Most Frequently Asked Questions About Car Insurance Policy
If you are about to insure your car or have already done the same, then it is imperative you are aware of various aspects that make your car insurance purchase worthy. We have compiled below a list of commonly asked questions on car insurance that would help you get an idea about various concepts and coverage offered under a car insurance policy.
What are the documents I need to submit at the time of filing a claim?
The aim of purchasing a car insurance policy is to get coverage against damages or injuries caused to third party or property, as well as own damage. To ensure your claim is settled, you will have to submit a list of documents for a hassle-free experience.
Duly filled and signed claim form
- Registration certificate (Original to be presented for verification)
- Valid insurance policy
- Driving license copy (Original to be presented for verification)
- Purchase invoice and delivery challan (in case of new vehicle)
- Original copy of FIR in case of theft, third party damage, property damage
- In case of reimbursement, repair bills and payment receipts have to be submitted
What is the meaning of endorsement in car insurance?
It is a written document that addresses the agreed change in the policy; it is a document that incorporates the change in policy terms as per insured’s request
Can car insurance premiums be paid in instalments?
No, you cannot pay the car insurance premium in instalments. Section 64VB states that car insurance coverage cannot be offered i.e. the company cannot undertake the risk of offering coverage for the car unless it receives full premium payment on or before the policy start date
Do I need to inform the insurance company about the change in LPG/CNG kit?
Yes, on changing the CNG/LPG kit, you will have to inform the insurance company and also the Road Transport Authority. On your notification, the insurance company will inform you about the change in premium and the RTA will make the changes in the registration certificate. The change in the kit should be done in the registration certificate barring which the insurance company can reject your claim.
Is car insurance policy transferrable?
If you are selling your four wheeler, you can transfer the car insurance policy too in the name of the new owner. Within a period of 15 days, the new car owner should inform the insurance company about the transfer of policy.Pre inspection of vehicle is required to be done. However, the NCB that you earn cannot be transferred in the name of the new vehicle owner.
Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.