Salient features of Car insurance

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Car Insurance is the document that guarantees the individual or the policy holder to reimburse their expenses and settle their high cost services under the stated rules and regulations within the legitimate premises. Here discussed are the salient features that an individual must consider for buying car insurance at helm.

Risks coverage

The car insurance must be able to reimburse any of the below mentioned damages to your vehicle:

  • Natural disasters like – flood, hurricane, earthquake, storm, cyclone etc.
  • Man-made disasters include fire, pilferage, accident, theft, riots etc.
  • In-transit damage through railways, roadways, elevators, waterways and airways.

Insured Value

The insured value of the vehicle known as IDV – Insured Declared Value must be known well in advance. IDV can be calculated by deducting the depreciation costs from the manufacturer’ price of the vehicle.

Premium price

The price of car insurance premium can be considered and well determined on an account of:

  • Type of vehicle, age, useful years, model, fuel kit, etc.
  • Nationality and citizenship
  • Residential place
  • Professional background
  • Who is the policy holder
  • What accessories are installed and fitted

Premium saving options

Car insurance is often surmounted with the best option of saving the premium prices by opting for no-claim bonus (NCB).NCB facilitates in getting out discount over the premium price in the case where you have not demanded for reimbursement of shortly incurred expenses in the previous year. The amount of discount increases as and when you don’t demand for reimbursement in every successive year and so. In the long term, you will have a good healthy discount that will eliminate all of your high cost expenses.

Some special ways to lessen your premium prices are as under:

  • Installation of any safety devices
  • Opting for greater deductions
  • Possessing membership cards of any showroom

Add-ons features

This prominent add-on feature will cover all the risk factors and risk associated elements under one standard policy. Some risk associated elements included in add-ons are as under:

  • No-claim bonus protection
  • Accidental hospitalization
  • Zero depreciation
  • Workmen Compensation Plan

Car insurance Claims

In parity to health insurance claim process, car insurance also offer cashless car insurance claim and reimbursement car insurance claim at par. It is preferred to consult iSelect first before claiming for any of the car insurance claim process. They have decades of experience in the insurance filed to guide you proficiently.

Deductible

Deductible refers with the minimum amount that the policy holder will have to bear in the name insurance policy.  Such amount is deductible and its benefits are considered as tax free under the rules and regulations of car insurance. There exist a standard policy for car insurance that may vary as per the type of car, model, useful years and age of policy holder.

Portability

The insurance of car is quite portable. One can easily change the insurer by transferring the ownership without affecting the no-claim bonus or other special benefits in turn.

Contact iSelect for more details and better consultancy approach of car insurance.