car insurance policy-2019

CAR INSURANCE POLICY

Car insurance is legally a compulsory insurance, and so it becomes very important for us to understand the answers to some important questions related to car insurance, such as -




car insurance policy
  • Is it necessary to get car insurance ? If yes then why?
  • What are the benefits of Car Insurance ?
  • What are the types of Car Insurance?
  • And what car insurance should you take?



So let's know first of all in this post today -

WHAT IS CAR INSURANCE ?

Car insurance is a type of insurance to compensate for the loss of a third party from important car related incidents such as accident, theft or any kind of accident and to protect yourself from financial loss from such accidental incidents. Is a protective shield,
The person insuring the car insures that value from the insurance company on the basis of the value of the car (insured declared value), and instead insures it to the insurance company, based on the price declared for the purpose of the car insurance Premium fee has to be paid,
For example, if the insured declared value of the car is 5 lakhs, the insurance can be made up to 5 lakhs, and based on this 5 lakhs of insurance, he has to pay a premium,
It is worth noting that the lower the insured declared value, the lower its premium and if the insured declared value is higher, the higher the insurance premium,

WHY CAR INSURANCES ARE SO IMPORTANT?

In such a situation, if you do not have car insurance, and in the event that your car is damaged, then the cost of repairing it can have a very bad effect on your financial condition,
The car is a property and the loss of the car due to the car being stolen or burnt by fire or any other reason means the loss of your property,
So in such a situation, it is better to insure the car, so that you can avoid such losses,

BENEFITS OF CAR INSURANCE

  1. Damage due to damage to the car,
  2. Compensation for loss due to car theft, fire, accident, riots, natural calamities like lightning, earthquake etc.
  3. The benefits of personal accident insurance,
  4. Compensation for pecuniary liability arising in the event of injury to the third party involved in an accident, or in the event of death or loss of property.

TYPES OF CAR INSURANCE

If the protection available in car insurance is kept in mind, then there are mainly two types of car insurance -
  1. ZERO DEP CAR INSURANCE - This is called zero depreciation insurance, the total cost of your car is insured on taking such an insurance, and if you make a claim, you get the entire cost from the company,



In this, every year reduction in the value of your car is not important, so the amount of insurance you have taken, if full loss is claimed, then the benefit of full loss compensation, and the insurance company will bear all the costs. is,
  1. WITHOUT ZERO DEP CAR INSURANCE - called Without Zero Depreciation Insurance or NORMAL CAR INSURANCE, in which the insurance company takes into account the reduction in the price of the car every year,
And at the time, the loss of the car is claimed, compensates for the expense, keeping in mind the depreciation in the price of the car,

WHICH CAR INSURANCE SHOULD YOU TAKE?

Now come to your main question - what kind of insurance policy should you take, the answer is - you can choose better car insurance, keeping in mind your personal financial planning, risk taking ability,
As we have seen - ZERO DEP CAR INSURANCE covers your total loss by the insurance company, but it costs slightly more than normal,
While the LOWS COVER in WITHOUT ZERO DEP CAR INSURANCE is based on a reduction in the price of the car, its cost (premium) is less than the ZERO DEP CAR INSURANCE,
In today's post, I talked to you about car insurance in detail, if you have any questions related to this post, then you can ask by commenting,
Thank you very much for reading the post
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