Vehicle insurance is a security mesh that safeguards the insured from monetary damages related with the vehicle. Under the insurance policy the insurance company decides to pay the policyholder a sum pre-assured in case of any accident or mishap that is covered under the plan. The policyholder would have to pay premiums towards the policy at regular intervals, in return. Most insurance companies also reward diligent drivers through bonuses and discounts that can bring down the motor insurance premium to a large extent. The amount of coverage opted for also determines the amount that one has to pay towards motor insurance. At Pandaje we render complete support to our customers in selecting the best motor insurance for their vehicle and thus handhold them through the entire process of getting a suitable insurance plan.
There are various two-wheeler insurance policies that we offer from various high rated insurance service providers. Almost all leading general insurance providers offer two-wheeler insurance policies for the protection of bikes and scooters. The coverage offered by these policies are similar to that provided by car insurance plans. However, the policy term for bike insurance plans can be extended to 2 or 3 years.
Most of the leading general insurance providers offer car insurance for private and commercial vehicles. The insurance premium for commercial cars will be higher than that for private cars. Hence, it is necessary to buy the right kind of insurance for your vehicle, based on the purpose for which it is used. Usually car insurance policies are offered for a policy term of 1 year. To get the policy renewed the policy holder would have to get in touch with the insurance company.
Top rated vehicle insurance companies today provide a wide variety of add-on covers that can be brought to use to enhance the security offered by a simple policy. Some of the popular add-on covers in motor insurance are as follows:
Zero depreciation cover- This is one of the most popular motor insurance add-on plans today. This insurance rider is also referred to as nil depreciation plan or bumper to bumper insurance. If you raise an accidental damage claim under a basic motor insurance policy, you will not receive the entire claim amount from the insurer. The insurance company would subtract the devaluation on car parts and thus give you the outstanding amount. The zero depreciation add-on helps you receive almost the entire claim amount, without accounting for depreciation of car parts. This insurance plan is usually offered to cars that are less than 3 years old, and a maximum of two claims are admissible under this cover.
Engines-Protect Cover - This is a very useful add-on cover for high-end cars. Insurance companies offer this add-on cover to vehicles that are less than 3 years old. This rider offers protection for engine repairs that are not specifically related to accidents. People living in areas prone to waterlogging should ideally protect their vehicles with this add-on insurance.
Return to Invoice (RTI) Cover - This is a very useful rider that protects you from total loss of your insured vehicle. In case your vehicle meets with an accident that renders it completely damaged beyond repair, your RTI cover will ensure that you receive the actual invoice value that you paid at the time of purchase of that vehicle. If you drive long distances frequently or reside in an area prone to thefts, you should ideally opt for this insurance add-on.
No Claim Bonus Protect Cover - This add-on cover protects your hard-earned NCB from being negated following a claim. It is offered to cars that are less than 3 years old. However, the insurer usually does not allow more than one claim under this rider in a policy year.
Personal Accident Cover For The Passengers - The comprehensive car insurance policy includes personal accident cover for the owner-driver under its coverage. But the same is not extended to passengers. This add-on cover offers insurance protection for the passengers in the event of accidents.
Key Replacement Cover - This add-on cover can be of great assistance if the policyholder loses the keys of the vehicle. The insurance company compensates the insured for the cost of key replacement.
Roadside Assistance Cover - This rider offers round-the-clock protection to the policyholder by offering services such as towing, flat tyre change, refuelling, arranging for a mechanic, etc.
Consumables Cover - Consumables are specific components that you use in the car, such as nuts and bolts, engine oil, screen washers, etc. At the time of a claim, you will see that these elements are often not covered under insurance. The consumables cover offers compensation for the replacement of these components.
Daily Allowance Cover - This rider offers coverage for hiring an alternate car when the insured car is undergoing repair work at a network garage. The allowance will be provided for up to 15 days, and can range in value from Rs.100 to Rs.500 per day.