Category: Motor Insurance

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Motor Insurance

NDLS Ajmeri Gate Premium Car Parking (All Details)

NDLS Ajmeri Gate Premium Car Parking (All Details)

NDLS Ajmeri Gate Premium Car Parking is a premium car parking lot found within New Delhi railway station. The northern railways realized the need and potential of offering a premium car parking facility within New Delhi railway station and began the NDSL Ajmeri Gate premium car parking operations where drivers are charged a fee for parking their vehicles.

This article will talk about the following:

  • How to get to NDSL Ajmeri Gate Car Parking
  • Parking Rates
  • Types of Parking available at Ajmeri Gate Car Parking

How to get to NDSL Ajmeri Gate Car Parking

First, you will need to enter the New Delhi Railway Station from the Ajmeri Gate end, once you enter the New Delhi Station from the Ajmeri Gate side, the NDSL Ajmeri Gate premium car parking is located on the left side. It is hard to miss as there is a big board highlighting the car park area. The parking area is besides platform no 16 at the New Delhi Railway Station.

We have also mentioned the Google Maps location of the Ajmeri Gate Car Parking below.

Parking Rates

Below mention are the parking rates for NDSL Ajmeri Gate premium car parking services:

  • Entry fee Rs. 30 if you wait for more than 8 minutes
  • First 2 hours Rs. 150, thereafter you will have to pay Rs. 100 per hour.

If you are considering parking for an extended period then may be you can consider the New Delhi General Parking lot as it is considerably cheaper at a rate of Rs. 200 for 24 hours.

Free parking spaces are also available at Lotus Temple, Kamal Cinema, Shivaji Kunj, Kalkaji Mandir, and more. It is pertinent to note that security may not be available at these locations.

If you are considering parking for a lesser duration and are looking for good security and connectivity then NDSL Ajmeri Gate premium parking may be a good choice, if you are looking for extended parking then the New Delhi General Parking lot and the free parking spaces mentioned above may be a good choice.

Types of Parking available at Ajmeri Gate Car Parking

NDSL Ajmeri Gate car parking offers the following types of car parking options:

  • Multi-level car parking
  • Premium car parking
  • Surface car parking

Importance and Benefits of Premium Parking at NDSL Ajmeri Gate

  • Direct Walk-in access: You can directly access the premium car parking by entering New Delhi Railway station through the Ajmeri Gate. The place is accessible by 4-wheelers as well as 2-wheelers. You can also walk to it.
  • Good connectivity: The NDSL Ajmeri Gate car park displays good connectivity where it is connected to the New Delhi Railway Station. People can access the Metro as well as private taxis for their transportation requirements after they park their vehicle at the parking lot.
  • Within New Delhi Railway Station: The parking lot is within the railway station premises itself, that makes it an ideal spot to park your vehicles when you are dropping of your friends and family at the station.

Ajmeri Gate Premium Car Parking Location (Google Maps)

Author Bio

This article is written by Team InsuranceLiya.com, an independent website that writes about insurance, finance, health, and more. Our writers have a wealth of knowledge, experience, and degrees in the fields of insurance, finance, economics, and beyond.

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Motor Insurance

How to Find a PUC near me?

PUC near me

How to Find a PUC near me?

Have you ever asked yourself “Where is a PUC near me?” in order to get your PUC certificate renewed? This article will tell you exactly how to locate the nearest PUC center and get your PUC certificate.
We will also give you the exact steps you need to follow to find the nearest PUC center to you. We will talk about the following:

  • Steps to locate a PUC near you
  • PUC centers in Maharashtra
  • Importance of PUC

Steps to locate a PUC near you

You can locate the nearest PUC to you by following these steps:

  • Search for ‘PUC Center List’: You will need to search for ‘PUC Center List’ on your preferred search engine. Once you’ve searched for it, kindly navigate to the official PUC Center List tool by the Ministry of Road Transport and Highways.
  • Enter Details: Once you are on the official PUC Center List tool, you will need to enter your State and your Office.
  • PUC Near Me: Now, once you’ve entered your State and your Office, the PUC Center List tool will mention a list of all of the PUC centers in your jurisdiction.
  • Export to PDF: Now, in order for you to locate a PUC near you, you will need to export this data by clicking on ‘Export to PDF’ and download the PDF.
  • Search the PDF: Now that you have downloaded the PDF, search the PDF by pressing ‘Ctrl and F together.’ Now enter your Pin code, if there is an authorized PUC center in your location, it will then be highlighted on the search. If not, then try entering pin codes or places near your location.

Alternatively, you can also navigate through the PDF to manually find your nearest PUC center.

PUC near me tool
PUC Center locator tool by the Ministry of Transport

PUC Centers in Maharashtra

You can find your nearest PUC (pollution under control) center in Maharashtra by following the steps mentioned above. Alternatively, you can also directly access a list of all of the PUC centers in Maharashtra by visiting the official PDF issued by the Ministry of Transport of Maharashtra.

Once you open the PDF, just put in your pin code and locate your nearest PUC center. It’s as simple as that.

Importance of PUC

Mentioned within are some of the most important benefits of ensuring that you do your vehicles PUC in a time to time manner.

  • Fines and penalties: Driving without a valid PUC will lead to a fine of Rs. 1000 for first time offenders and Rs. 2000 for repeat offenders.
  • It is mandatory: It is mandatory for every vehicle on the road to have a valid PUC under section 190 (2) of the Motor Vehicle Act.
  • Keeps pollution under check: Doing regular PUC checks will ensure that the pollution caused by vehicles is reasonably under check.
  • Keeps your car healthy: A PUC test finds out if there are any issues within your vehicle. If the emissions are higher than normal, it indicates an issue within your vehicle that needs to be diagnosed and fixed.
  • PUC is mandatory for insurance: If you are looking to buy motor insurance, you first need to show the insurance company a valid copy of your vehicles PUC, only then the motor insurance company can issue a motor insurance policy for your vehicle.

Author Bio

This article is written by Team InsuranceLiya.com, an independent website that writes about insurance, finance, health, and more. Our writers have a wealth of knowledge, experience, and degrees in the fields of insurance, finance, economics, and beyond.

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New India Assurance Motor Insurance Plans

Learn about Pay As You Drive Policy By New India Assurance

New India Assurance Motor Insurance

Learn about Pay As You Drive Policy By New India Assurance

Pay As You Drive Policy by New India Assurance is a newly launched motor insurance policy in India. This policy uses a unique approach to premium calculation assisting policyholders to pay only for the kilometers driven by their vehicle during the policy tenure. Making it an ideal choice for persons who are looking out for a motor insurance policy at an affordable premium.

This article will talk about the following:

  • About the Policy
  • Benefits of Pay As You Drive Policy
  • Coverage offered under Pay As You Drive Policy
  • Exclusions under Pay As You Drive Policy
  • Add On Covers available under the policy
  • How to file claim under Pay As You Drive Policy?

About the Policy

Pay As You Drive is a recently launched innovative car insurance policy by New India Assurance. This is a comprehensive motor insurance policy designed to calculate the premium based on the usage of the vehicle.

The policyholder will be requested to declare the current odometer reading of their vehicle on buying the policy. The policyholder will also be requested to provide an estimation of kilometers they expect to drive during the policy period. Based on this information, policyholders can choose their preferred slab of options offered in the policy.

The policyholder’s can choose to opt for the following options provided under this policy: Up to 4,000 kilometers, Up to 6,000 kilometers, Up to 8,000 kilometers, Up to 10,000 kilometers.

In the case the policyholder has driven the vehicle more than the selected number of kilometers the policy will still continue to provide coverage. Although at the time of policy renewal, the policyholder will be entitled to a discount calculated based on the actual kilometers completed.

Coverage options under Pay As You Drive

Now let us talk about the coverage under this policy. This policy offers three types of coverage options to choose from:

  • Annual Cover: Under this cover, Third Party and Own Damage Insurance of the vehicle will be provided for one year.
  • Bundled Cover: Under this cover, Own Damage Insurance will be provided only during the first year of the policy. Whereas Third Party Insurance coverage will be provided for three years. This cover is only applicable to brand new vehicles.
  • Standalone Own Damage Cover: This cover provides Own Damage Insurance and does not offer any Third Party coverage.

Benefits of Pay As You Drive Policy

Below are a few benefits offered under the policy:

  • Usage-based Premium: This policy calculates the premium based on the actual usage or kilometers run by the vehicle. This means that policyholders who drive less can pay a lower premium and enjoy the benefits provided under the policy.
  • Encourages Safe Driving: The policy encourages policyholders to adopt safe and responsible driving habits by offering discounts on the Own Damage Insurance premium for good driving behaviour.
  • Flexibility in Slab Selection: Policyholders can choose the kilometer slab option based on their expected usage during the policy term. This feature enables the policyholder to choose the right coverage as per their needs.
  • Transparent Premium Calculation: As the premiums are based on actual usage of the vehicle, this provides policyholders with a better understanding of the premium they are paying and how it is being calculated.
  • Discount on Renewals: Policyholders will be eligible for PAYD discount based on the actual kilometers completed by their vehicle. In addition to that, the policyholder will also be eligible for the No Claim Bonus Benefit (NCB), as per policy terms.

Types of Plans under Pay As You Drive Policy

This policy comes in two kinds of variants: Basic Cover and Gold Cover.

1.) Basic Cover

The insurance company will provide financial assistance in case of:

  • Mechanical and electrical breakdown
  • Keys locked inside the car
  • Battery jump start
  • Flat tire
  • Fuel delivery

2.) Gold Cover

Under this cover, in addition to the basic cover, the company will also provide financial assistance in the case of wrong fueling, cab assistance.

Exclusions under Pay As You Drive Policy

Following are the general exclusions under the policy:

  • Any customization or additional fittings made to private cars, allowing policyholders to customize their vehicles, will not be covered.
  • All the exclusions listed under the Private Car Section of the Indian Motor Tariff 2002 will not be covered under this policy.
  • Any claim arising in extended geographical locations will not be covered, as per policy terms and conditions.

Add on Covers available under the policy

Policyholders can choose to opt for an add on cover with their base policy to enhance their coverage and avail of maximum protection. Some of the available add on covers are as follows:

  • Nil Depreciation Cover
  • Engine Protect Cover
  • Roadside Assistance Cover
  • Return to Invoice Cover
  • Personal Belongings Cover
  • No-Claim Bonus Protection Cover

How to file claim under Pay As You Drive Policy?

Follow these simple steps to file a claim under the policy:

  • Step 1: Inform the insurer immediately in case of an accident.
  • Step 2: Dully fill out and sign the claim form that will be available at the nearest branch of the insurer. Submit the claim form along with relevant documents like registration certificate, driving licence, original bills of repair, FIR report, etc, depending on the nature of the claim.
  • Step 3: The insurer will appoint a surveyor to inspect the condition of the vehicle. In case of major damage, a spot survey will be conducted at the accident site.
  • Step 4: Submit all the requested documents to the company.
  • Step 5: After thorough inspection of the claim, your claim will be approved.

Author Bio

This article is written by Team InsuranceLiya.com, an independent website that writes about insurance, finance, health, and more. Our writers have a wealth of knowledge, experience, and degrees in the fields of insurance, finance, economics, and beyond.

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Frequently Asked Questions

  • What are the kilometre slab options available under Pay As You Drive Policy?

    The following options are available to choose from:

    • Up to 4,000 kilometers
    • Up to 6,000 kilometers
    • Up to 8,000 kilometers
    • Up to 10,000 kilometers
  • Will the policy lapse if the vehicle has run more than the selected kilometer slab?

    No, the policy will still be active until the end of its tenure. However, the discount will be calculated on the basis of the actual kilometers completed by the vehicle.

  • What are the eligibility criteria under Pay As You Drive Policy?

    This policy is currently available for private vehicles.

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    Motor Insurance

    New India Assurance Motor Insurance (Plans, Benefits & More)

    New India Assurance Motor Insurance

    New India Assurance Motor Insurance (Plans, Benefits & More)

    Are you looking for a reliable motor insurance policy? New India Assurance is a renowned name in the insurance sector, offering a plethora of motor insurance policies that safeguard millions of individuals during unfortunate events like accidents. From offering 24/7 customer support to quick claim settlement, discover how New India Assurance Motor Insurance could be your one-stop solution for all motor insurance-related needs.

    In this article, we will talk about the following:

    • About New India Assurance
    • New India Assurance Motor Insurance Plans
    • Benefits of New India Assurance Motor Insurance Plans
    • How to file claim with New India Assurance Motor Insurance?
    • How to renew New India Assurance Motor Insurance Plans?
    • How to renew New India Assurance Motor Insurance?

    About New India Assurance

    New India Assurance is a government-owned insurance company founded by Sir Dorabji Tata in 1919 and nationalised in 1973. New India Assurance is headquartered in Mumbai. The company has six large corporate offices, 447 divisional offices, 31 regional offices, and more than 2500 official branches across India.

    New India Assurance is a prominent insurance company that offers comprehensive motor insurance policies to its customers. The company provides motor insurance for privately and commercially owned vehicles, two-wheelers, and so on. Motor insurance plans by New India Assurance are designed to offer financial protection to vehicle owners in case of any accident or damage caused to the insured car.

    As per the annual report of IRDA, the claim settlement ratio of New India Assurance in FY 2021–2022 was 92.93%. In addition to its high claim settlement ratio, the insurer also offers a wide network of 3000+ cashless garages across the country. This helps policyholders get their vehicles repaired quickly and conveniently without having to worry about arranging for cash or reimbursement.

    Claim Settlement Ratio

    92.93%

    Network Garages

    3000+

    Official Website

    https://www.newindia.co.in/portal/

    Customer Care

    18002091415

    Official Email ID

    Tech.support@newindia.com

    New India Assurance Motor Insurance Plans

    Below are the plans offered by the company:

    1.) Private Car Insurance

    As the name suggests, this policy covers all privately owned vehicles. The plan offers two types of coverage:

    • Liability Only Policy: This policy offers coverage for any third-party liability for bodily harm or damage caused to the vehicle due to accidents.
    • Package Policy: Under this cover, in addition to the benefit of the Liability Only cover, it also offers Own Damage Insurance.

    2.) Standalone Compulsory Personal Accident Cover

    This motor insurance policy financially compensates the policyholder or the beneficiaries of the policy in case of accidental death or disability caused while driving the insured vehicle. The sum insured under this policy is ₹ 15,00,000 and the policy tenure is one year.

    3.) Pay As You Drive Policy

    This comprehensive motor insurance policy is designed to charge the premium based on the usage of the vehicle. The vehicle owner will be requested to declare the odometer reading of their vehicle.

    The policyholder can select the coverage based on the estimated number of kilometers they expect to drive the vehicle during the policy tenure.

    The slabs of kilometers available for selection are as follows: Upto 4,000 kms, Up to 6,000 kms, Up to 8,000 kms, Up to 10,000 kms.

    4.) Commercial Vehicle Insurance

    This policy is designed to offer financial protection to individuals who use vehicles for commercial purposes. Under commercial vehicle insurance, two types of coverage are available: Liability Only Policy and Package Policy.

    5.) Two-Wheeler Insurance

    This policy offers coverage for two-wheeler vehicles like motorcycles, bikes, and scooters. The policy provides two types of coverage: Third-Party Liability and Comprehensive coverage.

    This policy offers unlimited coverage for third-party liability in case of death or injury due to an accident for commercially owned vehicles.

    6.) Standalone Own Damage for Private Car

    This policy offers coverage for any damage caused to the insured private vehicle in the event of an accidents. Since it is a standalone personal damage insurance policy, it does not offer any coverage for third-party liability.

    Benefits of New India Assurance Motor Insurance

    Below are the benefits offered under the company’s policies:

    • Extensive Coverage: Motor insurance plans offered by the company provide comprehensive coverage that provide financial compensation in case of an accident, theft, or damage to the insured vehicle.
    • Third-party Liability Coverage: The policy provides third-party liability coverage thats covers the financial liability of the insured vehicle for any damage or injury caused to a third party.
    • Network Garages: The company has a wide network of more than 3000 cashless garages across the country.
    • 24/7 Customer Support: The company provides 24/7 customer support, assisting in the quick resolution of any queries or grievances of its customers.
    • No Claim Bonus: Policyholders can get the benefit of a cumulative bonus that increases their coverage for every claim free year, depending on the policy terms.

    How to file claim with New India Assurance Motor Insurance?

    Follow these simple steps to file a claim with the company:

    • Step 1: Inform the insurance company immediately in case of an accident.
    • Step 2: Submit the pre-authorization claim form along with relevant documents to the company, depending on the nature of the claim. The claim form will be available at the nearest branch of New India Assurance.
    • Step 3: The insurer will process the claim and assess the damage to the vehicle. In case of any major damage, the policyholder may need to take the vehicle to a network garage for repairs.
    • Step 4: Once the repairs are complete. Submit all the original bills, receipts, etc. to the company.
    • Step 5: The insurer will verify the bills and reimburse the claim amount.

    Documents Required

    • Duly filled and signed claim form
    • Registration certificate
    • Driving licence
    • FIR (if applicable)
    • Original repair bills, receipts, etc.
    • Original policy documents
    • Road tax certificate

    How to renew New India Assurance Motor Insurance?

    Follow these simple steps to renew your motor insurance policy in a matter of minutes:

    • Step 1: Go to the official website of the company or click on this link to visit the portal directly, i.e, https://www.newindia.co.in/portal/quickRenewPost/renewal.
    • Step 2: Enter your customer ID and policy number. Then click on “Proceed.”
    • Step 3: Check all the details pertaining to your policy and make the payment online.
    • Step 4: You can also make the payment by visiting the nearest branch of the insurer.

    Author Bio

    This article is written by Team InsuranceLiya.com, an independent website that writes about insurance, finance, health, and more. Our writers have a wealth of knowledge, experience, and degrees in the fields of insurance, finance, economics, and beyond.

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    New India Assurance Motor Insurance

    New India Assurance Motor Insurance Plans (Which are the best?)

    New India Assurance Motor Insurance

    New India Assurance Motor Insurance Plans (Which are the Best?)

    New India Assurance Motor Insurance provides a host of motor insurance policies that provide different levels of coverage and different use cases. New India Assurance motor insurance provides coverage for private vehicles, commercial vehicles, fleets of vehicles, two-wheelers, and more.

    They have also recently come up with a brand new plan called New India Assurance PAYD policy.

    You can learn about all of the policies below

     

    • Private Car Insurance
    • Commercial Vehicle Insurance
    • PAYD Motor Insurance
    • Two Wheeler Insurance
    • Fleet Insurance
    • Standalone CPA cover

    Let us now talk about these motor insurance policies in detail.

    1.) Private Car Insurance

    New India Assurance offers private car insurance to anyone looking to buy a motor insurance policy in India. As you may be aware, it is compulsory for a driver to have at least a valid third-party motor insurance policy before he ventures on the road.

    Types of Private Car Insurance Offered

    • The company offers two types of private car insurance, they are liability only policy and package policy. A liability only policy will only extend coverage towards damage caused to a third-party, and owner-driver.
    • A package policy will cover third-party liability, owner-damage, as well as damage to the insured vehicle. It is a comprehensive motor insurance policy.

    General Inclusions and Exclusions

    A Liability only Policy

    • Inclusions: Personal accident cover for owner-driver, damages caused to third-party
    • Exclusions: Damage to own car, damage to passengers

    Package Policy

    • Inclusions: Personal accident cover for owner-driver, damages caused to third-party, damage to car, fire, theft, malicious act, terrorist acts, lightning, landslide, earthquake, riots, and more.
    • Exclusions: Consequential loss, regular wear and tear, civil war, driving without a license, driving under the influence of alcohol, and more.

    2.) Commercial Vehicle Insurance

    A commercial vehicle insurance plan is a motor insurance plan for commercial vehicles. New India Assurance provides two commercial motor insurance polices.

    Types of Commercial Car Insurance

    • New India Assurance Motor Insurance offers two types of commercial car insurance, they are liability only policy and package policy. Similar to their private motor insurance policy, a liability only commercial policy will only extend coverage towards damage caused to a third-party.
    • A package commercial policy will cover will cover third-party liability, owner-damage, as well as damage to the insured vehicle. It is a comprehensive motor insurance policy.

    General inclusions and exclusions include

    Liability only Commercial Policy

    • Inclusions: Damages caused to third-party
    • Exclusions: Damage to own car, damage to passengers

    Package Commercial Policy

    • Inclusions: Damages caused to third-party, owner-damage, damage caused to insured vehicle, fire, theft, vandalism, terror acts, lightning, landslide, earthquake, riots, and more.
    • Exclusions: Regular wear and tear, driving without a license, consequential loss, driving under the influence of alcohol, civil war and more.

    3.) PAYD Motor Insurance

    This is a newly released policy by United India Assurance, it is called Pay as Your Drive (PAYD.) Under this policy, policyholders are eligible to receive discounts based on the amount of kilometres the insured vehicle runs.

    The policyholder is eligible to receive discounts on renewal premiums if they drive their vehicle less than the specified kilometres mentioned under the policy bond. The PYAD plan comes in two variants, basic cover and gold cover.

    Types of PAYD Car Insurance Offered

    The PAYD car insurance is available in three types, they are comprehensive motor insurance cover, third-party motor insurance cover, and bundled cover.

    You can read about the inclusions and exclusions of the PAYD plan.

    4.) Two Wheeler Insurance

    The New India Assurance two wheeler insurance plan includes insurance policies for both bikes as well as scooters in India. 

    Types of Two Wheeler Insurance Offered: Policy types offered are liability only package and the package policy (comprehensive plan.)

    General Inclusions and Exclusions

    Liability only Package

    • Inclusions: Damage to third-party, owner-damage
    • Exclusions: Damage to passengers, damage to self-vehicle

    Package Policy

    • Inclusions: Damage to third-party, owner-damage, damage to insured vehicle, fire, floods, acts of terror, earthquake, theft, and more.
    • Exclusions: Consequential loss, regular wear and tear, war (including civil war), damages caused due to being under the influence of alcohol.

    5.) Fleet Insurance

    People who are in the business of transport and hospitality can avail of New India Assurance’s fleet insurance plan to insure their entire fleet of vehicles, ensuring stability of their transport business.

    6.) Standalone CPA cover

    New India Assurance also provides a separate stand alone compulsory accident cover (CPA.) Under Indian motor laws, it is mandatory for every driver to take CPA cover if they already do not have an accident insurance policy of at least 15,00,000/-.

    Author Bio

    This article is written by Team InsuranceLiya.com, an independent website that writes about insurance, finance, health, and more. Our writers have a wealth of knowledge, experience, and degrees in the fields of insurance, finance, economics, and beyond.

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    What should you do if an uninsured driver hits your vehicle?

    car

    What should you do if an uninsured driver hits your vehicle?

    What happens if I’m in an accident and the other person is driving without insurance, and the accident was his fault? Who pays for the damages to my car, myself, and my co-passengers?

    Ideally, if there is an accident and one party is clearly at fault, it is the obligation of that party to pay for the damages to the victim. The charges are generally paid by the insurance company of the perpetrator. But what happens if the perpetrator is driving without a valid motor insurance policy? Let us find out.

     

    • Coverage of your motor insurance policy
    • What should you do if an uninsured driver hits your vehicle?
    • Supreme Court Judgements on Uninsured Drivers

    Coverage of your motor insurance policy

    The first thing you need to do is check the terms and conditions of your motor insurance policy. Check whether damages caused by an uninsured driver is covered by your motor insurance policy. If that is the case, then your motor insurance company should pay for the damages caused.

    That is assuming you have a comprehensive motor insurance policy, and the policy bond states that the damages caused by uninsured drivers will be covered.

    What should you do if an uninsured driver hits your vehicle?

    • Take the vehicle number: It is extremely important that you remain calm during the event and attempt to have a clear head. Once you are calm, take the vehicle number of the perpetrator, you will need it going forward.
    • Collect evidence: Start collecting video and photo evidence; be very thorough and document everything. This evidence may be presented in the court of law. Also, talk to any witnesses that may have seen the accident and exchange contact details with them; it is possible that they may need to be presented as court witnesses.
    • Call your insurance company: Once you have collected the relevant data, you must then call your insurance agent or insurance company. Explain to them what has happened. You will also need to file a claim later.
    • File an FIR: Now, find out which police station is nearest and lodge an FIR. Take a copy of the FIR and keep it for your records. You will also have to submit the same information to your insurance company. Once the FIR is filed, the police will begin their investigation.
    • Legal action: You will now need to begin preparations for legal recourse. Talk to an advocate and take their expert advice on the same.

    Now, if your insurance company pays for the damages caused, well and good. If they do not pay for the damages, then examine the terms and conditions of your insurance policy thoroughly and see if they are obligated to extend you coverage in such a case. If not, then the liability will shift to the uninsured perpetrator.

    What happens if my insurance company does not cover me for uninsured accidents? This is where we must dive deeper into the judgements provided by the Supreme Court of India.

    Supreme Court Judgements on Uninsured Drivers

    You can check out a whole list of judgements passed by the Supreme Court on the topic of accidents caused by uninsured drivers. We will also state what the SC has said on the matter in a judgement passed in 2018.

    The Supreme Court has categorically stated that in the event of an accident caused by an uninsured driver, the liability will be passed onto the uninsured driver. If the uninsured driver is unable to pay for the court ordered damages, his vehicle will be impounded and later auctioned off. The proceeds earned through the auction of the vehicle will be disbursed to the victim.

    Author Bio

    This article is written by Team InsuranceLiya.com, an independent website that writes about insurance, finance, health, and more. Our writers have a wealth of knowledge, experience, and degrees in the fields of insurance, finance, economics, and beyond.

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    What is Zero Depreciation in Bike Insurance? (Meaning Explained)

    chopper
    chopper

    What is Zero Depreciation in Bike Insurance? (Meaning Explained)

    Are you planning to scoot around the city and have a good time? Be sure to get your bike insured first. That being said, all insurance policies and riders are not the same. You will do yourself a disservice if you do not know about the concept and meaning of Zero Depreciation in bike insurance. This article will explain to you the following:

    • Meaning of Zero Depreciation in Bike Insurance
    • How does Zero Depreciation work?
    • Example of Zero Depreciation in Bike Insurance
    • Companies offering Zero Depreciation riders

    Meaning of Zero Depreciation in Bike Insurance

    Depreciation affects everything, your car, two-wheeler, other non appreciating assets and more. It is the loss of value of an asset as the years move forward. Your two-wheeler is also a victim of this. Imagine this, you buy a brand new motor bike, and it works perfectly for the first couple of years. Then as the years move forward, it starts giving minor issues, and then major ones. Now, you want to sell your bike. Prospective buyers will keep in mind the wear and tear of your bike and quote you an offer price. This price will be much lower compared to the price you paid to buy the brand new bike, this is essentially a real world example of depreciation in bike insurance.

    Even though it is not generally possible to protect your bike against the loss of value caused by depreciation, you can at least protect yourself against the evil head of depreciation in your bike insurance policy. How so? Well, you buy a Zero Depreciation rider along with your bike insurance policy.

    How does Zero Depreciation work?

    If you buy a Zero Depreciation rider or add-on along with your bike insurance policy, it will protect you against depreciation whenever you decide to apply for a motor insurance claim. Like we previously said, every part of your bike depreciates, and the insurance company knows about this. That is why they incorporate the concept of depreciation whenever they sell a motor insurance policy.

    For instance, if your motor insurance company provides 100% coverage if there is any damage to the headlight of the bike within the first year, they may reduce the coverage to 80% in the second year, and 50% in the 3rd year. So, if a policyholder damages his bike’s headlight in the 3rd year and files a claim, the insurance company will only pay him 50% of the claim amount, the balance will need to be paid by the owner himself.

    You can extrapolate this example to other parts of your bike. The concept remains the same. So how does a Zero Depreciation rider benefit a policyholder? Well, It acts as a shield against depreciation so the insurance company is obligated to not factor in depreciation while disbursing the claim amount.

    Example of Zero Depreciation in Bike Insurance

    Let us understand this concept with two simple to understand examples.

    Example 1: Mr. Shyam bought a new two-wheeler and consequently bought comprehensive motor insurance for the same. After a couple of years, Mr. Shyam met with a minor accident damaging his bike’s headlight. Upon making the claim, the motor insurance company only disbursed 70% of Mr. Shyam’s claim application amount, citing a 30% depreciation component. Thus, Mr. Shyam had to pay the balance 30% for repairs out of pocket.

    Example 2: Mr. Dinesh bought a new bike, and like Mr. Shyam he too bought comprehensive motor insurance, the only difference was that he bought a Zero Depreciation add-on along with the policy by paying a little extra. After 5 years, Mr. Dinesh also met with a minor accident damaging his headlight. Since he bought a Zero Depreciation rider/add-on, the insurance company disbursed him the entire claim amount.

    Companies offering Zero Depreciation riders

    Now that you have understood the benefits and features of Zero Depreciation. Let us have a look at the top bike insurance companies that offer Zero Depreciation riders:

    • Bajaj Allianz
    • HDFC ERGO
    • Digit Insurance
    • Future Generali
    • Kotak Mahindra Insurance
    • Acko Insurance
    • SBI General Insurance
    • Royal Sundaram
    • Tata AIG
    • IFFCO TOKIO

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    Can you buy damaged cars directly from insurance companies?

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    Can you buy damaged cars directly from insurance companies?

    It is likely that some bargain hunters may want to scoop up a slightly imperfect car for a reasonable discount. You may think that insurance companies may have a used car division where they sell-off damaged used cars, do you? Well, not exactly. There are 2 potential choices for a prospect:

    • Buying damaged cars from scrapyards or auction houses
    • Buying damaged cars from used car dealerships

    Buying damaged cars from used car dealerships

    Insurance companies do not deal with selling damaged cars directly, but they have tie-ups with used car companies, and sell their damaged vehicles to them (this is quite rare). The used car dealership may then repair the vehicle, make it drive worthy and then put it up for sale on the market. This is however extremely rare, as an insurance company will likely only sell-off totaled cars, and dealerships will not want to put their hand in repairing a totaled vehicle. Due to this dynamic, insurance companies will more than likely only sell their vehicles to either auction houses or scrapyards.

    Buying damaged cars from scrapyards or auction houses

    As mentioned earlier, used car dealerships will most likely not buy a car from an insurance company as insurance companies mostly sell-off totaled cars, and dealerships are generally not interested in investing in a totaled car. The only choice that remains now is that the insurance company then sells their damaged cars to a junkyard or an auction house.

    A prospect may check out a junkyard or an auction house to scoop up a deal but rest assured most vehicles there are not drive worthy. Perhaps a motor enthusiast can scan through such an environment to experiment with such a car, but nothing more.
    These cars are usually bought up for their spare parts, as some of the spare parts are operational and are bought with the intention to resell. Used spare part stores usually partake in such deals. Regular buyers generally will not engage in the buying of such a vehicle for a variety of different reasons.

    Notable auction houses in India

    Mentioned within are a list of the notable auction houses in India:

    Notable scrapyards in India

    Mentioned within are a list of the notable scrapyards in India:

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    Is personal accident (PA) cover mandatory in motor insurance?

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    Is personal accident (PA) cover mandatory in motor insurance?

    In short, yes it is mandatory. But like most things the answer is slightly more nuanced. Read through the entire article to get a detailed understanding about PA cover, and whether it is compulsory to get one under law if you are driving or riding. This article will talk in detail on the following:

    • Meaning of personal accident cover
    • Example of PA cover
    • Is it compulsory?
    • Benefits of having a PA cover

    Meaning of personal accident cover

    A personal accident cover is a type of insurance policy that provides coverage to the insured in the event of an accident. This coverage helps the insured to cover medical costs that are incurred after an accident has ensued.

    Lastly, a PA cover also provides a nomination feature that will disburse a claim amount to the nominee in the event of the demise of the policyholder. PA covers are generally bought as add-on insurance riders along with motor insurance policies.

    Is it compulsory?

    Yes, buying a PA cover is mandatory under the Indian Motor Tariff Act, 2002. That being said, you need not opt for a PA cover if you already have a health insurance policy that provides accidental coverage (Rs.15 lacs or more). In this case, buying an additional PA cover along with your motor insurance policy is not compulsory.

    Examples of PA cover

    Example 1: Let us say, Mr. Satish has bought a brand new Honda City car and is currently in the process of buying a motor insurance policy for his vehicle. He also doesn’t have any health insurance policy under this name. In such a case, it is mandatory for Mr. Satish to ensure that he is buying a PA cover along with a third-party or comprehensive motor insurance policy.

    Example 2: Next, let us say that Mr. Manish has bought a new Maruti car and is now in the process of buying motor insurance. He is also a savvy person and already has a health insurance plan with accidental insurance bought before hand. In such a case, it is not mandatory for Mr. Manish to by a PA cover along with buying his motor insurance policy.

    Benefits of having a PA cover

    Let us now talk about some of the most important benefits of having a personal accident cover:

    • A PA cover will provide coverage towards medical expenses arising out of an accident.
    • A PA cover will provide a coverage to the nominee in the event of the policyholder’s death.
    • A PA cover provides compensation if the policyholder is maimed (disabled) after an accident.

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    Will my car insurance cover door dings and scratches?

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    Will my car insurance cover door dings and scratches? (Examples)

    Getting dings and scratches are part and parcel of being a car owner, especially if you reside in a metro city that has heavy traffic. In such a scenario, you may be wondering if your shiny new car is covered against door dings and minor scratches? Can you ask your insurance company to compensate you against any damages that might occur via scratches and dings? Well, let’s find out!

    Yes, your car insurance company will cover door dings and scratches as it comes under collision coverage. That being said, being covered and applying for a claim are two different things. There could be scenarios where it would not even be worth your time and effort to apply for a claim for scratches and dings. Let us go through such scenarios below:

    First Scenario (Semi-Extensive damage)

    Let us assume that Mr. Natraj has bought a new Honda Brio car and has insured the same. A couple of months after the purchase, he met with a minor accident where the door got extensively dinged and scratched. The cost for repairing the damage was quoted at Rs.10,000.

    Now, since this kind of damage comes under collision coverage, Mr. Natraj is eligible to apply for a claim. But, he must first pay a deductible for Rs.2000 to the insurance company (all car insurance policies have a deductible clause.)
    In such a scenario, it may be worth to apply for a claim as Mr. Natraj would end up saving Rs.8000 in repairing costs.

    Second Scenario (Non-extensive damage)

    In this scenario, let us assume that Mr. Hari has bought a new Maruti car and has bought insurance for the same. A week later, a fellow driver dinged his car’s door while parking. Here, the estimated repairing cost came at Rs.1500. Mr. Hari’s car insurance policy has a deductible amount of Rs.2000. That means that if Mr. Hari claims for damages, he would actually be in a loss of Rs.500. Mr. Hari would be better off directly paying the Rs.1500 directly out of his pocket.

    Important points to keep in mind

    There are a few other important points that a policyholder needs to keep in mind before making a claim for dings and scratches. They are:

    No Claim Bonus: If you make a claim, it will eliminate the No Claim Bonus discount. In such a scenario, where the claim amount is very low it is worth your while to not make a claim and keep the No Claim Bonus intact.

    Increased Premium: Insurance companies will generally increase your premium renewal cost if you have a habit of making claims. Keep this is mind before making a claim.

    Deductible Component: As talked about before, always be cognizant of the deductible amount in your car insurance policy before making a claim. The cure should not be worse than the disease!

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