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All-risk insurance offers full coverage for your vehicle. It protects against any risk of loss due to theft, damage to the vehicle, injury or death to the driver and/or passengers in the vehicle, and loss caused by the vehicle to other persons or their property.
The liability insurance only covers damage caused by the vehicle to other persons or property.
The policy premium of a new car is based on the resale value of the car. Where the policy premium for an old car is based on the Insured Declared Value (IDV). The IDV is nothing but the depreciated value of the vehicle. This value is agreed upon by both the insurer and the policyholder. Generally, the insurance companies have a predefined list of IDVs of the vehicles, by make, model and year. However, the condition of the vehicle determines the final IDV.
The insurance company is not liable for compensation if the driver was driving with an invalid driver’s license at the time of the accident, or for damage caused under the influence of drugs or alcohol, riot, civil war, etc. If a passenger car has an accident while being used as a taxi, the insurance company is not liable for compensation.
In general, car insurance is sold at competitive rates. Consider the following factors before purchasing auto insurance:
No claims bonus: If the car owner does not claim motor insurance in one year, the insurer will give a discount on the premium in the following year. This discount is called No Claims Bonus. The policyholder receives a discount of up to 20% for the first two years in the event of no damage. This discount percentage will continue to increase in subsequent years as long as no claims are submitted. The opposite is also true. In case of a claim in two consecutive years, the premium will increase. The No Claims Bonus clause should be read thoroughly before finalizing any car insurance policy.
memberships: If the owner of the vehicle is a member of a recognized automobile association, the owner receives a discount on the premium. If the vehicle owner installs a theft alarm or other security device in the vehicle, he is eligible for a further discount on the premium. The anti-theft device must be approved by the same Automobile Association.
Special discounts available for the disabled, available or not: Certain companies offer special premium discounts for disabled people.
To benefit from this discount, the vehicle must be adapted for use by the disabled person. Different insurance companies offer different discount rates. If you use such a vehicle, compare the discount rates before purchasing auto insurance.
Simple renewal procedure: Aside from financial factors, check which company provides simple and easy paperwork for renewal and for claims.
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