Vehicle Insurance | Eligibility Criteria of Vehicle Insurance

Vehicle Insurance

Vehicle Insurance

After the new rules of Insurance Regulatory and Development Authority of India (IRDAI) came into force from August 1, the obligation to take third party insurance and on-damage insurance in the package form for your vehicle has expired. Now, if the owner wants to shop for a replacement vehicle, then he can take third party insurance and own damage cover separately. Talking about the car, buying the car will become a touch cheaper with the approaching of this new rule. But does one know what’s Third Party Insurance and On Damage Insurance?

Features and benefits of vehicle insurance
The Vehicle policy provides insurance to protect the liability of theft or accident of car, bike, scooter and other vehicles thanks to an accident, natural or man-made disasters or damage/injury to 3rd party. The great Motor policy specifically covers:

  • Own Damage (OD) Coverage within the insured vehicle thanks to loss or damage
  • Third-party liability (TP) is thanks to third party injury/death or damage to property.
  • Personal accident coverage for you and your co-passengers or driver
  • Other covers like Zero Depreciation Cover, No Claim Bone Protection, Key Changes and any quite an assistance on the road 24 hours each day, seven days

Third-party insurance
Third-party insurance is legally mandatory with the car. Under this, compensation is given to a person or other person walking on the road or damage to any property. thanks to such an event, the legal liabilities arising on you’re settled with this policy. If an individual suffers bodily harm or death from your vehicle, then it gets compensation from this insurance plan. But during this insurance, the vehicle owner or the driving force has no responsibility to catch up on any loss. consistent with the principles of IRDA, it’s compulsory to require a 3rd party cover of three years for taking a car and 5 years for taking a towel.

What are the eligibility criteria of Vehicle insurance?

  • Online premium calculation and instant purchase.
  • Assistance – 24×7 and three hundred and sixty-five days of telephone support for claim settlement.
  • Cashless claim settlement
  • No Claim Bonus (NCB) transferred from another motor insurance firm
  • Easy inspection and repair in our favourite garage
  • Add on
  • Daily allowance while your vehicle is within the garage
  • Depreciation reimbursement
  • Return to invoice just in case of 100% loss thanks to theft or collision (full invoice price paid)
  • Repair of glass, fibre, plastic and rubber parts / parts
  • Loss of private belongings
  • Emergency transport and hotel expenses
  • Key change
  • Engine safety
  • Tire Safety and Consumable Expenses
  • Roadside assistance