Motor Insurance
No Claim Bonus (NCB) is a reward given by an insurance company to an insured for not raising any claims during a policy year. This discount ranges between 20%-50% and is given to the insured at the time of policy renewal. NCB is transferable and can be transferred even if the insured buys a new vehicle.
Any motor insurance policy covers your vehicle throughout India irrespective of where the policy is purchased. Beyond city limits, there may not be a pick up and drop facility. The insurer will suggest a network garage/workshop close to the place of accident, following which an external surveyor will be appointed for the assessment of loss.
Reach out to us on our landline number, or send us an email at customercare@insurancepe.com and inform us about the claim you want to report, your policy number, contact details, address etc. Our insurance professionals will guide you through every step of the claims process.
For third-party injuries or death to a person, there is no upper limit and the claim is settled in court. However, property damage is covered for a maximum of ₹7,50,000. In case of a comprehensive cover, the coverage amount for own damage is the Insured’s Declared Value (IDV). This is the maximum amount paid in case of complete damage (Total Loss or Constructive Total Loss) to the car or if it is stolen. This depends on the existing/current market value of the model of the vehicle.
The minimum amount you have to pay out of your pocket of the total claim amount is called the compulsory deductible. This amount depends on the cubic capacity (cc) of the engine of your vehicle. If your car bears a 1000 cc or more, the compulsory deductible would be ₹1,000 and if it is above 1500 cc, the compulsory deductible would be ₹2,000.
You can change your car insurance policy, however insurancepe does not recommend you change your car insurance coverage during the policy period. However, switching after 2 or 3 years might result in cost savings depending on the insurance company.
In an insurance policy, the deductible or excess is the portion of any claim that is not covered by the insurance provider. It is normally quoted as a fixed amount and is a part of most policies covering losses to the policyholder. The deductible must be "met", that is, paid by the insured, before the benefits of the policy can apply.
Yes, if a motor insurance policy has expired, it is treated as a fresh case. The vehicle may be subject to inspection, and the insurer will evaluate the condition before issuing a new policy. You may also lose your accumulated No Claim Bonus (NCB) if renewal is not done within 90 days of expiry.
- If there is a gap in policy renewal
- Switching from third party cover to a comprehensive cover
- Requirement to cover additional equipment or accessories fitted to the car like anti-theft devices, CNG kits etc. which are not covered in the expiring policy
- Opting for certain add-on covers
According to a Supreme Court order, IRDAI mandated all general insurance companies to offer multi-year third party insurance to all motor vehicles sold after 1st September, 2018. Therefore, instead of single third-party liability plans, insurance companies will offer 3-year third party liability plans to cars and 5-year third party liability plans to two wheelers.
Previously the Premium rates and policy terms and conditions were fixed by Tariff Advisory Committee. Tariff rates stood in the way of brokers quoting lower rates, wider choice of product and choice of insurers to their clients. But, as of January 2007, all such pricing controls have been removed and your premiums now depend on the risk that needs to be covered. As a result, brokers such as insurancepe become important as they evaluate your risk and needs, seek quotations from various insurance companies and negotiate on your behalf to get you the best deal and take complete responsibility over the claims process.
As qualified insurance professionals, insurancepe understands the needs of the customer. We analyze your needs, any gaps, apprise and discuss available options, and finally provide you the best and customized insurance solutions to address your needs from different insurers. We will advise you on the most suitable add-ons for your policy so you pay only for those needed. This way you are ensured cost-effective and appropriate coverage.
No, the loss will be surveyed and amount payable assessed and this is subject to calculations like depreciation and policy excess so that the compensation is strictly for the loss suffered. Insurance functions on a core principle of ‘insurable interest’ which dictates that an insurance policy should not be the means to making a profit but only to ensure that you do not suffer a financial loss.
Yes, you can avail the NCB facility if you change the insurer on renewal. You will need to produce proof of the NCB earned by way of renewal notice from your current insurer, or you can produce your original, expiring policy document along with a certification that you have no paid or outstanding claims under your expiring policy. For this the proof is usually a letter confirming the NCB entitlement from the previous insurer.
In addition to NCB, there are additional discounts arising out of opting for a voluntary deductible. Other discounts which you may be eligible for are: installation of approved anti-theft devices; concessions for specially designed/modified vehicles for the Blind, Handicapped and mentally challenged persons, which are suitably endorsed in the RC by the concerned RTA. There may be other discounts available depending on the insurance company.
If a CNG/ LPG kit is fitted in the vehicle, the Road Transport Authority (RTA) office where the vehicle was registered should be informed so that they make a note of the change in the registration certificate (RC) of the vehicle. The insurance company should also be informed and will require payment of extra premium on the value of the kit to include it under coverage of your motor insurance policy.
No. Registration and insurance of the vehicle should always be in the same name with the same address. Otherwise the claim is not payable. If you bought a used car from its previous owner, you will have to fill in a fresh proposal form and approach the insurance company. There is a nominal fee charged for transfer of insurance.
Whenever you meet with such an unfortunate event, notify policy and take spot pictures immediately. Click pictures of your vehicle from all the required angles, especially the damages. Be ready with essential information such as colliding party driver's phone number, vehicle number and documents like policy number, driving licence, etc. Get in touch with insurancepe's customer support to file a claim on time so that our professionals can guide you through every step of the claims process.
Certificate of Insurance, Copy of Registration Certificate, Pollution Control Certificate, Driving Licence of person driving the vehicle.
For the purpose of applying the premium rate, the place where the vehicle is registered is reckoned (not the place where the vehicle is used). For example, if your vehicle is registered in Chennai, the rate applicable for Zone A is charged. Even when you shift to a different city / town, the same rate will continue to apply. Similarly, if a vehicle is registered in a town, it attracts Zone B premium rate. If the owner later shifts to a metro city, he will continue to be charged the Zone B rate.
You could be fined up to Rs. 2,000 to 4,000 based on number of violations and can also be sentenced imprisonment of up to 3 months for driving an uninsured vehicle.
No, Car owners cannot have two insurance policies for the same four-wheeler. However, they can get additional add-on covers such as own damage protection add-on cover, personal accident cover, etc., all together with their existing car insurance policy.
Yes, customers are allowed to cancel their car insurance policies at any time by properly informing their insurance company by contacting them at their helpline or by sending an email on the official email address requesting cancellation of their insurance policy. If you have a policy through insurancepe, your broker, then we will carry out the cancellation for you.
Yes, one can easily get their vehicle repaired or serviced at their convenience at any garage that is near to them. But it is advised that you get your vehicle repaired or serviced at a network garage to avoid any delays or hassle in the claim settlement process.
Yes, as the different car models have different parts and can also vary in the market price range. This can have an impact on the premium charges of the car.
There is a big difference. When an insurance company cancels a policy and when it chooses not to renew it. Insurance companies cannot cancel a policy that has been in force for more than 60 days except:
- If you fail to pay the premium
- You have committed fraud or made serious misrepresentations on your application.
- Driver’s license has been revoked or suspended.
The sum insured for the vehicle is called “Insured Declared Value (IDV)” and reflects the current market value of the vehicle. Under Third Party Liability insurance, there is no limit of liability for Third party death or injury (the amount is decided by the Court) and Third party property damage is covered up to Rs 7,50,000.
While generally it is three times, it could vary from insurer to insurer.
