Why should you insurance your motor vehicle?
In India, it’s a mandatory to have an insurance cover if you wish to drive your vehicle on road. Every vehicle is insured upon a value based on the manufacturer’s price of the vehicle minus the depreciation costs as per the age of vehicle known as Insured Declared Value. The third party property damage is covered up to costs of around 7-8 lakhs for cars and Rs 1 -2 lakh for a two-wheeler. And there is not such limit on the cover for injury or death of the third party. The premium of your vehicle insurance policy is determined on a number of factors such as make and model, engine capacity, age, fuel type, the city you stay in, customer’s age, profession, security elements, and modifications done/accessories added to the vehicle. One of the most common ways to save premium on vehicle insurance would be accumulating your No Claim Bonus (NCB). NCB’s help you get a discount on your premium if you haven’t made any claim in the prior years. These discounts will get increased with each successive year of zero-claim and go up to as high as 50% to 60%. It is advisable don’t claim for petty dents or a small scratch, instead, accumulate these bonuses and utilize for higher discount premiums. Another way to