1. What is the third party risk policy?
As per Section 146 of Motor Vehicles Act 1988, third party risk policy is mandatory because you are financially and legally responsible towards the third party in the case of accidental death, injury or property damage done by your vehicle to the third party. However, this does not cover any damage to your vehicle.
2. What are NCB and its benefits?
No Claim Bonus or NCB is rewarded to the policyholder who didn’t make any claim in the preceding year. This can be a hefty sum if accumulated for a few years.
On your “Own Damage Premium” with NCB your discount can be from 20 to 50 percent.
3. Does RenewBuy provide claim assistance?
Yes, RenewBuy provides claim assistance to not just the customers who have purchased car insurance on their website, but also to customers who haven’t bought their car insurance with them. You can know more here (https://www.renewbuy.com/p/insurance/claim-assist/ ) (Please check the url…this has been changed)
4. Should small claims be made?
If the claim is less than Rs. 2000/- it makes sense to pay it on your own, as if you do claim it, you will lose your NCB which is more than the amount claimed in this case.
5. How to reduce insurance premium?
The easiest way to do this is by driving responsibly and maintaining a healthy No Claim Record.
Choosing “voluntary excess” is another way to reduce insurance premium. “Voluntary excess” is when you decide to bear a part of the loss from the claim from your pocket.
6. What if endorsement or changes are to be made in the policy?
As endorsement is a written evidence which is mentioned in the policy to cater to any changes you would like to be done in some cases.
The need for an endorsement might occur during renewal or/and when certain critical information needs to be changed because of circumstances. Like the change of name, address or/and vehicle. RenewBuy helps it customers in case of any endorsement case comes up. You can always mail us @ firstname.lastname@example.org or call us at 1800-102-7152 and we will assist you with the required endorsements.
7. What is Insured Declared Value or IDV?
This is the maximum sum insured for a vehicle which is to be paid by an insuring company if the vehicle incurs permanent damage or in cases of vehicle theft. The amount is fixed during the commencement of the policy.
8. How comparing car insurance policies on RenewBuy help?
Usually, the first car insurance is purchased at the car dealer, and one isn’t aware of the discount and offers available with various insurance companies. At RenewBuy comparing car insurances help you understand various benefits and get exclusive offers provided by top insurance companies all at one place.
9. What is the benefit of the cashless facility?
In case you have signed up for the cashless facility, you need not pay a penny from your pocket for vehicle repair. Taking your vehicle to the workshop listed by your insurance company will serve the purpose, and they will settle the claim with no cash involved from your end.
10. How does a car insurance premium calculator help?
A premium calculator helps in computing insurance premium for your car based on the inputs you feed applicable to both new and old cars. It also lists various insurance quotes thus making you aware of different offers and options available with various insurance companies.