Are you a car owner? Did you know that there is one important document you should have when driving a car on the highway? yes, that's your car insurance policy. As a car owner, you must have a car insurance policy under the Car Vehicle Act 2020. But if you're new to car insurance claims, here's a guide that explains the basics.
What is a car insurance claim?
Car insurance is a general insurance policy that covers various losses and damages that can occur to a car. There are two types of insurance policies:
Third party liability insurance
Comprehensive four-wheeled vehicle insurance
Third party liability protection provides protection to car drivers from loss or damage to third party property or personal injury of third parties. The property damage below is limited to Rs. 7.5 lakh in most four-wheeled car insurance.
Comprehensive car insurance policies are broader and provide greater coverage. Some of the losses incurred are:
Theft
Loss or damage due to accident
Loss or damage due to natural disasters such as hurricanes, hurricanes, earthquakes, fires, lightning, floods due to earthquakes etc.
Loss or damage due to civil war, riots, terrorist attacks, etc.
Third party responsibilities
A car insurance claim is a general insurance policy which means the policy needs to be renewed every year. The value of cars and accessories for insurance purposes is called Insured Declared Value (IDV). IDV is calculated by depreciating the value of cars, engine parts, and accessories based on calculations. This value decreases every year
What is the Car Insurance Claim Add-on?
Add-ons are protection above and above the insurance protection of four-wheeled vehicles. To get this add-on, you need to pay an additional premium on top of the car insurance premium. However, these add-ons pay additional compensation when their criteria are met. Some of the add-ons you can choose from are:
Zero depreciation:
This addition does not impose any depreciation on the value of the vehicle or its components. This provides a higher value that can be used to make a claim. This is especially useful for owners of luxury cars.
Full invoice value:
This add-on will give you the entire value of the invoice including road tax paid in the event of vehicle theft. This can only be claimed in the event of theft and not for repairs or other losses.
Machine protectors:
This provides protection to the engine in the event of water damage due to flooding. It also includes engine damage in the event of an oil leak or lubricant leakage.
Windshield cover:
This reimburses the windshield if there is a replacement.
How do I buy car insurance online?
With the digital revolution, it's easy to buy car insurance online. Car insurance can be purchased either through an insurance aggregator or through the insurance company's website directly.
But before you buy a car insurance claim, be sure to research the insurance company and decide which extras you want in your policy. Once you're done, you can choose an online Singapore car insurance claim and be covered while driving. Click Here!
nice info Sir
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