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Clarify all doubts related Car Insurance

What is the difference between third party and comprehensive insurance?

Third party insurance is a mandatory cover that insures you against the liability arising from damages caused to a third party. In addition to third party, if you add protection against own damages (OD), that becomes comprehensive insurance. It can also be extended by opting for various Add-ons.

What is a No Claim Bonus (NCB)?

No Claim Bonus is a discount that can be availed during motor policy renewal. The rate of discount is 20% of the Own Damage premium in the first year and increases @5% every year, up to a maximum of 50%. You are eligible for a No Claim Bonus if you have not registered a claim during the entire (previous) policy period. No Claim Bonus is not transferrable to a new owner of the vehicle as it is a reward by the insurer for not claiming in previous years. Hence, in case you purchase a new vehicle, you can use the NCB of the previous vehicle. Some insurance companies in India also offer a No Claim Bonus protection rider.

I plan to purchase a new car. Can I transfer my existing policy to the new one?

Yes, the existing policy is transferable in case you buy a new car. But if the new car is more expensive, the insurance premium will be higher. A small administration fee will also be charged for the policy to be transferred to your new car.

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