The Madras High Court ruling on making mandatory the bumper-to-bumper car insurance while buying new cars has created a buzz in the industry. Industry
The primary reason behind an annual increase in the car insurance premium is the rise in third party insurance premium rates by the IRDAI.
While it may be a tempting idea to reduce coverage for a lower premium, here are few lesser-known things that affect your car insurance premium rates
The premium for NCB protection cover ranges from around 5% to 10% of the premium cost of the car insurance policy
As per the Motor Vehicles Act, any car on public roads has to be mandatorily covered by at least a third-party cover
In case of an accident, it's critical to inform the insurer and ask them to visit the spot for a live inspection
Renewing the policy after the due date can be critical because of the different procedures one has to go through as per their insurers
The first rule for buying car insurance is to never go overboard with it. Your vehicle should neither be over-insured nor under-insured
The policyholder gets a free telematics device installed in the car. This device monitors the kilometres, the condition of the car and driving habits
According to the new rules, driving without a valid insurance may attract a fine of Rs 2,000 or imprisonment for 3 months or both