What are the Different Types of Car Insurance?
There are different types of car insurance like Comprehensive car insurance, Collision car insurance, Liability coverage, Third-Party Liability Insurance, Personal injury protection insurance, etc.
What are the Two Types Of Car Insurance?
Car insurance is a type of insurance that protects the owner of the vehicle against financial loss in case of an accident. There are two types of car insurance: comprehensive and collision.
Comprehensive Insurance: Comprehensive coverage includes property damage liability, personal injury protection, medical payments, and uninsured motorist coverage.
Third-party Insurance: Third-party coverage includes theft or stolen, natural disasters, and third party liabilities coverage and physical damage to your vehicle or its parts.
What is Zero Depreciation Car Insurance?
Zero Depreciation Car Insurance is a type of car insurance that covers the depreciation of the vehicle and offers an additional amount to cover the running and maintenance costs. The depreciation cover is offered by most car insurance companies in India. The insurance company pays for the depreciation of your vehicle, which can be up to 50% of its value.
What is Zero Depreciation in Car Insurance?
A Zero depreciation add-on cover, also known as Nil Depreciation and Bumper-to-Bumper cover, is a popular car insurance add-on cover under the Own Damage section of your comprehensive car insurance policy. This is typically chosen by car owners when there is a claim settlement, and the depreciation amount doesn't factor in. Zero depreciation car insurance offers protection in the event that the insured peril is engaged with accidental damage to the vehicle.
What Does NCB in Auto Insurance stand for?
NCB in auto insurance stands for the no claim bonus which is offered to car insurance customers at the time of renewal if there is no claim during the previous policy period. The no-claim bonus is a form of discount offered to the customers for not making a claim in the previous policy period.
The no-claim bonus starts from 0% and reaches up to 50% for each claim-free year. It is valid for a period of 90 days from the expiry date of the policy after which the NCB would lapse. Higher NCB means a higher discount for the customer. If there is a claim this would be reduced to 0% and then increases for each claim-free year.
What is Third Party Insurance?
Third party insurance is a compulsory motor insurance policy to be taken by the motor vehicle owner/driver before driving the vehicle in public places. Third party insurance covers the bodily injury or third party property damage caused due to the involvement of the insured vehicle. Third party motor insurance is mandatory as per the Motor vehicles Act without which the owner/driver of the vehicle would be punished with up to a Rs.5000 fine or up to 3 months of imprisonment or both.
What is Bumper to Bumper Insurance?
Bumper to Bumper insurance is the add-on available on payment of extra premium under the own damage section. It is also known as “Nil depreciation” or “Zero depreciation” cover. Having bumper-to-bumper insurance enables the customer to get the complete claim amount in case of any accident without factoring in the deprivation of the parts.
What are the Different Types Of Coverages In Car Insurance
What are the Types Of Car Insurance In India
What are Different Types Of Car Insurance
What are the 3 Types Of Car Insurance
What to look for when buying car insurance in india
What is zero depreciation car insurance in india
What questions do car insurance companies ask after an accident
What questions do car insurance companies ask
What is the best insurance policy
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