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Looking At the Return-To-Invoice Add-On in Car Insurance

As a new car owner, you might have experienced that all too familiar feeling of being scared to take your vehicle out for a drive. And, your fears are completely justified. No matter how careful you are, the unpredictability of the road can turn things awry. Theft and vandalism too might have you worried about the possible damages that you could face should your car be the target of a miscreant.

Now, even if you already have a comprehensive Car Insurance In India  policy in place, this coverage will only compensate you up to a certain extent. The compensation usually stops at the IDV which is the insured declared value of your car. And, the IDV takes into account depreciation and does not include other expenses that you paid to own your car, such as road tax. Thus, if your car gets stolen or damaged beyond repair, the IDV won’t equal the real losses you have faced.

So, is there a way to receive complete coverage? Yes, you can if you opt in for the ‘return-to-invoice’ add-on. Read on to learn more about this extremely helpful rider on your car insurance policy.

What is the return-to-invoice cover?

The return-to-invoice cover is an add-on that will ensure you get compensated for the full invoice amount of your car if your vehicle gets stolen or damaged beyond repair. In essence, this cover bridges the gap left by the compensation you would otherwise receive from your idv calculator.

The return-to-invoice cover is not one that you can claim for minor dents and scratches sustained by your vehicle. It comes into play when your vehicle suffers from total loss. For instance, if your car has been stolen, you would be able to claim the benefits of this add-on on your car insurance policy. Or, if your car faces complete damage from a landslide or an earthquake, the return-to-invoice add-on cover will compensate you for the losses you have thus suffered.

Who is the return-to-invoice add-on suitable for?

While almost anyone who owns a new car can benefit from this add-on, it is absolutely essential for those who live in areas that are prone to thefts or places that are known to face natural calamities like earthquakes and floods.

Are there any limitations to thereturn-to-invoice cover?

 Yes, there are certain limitations to the return-to-invoice cover that are general among all insurance providers. These include the following conditions:

·         This add-on can only be purchased for vehicles that are under 3 years old

·         The benefits of this add-on cannot be claimed for any wear and tear that occurs naturally as the vehicle ages

·         This cover may not be offered to imported cars

It is advisable that you contact your insurance provider for a full list of the exclusions that may accompany their return-to-invoice add-on.

Thus, we see how beneficial the return-to-invoice add-on can prove to be. Do make sure to talk to your car insurance provider about this rider as soon as you can. Finally ensure that you always renew your car insurance policy on time to stay financially secure and legally compliant. Drive safe and take care!

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How To Cancel A Car Insurance Policy?

In India, having basic insurance for your vehicle is mandatory by law. Moreover, getting insurance for your car gives you peace of mind as you enjoy financial protection from mishaps, if they occur. Therefore, you must always have adequate insurance coverage for your vehicle at all times.

Now, if you plan to sell your car before the insurance has expired, you might need to cancel the coverage. This situation might especially prove essential if you have a long-term car insurance renewal plan that extends for a couple of years. Furthermore, you could also want to cancel your existing car insurance plan if you are unhappy with your present insurance company and have found a better one. Whatever be the reason for the cancellation, if you are doing it for the first time, you might be in need of some guidance. In this article, we wish to help you with a quick overview of what you need to know about cancelling your car insurance plan.

Steps for cancelling a car insurance policy

Here are the steps that are generally to be followed when cancelling a car insurance policy.

1.    Inform the insurance company

Once you have decided to cancel your car insurance policy, you must call up your insurance company and inform them of your decision.

2.    Complete the paperwork

Next, the insurer might require you to send a letter by email or sign some paperwork confirming your decision to cancel the policy. The insurance company may also need you to provide some documents as per their process.

3.    Discuss the refund

Do not forget to speak to the car insurance company about whether you are due for any refund due to premature cancellation of car insurance. If you have already paid the premium for the entire year, you will get some refund depending on how long you enjoyed coverage for while the policy was still active.

4.    Receive your car insurance certificate

This certificate is necessary to be able to enjoy the ‘no-claim bonus’ from your next insurance provider. Make sure that you request your insurance company to send this certificate.

Once all these steps have been completed properly, your car insurance policy will get cancelled. The entire process may take around two weeks.

Do note that many insurance companies allow you to complete the process of car insurance cancellation online on their website. If you are familiar with transacting online, it makes sense to do things digitally to save yourself time and effort.

We hope this overview of the procedure of cancelling your car insurance policy will help you. Do bear in mind that each insurance company might have a few additional steps to be followed as per their requirement so, make sure that you speak to them before initiating the cancellation process. Also, ensure that you buy a new car insurance policy before the old one is cancelled and no longer active. Your car must always be insured so that you stay financially secure and legally compliant. Take care and drive safely!

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Does Four-Wheeler Insurance Cover You Against Vehicle Theft?

In India, it is mandatory for every vehicle owner to have at least third-party motor insurance. Third-party insurance covers you against third-party legal and financial liabilities during a mishap. While this kind of coverage can save you a lot of money, it is advisable to go a step further and purchase a 

comprehensive renew car insurance online policy Comprehensive car insurance helps you stay protected financially against third-party damages as well as own losses due to accidents, natural calamities, and man-made disasters. Thus, apart from accidents, you also receive coverage against landslides, earthquakes, floods, riots, and other acts of vandalism.

What about coverage for theft?

The good news is that your comprehensive car insurance policy also covers you against theft. This kind of coverage is truly a boon in today’s world where robberies have become so common. Like most car owners, you probably took out a loan to afford your vehicle. Theft can leave you emotionally and financially traumatized. Insurance can help you by carrying the weight of the financial losses incurred due to theft.

The process of raising a claim

As soon as you notice your car has been stolen, you need to inform your insurance provider immediately. Call up your car insurance company on their toll-free number or get in touch with the agent, if you have been assigned one. They will guide you on the steps you need to take to file a claim. Next, you also need to file an FIR at the police station and inform the RTO immediately. At the RTO you will need to fill up a few forms.

The claim for theft will need to be submitted along with supporting documentation. This documentation will usually include a copy of your car insurance policy, registration certificate, car invoice, RTO forms, FIR copy, and any other paperwork that the insurer requests. Make sure that you do not miss out on any documentation so that your claim gets processed without any hassles.

How much compensation is received under a claim for theft?

Many vehicle owners often mistakenly believe that they will be compensated for the full value of their vehicle when they make a claim for theft. Unfortunately, this is generally not what happens. If you have a standard

  comprehensive car insurance policy with no add-ons, you will receive the IDV (insured declared value) of your vehicle mentioned in your coverage. The IDV is the current value of your vehicle in the market. The IDV depends on many factors such as the make and model, age, and city of registration.

You can opt in for the ‘return to invoice’ add-on if you want to receive the full invoice value of your vehicle. Do discuss with your insurer whether this add-on will prove useful for you.

Things to keep in mind

Here are a few things to keep in mind when you file a claim for a stolen vehicle:

·         If the stolen car was under a loan, the compensation is paid to the lender by the insurance provider

·         If the insurance payout is lower than the amount owed to the car loan financer , the difference has to be paid by the car owner

·         All sets of car keys must be handed over to the insurance provider by the car owner once the claim is approved

We hope this article has helped you. Drive safe!

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Is Your Car Insurance Premium Rising Without You Making A Claim? Here Are Some Reasons Why!

As per The Motor Vehicles Act, 1988, it is mandatory for every vehicle owner to have at least basic motor insurance in place. This necessitates the need for renewing your car insurance policy on time before it lapses each year. Now, while renewing your coverage, you might have noticed a change in the premium. This change might be reflected as a slight increase on the amount you have paid for the preceding year’s coverage. This might surprise you especially if you have not made any claims on your four wheelers insurance for the previous couple of years, or ever.

So, can your car insurance cost increase even in the absence of claims?

The answer is yes.

Your car insurance premium is determined by many other factors too. Let’s take a look at some major reasons why you might be paying more for your coverage even if you have not made any claims.

·         Geographical location

It may surprise you to learn that the area where you reside can have an influence on the premium you pay for your motor insurance. For instance, if you neighbourhood has unfortunately seen a rise in incidents of car robberies, your premium might automatically increase when you renew your car insurance policy.

·         Discontinuation of car models

Quite often, manufacturers decide to stop the production of a particular make and model of a vehicle. This decision can lead to that vehicle’s spare parts becoming harder to obtain over the years. In turn, it can indirectly lead to an increased risk of theft incidents for that particular car model. If you own such a vehicle that is no longer in active production, your car might be a riskyinsured product for the insurance company. This may lead to an increase in your premium.  

·         Changes in claim trends

While you drove safely and made no claims on your car insurance, other motorists might have been careless and needed to seek compensation. So, if your car insurance company has noticed an overall increase in the number of claims they have received, they might bump up premium costs for all their customers irrespective of who made a claim.

·         Dip in credit scores

A few insurance companies do check your credit score before deciding on the premium you need to pay. A lower credit score might attract a higher premium. You can fortunately check around to find out which insurance companies do not give weightage to the credit score when calculating the cost of your premium.

These are some of the factors that influence the calculation of your car insurance premium. Do remember that these factors can vary between insurance providers. It is also important to note that the premium cost should never be the main deciding factor when you opt in for motor insurance. Make sure that you check customer reviews of the insurance company as well as their claim settlement ratio before taking your pick. We hope this article will prove helpful for you. Drive safe!

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Why you shouldn’t focus on finding the cheapest car insurance plan!

 Price is an important factor when buying a car insurance policy. However, is it the only thing you should be looking at? Of course not! This is because a cheap policy can leave you exposed to several risks, both on and off the road. So, before you finalize on a plan simply because it is light on your pocket, remember to keep these things in mind as well:

 1. You might be uninsured.

A cheap online car insurance plan will help you save money on your annual insurance outgo. However, it might not provide the protection you require in case of a road mishap. For instance, many individuals choose affordability instead of protection and purchase third-party insurance for their vehicles.

While these plans meet the legal insurance requirement, they do not provide any coverage for your vehicle. Therefore, in case of an accident, your vehicle could be damaged, and you would have to pay out of your own pocket to fix it. In such a scenario, paying a little more money, and having a comprehensive policy will help you save a lot on repair costs!

 2. Sub-standard insurance company.

To lure more customers, some Comprehensive Car Insurance companies will lower their premium rates significantly. However, these insurers usually compromise on protection levels or after-sales services to make up for costs. That’s why it is important to first do a thorough analysis of the insurance company before buying a plan.

Look at the reviews of an insurance company - this will give you a fair idea of what to expect after you buy a plan. You should also look at the claim settlement of the insurance company. A higher claim settlement ratio will mean that your claim is more likely to be settled. Therefore, it is advised to look for a plan that has a CSR of 90% or more.

3. Fewer cashless garages.

Cheap car insurance plans & providers usually have fewer cashless garages. This means that in case of any repairs, you might have to go hunting for a network garage. Fewer network garages could also mean traveling long distances to get access to cashless claims.

4. Higher deductibles or lower IDV.

Some plans offer lower premiums but make up for it by transferring higher amounts of risk to the policyholder. They might charge you higher deductibles or lower IDV in case of a claim. So, if you find a plan that’s offering an extremely low premium, remember to look into these 2 aspects before finalizing.

5. Are they trustworthy?

You can never be too careful these days! Sometimes, if an insurance company is offering unusually low premiums, there is a chance they will disappear after you make the payment, especially if you are buying the plan online. To avoid this, just ensure the insurance provider you are buying the plan from is IRDAI certified.

 We hope you consider these 5 points before you settle on a cheap car insurance policy. Remember that it always better safe than sorry, even it means paying a slightly higher premium amount.

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Look at the 5 benefits of third-party motor insurance

As we all know, a motor insurance policy is mandatory in order to be driving/riding on Indian roads. Now, many motor vehicle owners go for comprehensive insurance policies, but the law states that you only need to have a third-party car insurance policy. The same goes for your bike insurance policy. We will tell you the benefits of having third party motor insurance by your side.

1.      Legal protection

In case you get in an unfortunate accident and there are certain damages caused to the your third-party motor insurance policy will cover your liability towards the third party’s legal battle at the motor claims tribunal to claim redressal of the damage they faced.This insurance policy insulates you from the financial needsof the affected third-party’s legal battle.

 2.      Financial assistance

In case your bike causes an unfortunate accident, a third-party bike insurance policy will cover your financial liability towards the damages done to the third-party and its property as decided by the motor claims tribunal.This insurance policy protects you from the financial reimbursement to the affected party for damages done to them.

3.      Easily available

As mandated by the Indian government in the Motor Vehicles Act, 1988, this kind of motor insurance policy should be brought before you drive your vehicle on Indian streets. This is why third-party motor insurance policies are easily available in India. You can buy them from the websites of insurance companies or insurance plan aggregator platforms.All you have to do is just follow few easy steps on those websites, pay money and the insurance policy documents will land in your inbox or will be delivered to your doorstep by mail. This is very convenient than completing this process at an insurance company’s office.

 4.      Cost-effective

When you buy, say, a third party car insurance policy, you take a very effective step of saving a lot of money from leaving your pocket as its premiums are cost-effective and affordable compared to the coverage the plan provides. The reason for such low policy premiums is that you are only investing in a basic insurance policy that only covers the costs of the damage your bike does to the third-party and its property. The damages caused to your bike in the same accident are not covered, which is why a third-party plan is always cheaper than a comprehensive insurance plan.

 5.      Brings peace of mind

Getting in an accident is anyway an incidence that brings worry and trouble. This would only elevate if you find out that you have to pay for all the recurring damages caused by the accident. In this situation, your motor insurance policy will provide financial coverage for the damages, which will bring you peace of mind knowing that your savings are not taking a hit.

So, these are the 5 benefits of a third party bike insurance policy. The same is the case of a third-party car insurance policy. We hope that you have learnt about a third-party motor insurance policy. Have a nice day!

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