falling into various hassles associated with issuing a duplicate copy of your car insurance policy
Step 1: Submit an application: Make sure that you should first the application first and to notify your insurer of the issue. The best way to do it is that your application should some contain some basic information of your policy number, proposer full name, date of insurance and the type of the cover .In case the initial application was jointly done by somebody make sure that duplicate document request should have the signature of both the applicants. In most cases the insurance company also expects you to submit the copy of the FIR along with the request application. So you should always take the non congressional report from your police station once you have filled the case of missing document.
Step 2: Publish an advertisement: In case of some insurers they expect you to post an advertisement regarding the lost document with the local newspaper also. So while filling the request application you should also submit the copy of the advertisement which you have got published.
Step 3: Indemnity bond: While making a request for duplicate document it is mandatory to sign up for a indemnity bond. An indemnity bond is generally executed on a non judicial stamp paper of appropriate value. The indemnity bond should have the details of the policy with all minute elements and also the details of the proposer. You can add more credibility to the indemnity bond by adding two witnesses to the bond who are not your family members. Make sure that you submit the indemnity bond along with request letter to the insurance company
Though the process of filling request for duplicate document is a easy process but you should always keep in mind the above steps because things may vary from one insurer to another
Everybody has their own preferences and there is also quite difference in opinion about selection of a particular variant but if we try evaluating on financial ground things might look bit different. Though we all know that car insurance premium is largely dependent on the insurance declared value of the motor vehicle but car variant as a factor also has an important role to play.
Now let evaluate the basic question of which one to buy based upon financial factors .Till date people been biasing their opinion on cost of fuel when there was a huge difference between petrol and diesel cost but in today’s world when the differential is minimal there are other factors which need to be look into:
So the bigger picture while making decision is not just the fuel efficiency or cost of fuel but the decision needs to evaluate on money terms. Higher costs of car insurance premium, higher depreciation etc are factors to be considered in detail especially when you are looking to buy the car for personal use. For insurance you can still control the cost because online comparison of insurance plans can give you fair idea and give you lot of savings but for the final decision on which one to buy should also consider factors which can lead to long term affordability.
When we buy a car policy we typically try to understand it from some broad perspectives but we generally miss out the small ones. There are vast arrays of benefits which we possibly don’t know about our car policy and because of which we are not able to take full benefits of our car insurance policy. Listed below are few of them
We generally have the habit of not reading the terms and conditions of our policy document and because of that we miss out this small benefits which are mentioned above. These benefits seem very small but they can to a good use when need arises .So it is always advised to understand you car insurance plan in totality before making any decision
Indian cities are today flushed with huge migration from adjoining areas but development of public transportation infrastructure in these cities have not seen such sustainable addition to match the every rising need for commuting . This has lead to rising ownership of personal cars among city dwellers .But looking at the rising cost of living in these cities maintaining a car is hitting the personal finances largely .High cost of rent and EMI, maintenance charges, fuel charges, education for kids etc is already damaging things plus if you have to bear an extra cost for car repair in any month, can affect your financial plans for next three to six months.
Other than investing an extra amount after each three to four months into a depreciating asset like car can have serious long term bad effects on your personal balance sheet. To handle a situation like this a comprehensive car insurance policy can be of great help but that’s all is not enough. To stay always right on track you actually need some extra enablers which are technically not part of any plain vanilla policy. Though you might have to pay an extra cost for it but the nominal fee will guarantee a long term peace of mind .Other than that add on covers offered by car insurance companies can help you to customize your car insurance policy in a way which best suits your driving habits. Just plan your car insurance well in advance with the suitable add on and you are done for the rest of the year. Prefer buying the policy online where you can actually make a fair comparison of different offerings in the market based on the different add on covers you are looking at.
Additional cover option which you can opt for:
Looking at the specific options offered by various insurers can help you make a fair decision. The maximum amount of coverage offered under each add on vary with the insurers so to make a fair judgment do have a clear understanding what you require and what not so that you don’t end up paying for things which you don’t require. The top five priority add-on covers which you should be considering as a top up cover over and above your regular comprehensive car policy are listed below:
The above five add-on covers are actually boons for the car owner and help him/her attain the level of customization which is required in a car policy so that you end of paying for only those things which you actually require and also makes your car insurance planning very robust.
Your car’s engine is the most critical part and it is the most costly part if we consider in terms of repair. At times just having a comprehensive car policy does not serve all purposes where the add-on cover comes in play. Though adding an additional cover generally adds an extra amount of cost to the premium that you pay but in long run they can be great help and can help you save a lot of money in repairs. Engine protection is one the best add on cover mostly available with all comprehensive car policy options from various insurers. In a country where the road infrastructure is very up to the mark and pot holes and water logging is a common phenomenon in cities this particular add on cover comes a boon for policyholders.
Typically speaking, this particular additional cover gives protection for engine damages happening due:
You if look at a regular comprehensive Car Insurance policy they generally don’t cover losses happening due to above mentioned reasons whereas the cost of repair is typically the highest in most of these cases. A dedicated Engine Protection addon cover is generally a savior in this case or otherwise you need to shed out huge amount of money even if when you already having a comprehensive cover.
Looking at the broader cover this add on features adds to a comprehensive policy makes it the most things to consider while buying car insurance online or offline even though you end up paying a bit extra .Different insurance providers value the risk associated with engine is different so the cost for this cover may change in accordance with insurance company so it is always advisable to compare before you buy one.
Looking at how your car insurance plan works better for you depend on the IDV (Insured Declared Value) of car declared at the time of buying the policy. Technically speaking your car insurance plan has two components and the premium that you pay is the summation of premium of both the components. The two components are two types of cover which is available under a comprehensive car policy. The two types of covers are called Own damage (OD) and third party (TP) cover. The OD component of the policy protects you from loss or damage to the car due accident, natural calamities and any other man made calamity whereas the TP component protects you from financial loss arising due to a liability created due to accidental damages resulting into permanent injury or death of a person or property who is not the policyholder in the plan. Now looking at the premiums of both the components, the premium calculated towards third party liability is always a fixed component and the calculation based upon fixed tariff as per the vehicle category and it doesn’t change with the change in the insurance provider whereas if we look at the premium of the Own damage cover it actually varies from one insurer to another plus you can actually control the price that you pay for it say by opting for various forms of discounts like No claim bonus or by installing anti-theft device in car etc. The premium of the Own damage discount is calculated on the IDV of the car which you have declared at the time of Buy or Renew Online Car Insurance Policy.
Let’s first understand what actually an IDV is? IDV is actually the highest possible claim the insurance company would pay you during the policy period in consideration. The IDV is generally arrived at the current listing price of the car and not the price at which you bought it minus the depreciation rate into consideration. Depreciation rates are standard tariff rates and depend on the age of the car. The depreciation rates vary between 5% for a six month new car to 40% for a car which is close to 4 to 5 years old. In case during the time of renewal of the policy your model of car is out of market then the IDV is decided based upon negotiations between the policyholders and the insurer. Higher the IDV higher would be the premium.
Now the question is why the actual IDV declaration is an important factor? People generally try to hide the actual IDV just to save premium but this small amount of savings can lead to huge loss in future .There might be a situation where you might have declared lower IDV during renewal and in the same policy period you are faced with a situation of claim. You already know that claims will be always be settled post calculation of depreciation and which can lead to a zero valuation of your car and nothing is paid to you by the insurance company. But on the other hand is not necessary you will get a higher claim if the IDV declared is high. The IDV should be considered at a reasonable value which should in sync with the age of the car and the model.
While Buy or Compare Car Insurance Online Policies you should keep in mind that the technology is built in such a way on the comparison websites that the IDV is reduced by certain amount as each policy period passes on and which might not be the actual IDV of the car. This may lead to unwanted devaluation of car. Always check the right IDV. Myinsurancebazaar,com gives you an opportunity to change your IDV as per reasonable value which you can set while making the comparison between various plans offered by various insurance companies.