Prajapati Motor Insurance, 10 salient features of motor insurance

Vehicle insurance is an integral part of vehicle ownership. Though it is a recurring annual expense, good news is that you can pull off huge savings in the premiums. Hence, it would be a good idea to be well aware of the nitty-gritty of such policies.

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1.  Two types of policies

There are two types of vehicle insurance viz. Comprehensive and Third Party.

Third Party (or Liability Only policy): Any injury/death of a third person and/or damage to his/her property - on account of any accident caused by your vehicle - is covered under Third Party Insurance. 

2.  Risks covered

The damage to your vehicle could be on account of 

- Natural disasters such as earthquake, flood, storm, etc. 

3.  Insured Value

The vehicle is insured for a value (called Insured Declared Value in policy parlance) based on the manufacturer’s price of the vehicle minus the depreciation as per the vehicle’s age.

4.  Premium

Your premium would be determined by

- What type of vehicle you own such as model, capacity, age, fuel type, etc.

5.  Premium saving options

One of the most common options to save premium is the facility of no-claim bonus (NCB), whereby you get a discount in your premium if you haven’t made any claim in the previous year. 

6.  Add-ons

You can enhance the protection by opting for Add-on covers to insure for risks that are not covered under a standard policy.