How to Works insurance Bike Scooter,Car insurance How to Claim insurance Amount?
Bike insurance, Car insurance/ two wheeler and four wheeler insurance:
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| Vehicle insurance |
While you ride your bike, scoote, car like two wheeler or 4 Wheeler on the roads, there are always chances of damages. These damages or losses can be due to an accident, natural calamities, riots, fire or theft. Such unfortunate incidents are always unpredictable. So An insurance plan will be very useful for you in such situations.
What is included in the insurance?
•Accident
•Theft
•Fire and explosion
•Natural disasters
•Personal accident
•Third Party Loss
•Riots and strikes
•Terrorism
There are many types of insurance plans.
Let see important type of insurance
*Third party insurance
First Party means - bike, scooter, car like vehicle owners
Second Party means - Insurance Companies
Third Party means -Oother Vehicles and vehicle owners.
So third party insurance is what a vehicle owner put on for others.
We must pay yearly A premium Amount for third party insurance.
The premium Amount determine by the
IRDAI -The Insurance Regulatory and Development Authority of India.
How to determine premium Amount?
1. Based on vehicle CC and Previous year Claimed Amount
Third party insurance not used for your self and own Vehicles.
So We need self / Own Vehicle insurance means.
We must put on another insurance that is Own damage.
Own Damage:
1. Vehicle Parts demage (low level demages).
If our vehicle is also damaged in an accident, we can get cover through the Own damage insurance.
How much Amount can Claim as insurance for Own damage?
• For all rubber/nylon / plastic parts,
tyres and tubes, batteries and air bags - 50%
• For fibre glass components - 30%
This is Calculated Based on Depreciation of Vehicles.
So you need add own money also for one demaged ideams for your vehicle.
If you want claim full amount from insurance for your demaged vehicle parts means you need Add extra one thing that one is Add Ons.
Add ONS:
Add-on covers to further strengthen your insurance covers
Add Ons :you must add Nill or Zero depreciation with Own damage insurance.
So, You pay extra amount and get Add Ons also means you can get full amount of demaged ideams of vehicles.
2. Full Vehicle demage
In accident the vehicle is totally damaged means can't get your vehicle full amount.
Like this time you can get only Based on IDV.
IDV - Insured declared Value.
How to Calculate IDV Amount?
1st 6 months - 5%
1 years - 15%
2 years - 2%
3 years - 30%
4 years - 40%
5 years - 50%
Above 5 year means You can't get fixed amount.
The insurance company can only get as much as it gives. or you can just request to little more extra amount. (you can negotiate for a little more and get extra amount)
This IDV Amount Based your yearly paid Own Damage fee also reduce.
Well now, if you want the full amount of your vehicle. You don't interested with Claimed Amount.
