2. Should I make small claims?
It sometimes makes sense not to make small claims. Ideally, whenever your vehicle is damaged, get an estimate for the repairs. If the No Claim Bonus you stand to forfeit in the forthcoming year exceeds the estimate, it makes sense not to raise a claim and instead pay for the damage yourself. For example, if your vehicle met with an accident on the 1st year itself and the estimate comes to Rs.2000, you should not make a claim as it is less than the NCB you will bear in the corresponding year which is Rs.2251 (Rs.11257- Rs.9006)
3. For how long is my motor insurance policy valid?
Your motor insurance policy cover remains in force for 12 months from the date of commencement (or as otherwise shown on your policy schedule).
4. What if at the time of accident my vehicle is being driven by someone else?
Liability follows the vehicle. So, the insurance on the vehicle will apply even in the case of it being driven by some other person with your permission. Usually, the liability insurance of the person driving the vehicle will have to pay in the case the amount of the loss exhausts your policy's limits.
5. What happens if I change my car or two wheeler in the middle of the year?A vehicle insured under a policy can be substituted by another vehicle of the same class for the balance period of the policy subject to adjustment of premium, if any, on pro-rata basis from the date of substitution. Inform your insurance company that you are changing your car or two wheeler. Ask them how it is going to affect your premiums. Call your insurance company to update your policy according to underwriting guidelines.
6. I am selling my car. Can I transfer my policy to the new owner?
If you sell your car or two wheeler to another person, the insurance can be transferred in the name of the buyer. The buyer (transferee) has to apply for transfer of insurance with the insurance company, within 14 days from the date of transfer of the car in his name and after making the payment of endorsement premium for the remaining period of the policy.
7. What is NCB? Under what circumstances is NCB applicable and how does it benefit the vehicle owner?
NCB is the short form of No Claim Bonus; it is rewarded to the owner of the vehicle who is also the policy holder for No Claim / Claims in the previous policy year. It can be accumulated over a period of time.
If you have NCB you can avail a discount ranging from 20-50% on the Own Damage Premium (policy holder’s vehicle).
NCB becomes Nil in case of a claimNCB follows the fortune of the customer and not the vehicle NCB can be transferred to the new vehicle in case of substitution of vehicle of the same class Validity - 90 days from the date of expiry of the policy NCB can be utilized within 3 years (where the existing vehicle is sold and a new vehicle is purchased) NCB recovery can be done in case of a name transfer Visit our website to invest in motor insurance and know more about our offerings.