Monday 1 November 2021

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No Claim Bonus/ No Claim Bonus In a Vehicle Insurance Policy/No Claim bonus Transfer/NCB certificate

by on November 01, 2021




No Claim Bonus or NCB is a reward given by an insurance company to an insured for not raising any claim requests during a policy period. The NCB is a discount ranging between 20%-50% and is given to the insured while policy Renewal.


NCB in Vehicle Insurance - How it works?


While everything else around you rises in price, your Vehicle insurance gives you a benefit by actually giving you the choice to reduce your Vehicle insurance premium. How does it work, you ask?

Well, it works almost like a Benefit system. You start by gaining a 20% NCB discount if you haven’t made any claims for your first policy year. Consequently, you keep gaining an additional 5% from your second consecutive year of making no claims. This can go about a reduction of 50% in your sixth consecutive year. the better you protect your Vehicle- the better it works out for you in the long run.



How to transfer NCB to new Vehicle Insurance?


This depends on whether you're buying your new vehicle
insurance online or through an agent, or offline. In case
you are buying your new vehicle insurance policy offline or via
an agent, you will need to transfer your No Claim Bonus
by submitting your buyer-seller agreement- Forms 29 and
30 along with a letter requesting the transfer of your NCB
from your existing insurance company.

The respective insurer will then issue an NCB certificate
which you'll need to submit to your new vehicle insurance
company. However, if you're going to buy your new vehicle
insurance online, you don't need to do any of this. All you
need to do is declare the right NCB and old policy number
and name of the insurer and your new insurance company
will manage the rest of the process


Documents required for NCB Transfer


As far as the document is concerned you have to give the
following documents along with the application:

Copy of delivery note that you've received for the sale
of the old Vehicle

• Copy of insurance policy of the old Vehicle

Copy of the booking form that you received for
purchasing the Vehicle

After the submission of the above documents, no claim
bonus will be transferred to the new Vehicle. Based on the
existing NCB certificate the customer can avail the benefit
of the discount on the insurance premium for the new Vehicle.

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Monday 22 June 2020

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Car Insurance Add-on plans

by on June 22, 2020


LIST OF ADD-ON COVERS

· CONSUMABLE COVER
· ZERO DEPRECIATION
· ENGINE PROTECTER
· ROAD SIDE ASSISTANCE
· RETURN TO INVOICE
· PERSONAL BELONGING
· TYRE PROTECTION COVER
· NO CLAIM BONUS PROTECTION
· KEY PROTECTION

 DEFINITIONS

The words and phrases listed below have specific meanings mentioned hereunder with respect to Coverages and Exclusions, wherever they appear in the document for purpose of reference.

1. Accident, Accidental: A sudden, unforeseen, unintended event caused by external, visible and/or violent means.

2. Add-On Cover Policy: The Schedule containing information related to You and Your Vehicle, Terms and Conditions, Exclusion and without limitation any Annexure or Endorsement to it, which sets out the Insurance contract between You and Companies.

3. Vehicle Insurance: FOUR-Wheeler Package Policy, pertaining to Your FOUR-Wheeler issued by an IRDAI licensed insurance company covering own damage under Section I and Third-Party Liability under Section II of the Indian Motor Tariff.

4. Co-Payment: is a cost-sharing arrangement which provides that the policyholder/insured will bear a specified percentage of the admissible claim amount.

5. Companies Authorized Repair Shop: Any automobile repair shop which is formally approved by Insurance Companies as preferred Service Provider for repair of Your Vehicle.

6. IDV: Insured͛s Declared Value (Sum Insured) of Your Vehicle as per the Vehicle Insurance.

7. Own Damage Claim: The claims raised by You under the Vehicle Insurance against Your Insurance Company for loss or damage to Your Vehicle under Section I (Own Damage Section).

8. Original ex-showroom Price: This is the price mentioned on the Original Purchase Invoice of the Insured Vehicle.

9. Partial Loss: Any loss involving repair of Your Vehicle but not amounting to Total Loss/ Constructive Total Loss.

10. Policy Period / Add -On Cover Policy Period: The Period from the Commencement Date and Time to the Expiry Date and Time as shown in the Policy Schedule of Vehicle Insurance.

11. Policy Schedule: Policy schedule is the part of the insurance contract that identifies the policyholder and includes details of the property and persons covered, the amount of coverage, the extent of coverage including Add-On Covers (if Opted), the exclusions, the deductibles, and the payment receipt details.

12. Total Loss/ Constructive Total Loss: A Vehicle will be considered to be a Total Loss/ Constructive Total Loss, where the aggregate cost of retrieval and / or repair of the insured vehicle, subject to terms and conditions of the Vehicle Insurance exceeds 75% of the IDV.

13. Your Vehicle/Insured Vehicle: The FOUR-Wheeler Insured by Companiesas per the Add-On Cover Policy.

14. You, Your: The person or persons whose vehicle are insured as set out in the Policy Schedule.

 

 FOUR WHEELER PACKAGE POLICY CONSUMABLE COVER 

shall mean any Item or substance of Insured Vehicle which is not damaged in the Accident and has limited life or has been consumed completely / partially during their usage and deemed to be unfit for reuse and need replacement to complete the vehicle repair. Such as bolt, screw nut, engine oil, gear box oil, brake oil, battery electrolyte, oil filter, fuel filter, bearings, washers,gasket, sealant, clip, rivets and items of similar nature excluding fuel.

FOUR WHEELER PACKAGE POLICY ZERO DEPRECIATION

Under this Add on Cover, Companies will cover the depreciation amount on the assessed damaged parts pertaining only to the applicable parts category as per the plan opted by you in the event of a Partial Loss of Your Vehicle.In the event You have opted for Co-payment, your contribution shall be to the extent agreed by You on the approved parts depreciation amount for each and every Partial Loss claim.Cover / Benefits will be as per the Plan and the Co-Payment as opted by You and shown in Your Policy Schedule.

FOUR WHEELER PACKAGE POLICY ENGINE PROTECT

By opting for this Add-on Cover, Your Vehicle Insurance policy is extended to cover the Consequential Damage to the internal child parts of the Engine or Gear Box, or transmission assembly arising out of:

*Water ingression

*Leakage of lubricating oil or coolant

*Damage to engine or gear box

FOUR WHEELER PACKAGE POLICY ROAD SIDE ASSISTANCE

Under this Add on Cover, you shall be entitled to one or more of the below mentioned services or benefits from Companies or Assistance Service Provider depending on the Plan opted under this Add-On Cover and as shown in the Policy Schedule.

· Legal Advice

· Fuel Assistance 

· Flat Battery

· Spare Keys

· Flat Tyre

· Minor Repairs

· Towing Facility

· Urgent Message Relay to relatives

· Medical Coordination

 

FOUR WHEELER PACKAGE POLICY RETURN TO INVOICE

In the event of Your Insured Vehicle

A. being a Total Loss / Constructive Total Loss / Total Theft; provided you have opted for Comprehensive Cover; or

B. being a Total Loss / Constructive Total Loss; provided you have opted for Standard Cover

Companies will compensate You in either of the following ways:

1. Pay the cost of new vehicle of same or near equivalent make, model, features, specification of the Insured Vehicle less amount payable under Vehicle Insurance Policy.

2. If exactly same make, model, variant is discontinued Companies Liability will be limited to the shortfall with respect to the last available invoice price of the Insured Vehicle immediately before discontinuation.

In addition, you will also receive the following benefits:

*Payment towards First time registration charges of the New Vehicle.

*Payment of Road Tax

*Insurance Policy to Cover the New Vehicle which includes Own Damage Cover, Third Party Liability Cover and Add-On Cover (as availed in Your Vehicle Insurance Policy) provided You opt to insure the new vehicle with Companies.

(d) Payment of Cost of any accessories which were specifically Insured under Section 1(Own Damage) of the Vehicle Insurance Policy provided these are not part of factory fitted accessories of the new vehicle.

FOUR WHEELER PACKAGE POLICY PERSONAL BELONGING

 

Nowadays, people travel in cars with their expensive gadgets such as laptop, tablet, smartphone, etc. These gadgets can also be damaged if the car is involved in an accident. Damage to such gadgets is not covered under a vehicle insurance policy unless you have a Personal Belonging Cover. This also covers the loss of other personal belongings from your car. 

 

FOUR WHEELER PACKAGE POLICY TYRE PROTECTION COVER

 

Tyres are the shoes of your set of wheels and endure immense torture, more so considering the road conditions in India. So, getting Tyre protection cover makes complete sense, for modern day Tyres don’t come cheap. In fact, a single run flat Tyre that comes on top end cars can cos you 1+ lac rupees! And Tyre damage can occur when we least expect it and can least afford it.

 

FOUR WHEELER PACKAGE POLICY NO CLAIM BONUS PROTECTION

You earn a No Claim Bonus (NCB) when you don’t make any car insurance claim in an entire policy year. There are certain slabs of NCB that you reach with each passing year with a max limit of 50%. With this add-on-cover, you can make claims for loss such as windshield glass repair or replacement, accessories or total vehicle theft and also for the total loss of the vehicle. The NCB Protection Cover will take care of your first two claims. Again, this cover is usually not available for vehicles that are older than three years.

 FOUR WHEELER PACKAGE POLICY KEY PROTECTION

The cost of remote keys can go up to Rs.5,0000 for the modern day cars. But if you lose it you will have to change the entire set or get it configured to the new key. But if you have this cover a part of the new key replacement will be covered.

 

Contact us for CAR insurance
call us +91-8460022728
kapil3773@gmail.com

 

 

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Friday 12 June 2020

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Bike Insurance-Add-on Plans

by on June 12, 2020


LIST OF ADD-ON COVERS

*CONSUMABLE COVER

*ZERO DEPRECIATION

*ENGINE PROTECTOR

*ROAD SIDE ASSISTANCE

*RETURN TO INVOICE



DEFINITIONS

The words and phrases listed below have specific meanings mentioned hereunder with respect to Coverages and Exclusions, wherever they appear in the document for purpose of reference.

1. Accident, Accidental: A sudden, unforeseen, unintended event caused by external, visible and/or violent means.

2. Add-On Cover Policy: The Schedule containing information related to You and Your Vehicle, Terms and Conditions, Exclusion and without limitation any Annexure or Endorsement to it, which sets out the Insurance contract between You and Companies.

3. Vehicle Insurance: Two-Wheeler Package Policy, pertaining to Your Two-Wheeler issued by an IRDAI licensed insurance company covering own damage under Section I and Third-Party Liability under Section II of the Indian Motor Tariff.

4. Co-Payment: is a cost-sharing arrangement which provides that the policyholder/insured will bear a specified percentage of the admissible claim amount.

5. Companies Authorized Repair Shop: Any automobile repair shop which is formally approved by Insurance Companies as preferred Service Provider for repair of Your Vehicle.

6. IDV: Insured͛s Declared Value (Sum Insured) of Your Vehicle as per the Vehicle Insurance.

7. Own Damage Claim: The claims raised by You under the Vehicle Insurance against Your Insurance Company for loss or damage to Your Vehicle under Section I (Own Damage Section).

8. Original ex-showroom Price: This is the price mentioned on the Original Purchase Invoice of the Insured Vehicle.

9. Partial Loss: Any loss involving repair of Your Vehicle but not amounting to Total Loss/ Constructive Total Loss.

10. Policy Period / Add -On Cover Policy Period: The Period from the Commencement Date and Time to the Expiry Date and Time as shown in the Policy Schedule of Vehicle Insurance.

11. Policy Schedule: Policy schedule is the part of the insurance contract that identifies the policyholder and includes details of the property and persons covered, the amount of coverage, the extent of coverage including Add-On Covers (if Opted), the exclusions, the deductibles, and the payment receipt details.

12. Total Loss/ Constructive Total Loss: A Vehicle will be considered to be a Total Loss/ Constructive Total Loss, where the aggregate cost of retrieval and / or repair of the insured vehicle, subject to terms and conditions of the Vehicle Insurance exceeds 75% of the IDV.

13. Your Vehicle/Insured Vehicle: The Two-Wheeler Insured by Companiesas per the Add-On Cover Policy.

14. You, Your: The person or persons whose vehicle are insured as set out in the Policy Schedule.

TWO WHEELER PACKAGE POLICY CONSUMABLE COVER

"Consumables"shall mean any Item or substance of Insured Vehicle which is not damaged in the Accident and has limited life or has been consumed completely / partially during their usage and deemed to be unfit for reuse and need replacement to complete the vehicle repair. Such as bolt, screw nut, engine oil, gear box oil, brake oil, battery electrolyte, oil filter, fuel filter, bearings, washers,gasket, sealant, clip, rivets and items of similar nature excluding fuel.


CONDITIONS

Claims made by You under this Add-On Cover are subject to conditions set forth under Your Vehicle Insurance Policy.

EXCLUSIONS

In addition to the General Exclusions listed under your Vehicle Insurance, Companies shall not be liable to pay any
claim whatsoever under this cover in the event of the following:

  • Where Vehicle Insurance is not valid.
  • Where the Own Damage Claim made by You under the Vehicle Insurance is not payable or admitted.
  • Consumables pertaining to any part/sub part/accessories not approved for replacement by Companies under Your Vehicle Insurance Policy.
  • Any claim which is notified after 30 days of the happening of the loss or damage, provided, Companies may, at sole discretion, condone the delay in notification of claim on merits based on the reason for delay
  • furnished by You to Companies in writing.
  • Claim where Vehicle is not repaired at Authorized Repair Shop.
  • The loss claimed or covered under any other type of insurance policy or cover.
  • Constructive Total Loss/ Total Loss of Your Vehicle.
  • Any claim where an opportunity is not given to Companies to inspect and assess the damage or loss before
  • commencement of repair.

TWO WHEELER PACKAGE POLICY ZERO DEPRECIATION

Under this Add on Cover, Companies will cover the depreciation amount on the assessed damaged parts pertaining only to the applicable parts category as per the plan opted by you in the event of a Partial Loss of Your Vehicle.In the event You have opted for Co-payment, your contribution shall be to the extent agreed by You on the approved parts depreciation amount for each and every Partial Loss claim.Cover / Benefits will be as per the Plan and the Co-Payment as opted by You and shown in
Your Policy Schedule.

CONDITIONS

  • The benefits under this Add-On Cover Policy would be available only if Your Vehicle is repaired at COMPANIES Authorised Repair Shop. In case You have opted to repair Your Vehicle at any other repairer/workshop,then You will have to bear an additional Co-Payment of 20% of the approved claim amount under this cover.
  • Claims made by You against under "ZERO Depreciation" are subject to the terms and conditions set forth under Vehicle Insurance.
  • The benefits under :"ZERO Depreciation ’ can be utilized up to maximum of specified number of times (as mentioned in Policy Schedule) during each year of the Add-On Cover Policy Period.
  • Parts replacement during the repairs need to be approved by COMPANIES.

EXCLUSIONS

In addition to the General Exclusions listed under Your Vehicle Insurance, Companies shall not be liable to pay any claim whatsoever
  • Where Vehicle Insurance is not valid.
  • Where any claim made by You under Section I (Own Damage Section) of Your Vehicle Insurance is not payable or admitted.
  • Any other cost of repair fully or partly pertaining to any part / sub part / accessories not approved under the Vehicle Insurance.
  • Depreciation applicable to tyres, battery of Your Vehicle as per Vehicle Insurance.
  • Any claim which is notified after 30 days of the happening of the loss or damage, provided, may, at sole discretion, condone the delay in notification of claim on merits based on the reason for delay furnished by You to Companies in writing.
  • The loss claimed or covered under any other type of insurance policy or cover.
  • Any claim where an opportunity is not given to Companies to inspect and assess the damage or loss before commencement of repair.

TWO WHEELER PACKAGE POLICY ENGINE PROTECT

ADD-ON WORDINGS

By opting for this Add-on Cover, Your Vehicle Insurance policy is extended to cover the Consequential Damage to the internal child parts of the Engine or Gear Box, or transmission assembly arising out of:
  • Water ingression
  • Leakage of lubricating oil or coolant
  • Damage to engine or gear box
Under this Add-On Cover

  • Repair and replacement costs of the Engine's internal child parts such as Crankshaft, Cylinder head,cam shaft, pistons, piston sleeve, gadget pins, valves, connecting rods and engine bearings, Oil pump and turbo/super charger and the like.
  • Repair or replacement of the affected internal child parts of the gear box or transmission assembly such as gear shafts, shifter, synchronizer rings / sleeves, actuator, sensor, Mechatronics and its affected child parts and bearings.
  • Labour Cost required to carry out the repair or replacement of the damaged child-parts of the Engine, gear box, and transmission assembly.
  • Cost of Consumables replenished including lubricating oil, coolant, nuts and bolts during the repair
  • Depreciation on the parts replaced which are approved by Companies.
  • Consequential Damage" shall mean the damage caused to Your Vehicle not arising directly from an insured peril under the Vehicle Insurance but resulted consequently.

CONDITIONS

  • Claims made by You under this Add-On Cover are subject to conditions set forth under Your Vehicle Insurance.
  • Claims made by You under this Add-On Cover would be admissible only if there is an evidence of:
  • Your Vehicle being stopped in water logged area resulting into damage to internal parts of the engine due to water ingression
  • Maximum of one claim would be payable during each year of the Add-On Cover Policy Period.

EXCLUSIONS

In addition to the General Exclusions listed under your Vehicle Insurance, Companies shall not be liable to pay any claim whatsoever in the event of the following:
  • Any other Consequential Damage due to an Accident, apart from the loss or damage covered under this Add-On.
  • Any payment under this Add-On Cover in case of Constructive Total Loss/ Total Loss of Your Vehicle.
  • Any claim which is notified after 3 days of the happening of the loss or damage, provided, Companies may, at sole discretion, condone the delay in notification of claim on merits based on the reason for delay furnished by You to Companies in writing.
  • Loss or damage covered under any other type of insurance policy or manufacturer
  • Any Claim where the repair has been carried out without prior approval from Companies.
  • Aggravated loss, deterioration or consequential damage to the engine, gear box and transmission assembly including corrosion due to following:
  1. Delay
  2. In retrieving the two-wheeler from water logged area to a safe place.
  3. In instructing the garage to start the repair after the surveyor assessment is done.
  4. On the part of the garage chosen by You in executing the repair work.
  5. Where minimum required reasonable care has not been taken by You to protect the further loss or damage
  6. Any claim where water inundation is not proved in case of water ingression related loss.

TWO WHEELER PACKAGE POLICY ROAD SIDE ASSISTANCE

Under this Add on Cover, you shall be entitled to one or more of the below mentioned services or benefits from Companies or Assistance Service Provider depending on the Plan opted under this Add-On Cover and as shown in the Policy Schedule.

· Flat Battery

· Spare Keys

· Flat Tyre

· Minor Repairs

· Towing Facility

· Urgent Message Relay to relatives

· Medical Coordination

· Fuel Assistance

· Legal Advice

CONDITIONS

 

  • The benefits under "Breakdown Assistance" can be utilized for a maximum of 4 times during each year of the Add -On Cover Policy Period except for "Fuel Assistance", "Taxi Benefits" and "Accommodation Benefits" for which the aggregate utilization limit is 2 times during each year of the Add-On Cover Policy Period
  • Claims made by You against Companies under "Breakdown assistance" are subject to the terms and conditions set forth under Vehicle Insurance.
  • List of cities where Companies offer breakdown assistance service is available on Their website and can be updated from time to time.

 

TWO WHEELER PACKAGE POLICY RETURN TO INVOICE

ADD-ON WORDING

In the event of Your Insured Vehicle

  • being a Total Loss / Constructive Total Loss / Total Theft; provided you have opted for Comprehensive Cover; or
  • being a Total Loss / Constructive Total Loss; provided you have opted for Standard Cover

Companies will compensate You in either of the following ways:

1. Pay the cost of new vehicle of same or near equivalent make, model, features, specification of the

Insured Vehicle less amount payable under Vehicle Insurance Policy; or

2. If exactly same make, model, variant is discontinued Companies Liability will be limited to the shortfall with respect to the last available invoice price of the Insured Vehicle immediately before discontinuation.

 

In addition, you will also receive the following benefits:

(a) Payment towards First time registration charges of the New Vehicle.

(b) Payment of Road Tax

(c) Insurance Policy to Cover the New Vehicle which includes Own Damage Cover, Third Party Liability Cover and Add-On Cover (as availed in Your Vehicle Insurance Policy) provided You opt to insure the new vehicle with Companies.

(d) Payment of Cost of any accessories which were specifically Insured under Section 1 

(Own Damage) of the Vehicle Insurance Policy provided these are not part of factory fitted accessories of the new vehicle

 

CONDITIONS

 

1. No depreciation will be applied to assess the loss in the event of Total Loss / Constructive Total Loss.

2. You shall bear the Co-payment percentage of the admissible claim amount under this Add-on Cover. Applicable Co-payment percentage is shown on the Policy Schedule.

3. Claims made by You under this Add-On Cover are subject to conditions set forth under Your Vehicle Insurance

4. Any compensation under this Add-On Cover will be full and final settlement of Companies liability under this Add-On Cover.

5. Claim Payment in case of Total theft of the Insured Vehicle will be subject to submission of Final

Investigation Report by the Policy Authorities but not before 90 days from the date of theft provided

you have opted for comprehensive cover.

 EXCLUSIONS

In addition to the General Exclusions listed under your Vehicle Insurance, Companies shall not be liable to pay any claim whatsoever in the event of the following:

 1. If the Claim of Total Loss / Constructive Total Loss / Total Theft of the vehicle is not admissible under Section 1 (Own Damage) of the Vehicle Insurance Policy.

2. The bank/finance Company whose interest is endorsed in the policy shall agree in writing.

3. Cost of any accessories which were not specifically Insured under Section 1 (Own Damage) of the Vehicle Insurance Policy Or not part of Original Equipment Manufacturer (OEM) fitment.

4. If the vehicle is recovered within 90 days of the theft unless Final Investigation Report/Non-Traceable Report is submitted.

5. Any claim which does not qualify as Total Loss / Constructive Total Loss as per the Vehicle Insurance Policy.

 

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