19 Car insurance terminologies you should know italk blog – royal good ways to make easy money sundaram

Car insurance policy offers you insurance cover for accidental damage good ways to make easy money caused to your car, or injury to third parties or damage to third party good ways to make easy money property. Before buying a policy it is really important that you good ways to make easy money understand the jargons insurers use. Learning the terminology will help you clearly understand the cover good ways to make easy money and make an informed decision. Here’s a look at the most important terms you should good ways to make easy money be familiar with: 1. Own damage (OD) cover

This covers loss or damage to the vehicle insured due good ways to make easy money to accident including fire, theft etc in addition to third party liability for bodily good ways to make easy money injury and/ or death and third party property damage. In case of an accident, an own damage cover in your motor insurance policy compensates good ways to make easy money you for expenses incurred to repair /replace parts damaged in the road accident 2. Third party insurance (TP)

It is referred to as a ‘third-party’ cover since the beneficiary of the policy is someone other good ways to make easy money than the two parties involved in the insurance contract, that is, the insured and the insurance company. The policy does not provide any benefit to the insured; however it covers the insured’s legal liability for death/disability of third party or loss / damage to third party property. 3. Legal liability

A third party liability means the amount of compensation a good ways to make easy money vehicle owner needs to pay to third parties who suffered good ways to make easy money injuries or damage to property, in an accident involving the insured vehicle. The claimants include legal heirs of the person who died good ways to make easy money in the accident. Since the liability is legally enforceable it is known as good ways to make easy money legal liability. 4. Comprehensive cover

In case of a claim made by you for accidental good ways to make easy money damage to your car, you, as a car owner, are expected to bear a small part of the loss good ways to make easy money and this amount is termed as compulsory deductible. This also prevents the owner of the car from preferring good ways to make easy money very small claims and sometimes frivolous claims. It is usually fixed on the cubic capacity of the good ways to make easy money vehicle insured and ranges between rs 1,000 and rs 2,000. 7. Voluntary excess

It is a benefit given to a customer, at the online car insurance renewal of a policy, if the customer has not made any ‘own damage’ claim in the expiring policy. The NCB is denoted in % and is applied on the ‘own damage’ premium of the policy and ranges between 20% and 50% depending upon the number of ‘claim free’ year record of the customer. You will pay significantly lower premium in case you enjoy good ways to make easy money higher slabs of NCB. 9. Anti-theft device

If there is any change to be made in your good ways to make easy money insurance policy, it can be made by way of an endorsement. These changes may arise due to additions to your car good ways to make easy money like a music system or any inclusion of financier’s name where the vehicle is hypothecated or change in good ways to make easy money ownership due to sale of vehicle. All these and other changes to a policy can be good ways to make easy money made by way of an endorsement. 11. Cashless garage

Normally, a customer has to get the car repaired, pay for such repairs and get the eligible amount reimbursed good ways to make easy money by an insurer. Under a cashless claim, after completion of accidental repair at company’s preferred garage, insurance company will make payment of their share of the good ways to make easy money loss directly to the garage. The customer will have to pay just the excess mentioned good ways to make easy money in the policy and towards the depreciation of parts. 12. Break in insurance

It is an optional extension of your car’s comprehensive insurance policy. Add-on’s are additional benefits and coverage options available to you good ways to make easy money on paying additional premium. Depreciation waiver , no claim bonus protector, engine protector and return to invoice are a few popular good ways to make easy money add on covers available in the indian market. 14. Windshield cover

If the windscreen glass (front and / or rear) of the insured vehicle accidentally breaks and needs to be good ways to make easy money repaired / replaced, an insurance company allows such repair / replacement without no claim bonus getting affected. This will not be treated as ‘own damage’ claim and will not affect your no claim bonus next good ways to make easy money year 15. Loss of baggage clause

Normally, when a car meets with an accident and if some good ways to make easy money parts are to be replaced, the insurance company deducts an amount on such parts towards good ways to make easy money depreciation. If you avail the depreciation waiver cover, the insurer will not deduct this depreciation and you will good ways to make easy money be entitled to the full price of the parts replaced. 17. Facilities in lieu of spare car clause

In case of a total loss to a car or good ways to make easy money in case of theft of the car, the insurance company will compensate the owner with the insured good ways to make easy money value of the car. This insured value (IDV) is the depreciated value and will not reflect the current good ways to make easy money price of a new car. If the customer plans to buy a new car, he/she will have to make arrangements for the difference between good ways to make easy money the price of a new car and the amount of good ways to make easy money claim settled by the insurer. By opting for this add-on cover, the vehicle is insured for its replacement price and in good ways to make easy money case of a total loss or theft, the customer will be getting the full value that the good ways to make easy money car was insured for. 19. Roadside assistance

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