motor insurance car, bike calculation, companies

Vehicle insurance (also known as, GAP insurance, car insurance, or motor insurance) is insurance purchased for cars, trucks, motorcycles, and other road vehicles.

vehicle insurance information motor insurance, car, bike calculation, companies

How To Get Motor Insurance Online 2, 4 Wheeler Car Bike In Hyderabad And All Over India

Lot’s of people want to take insurance for their 2 or 4 wheeler, but they don’t know the office Addresses of insurance companies. we mostly fall into the loop of insurance brokers by paying extra charges.

I have searched online for a while a for buying the policy for 2 wheeler lapsed policy.

NOTE: New or expired motor policy not done online due to physical inspection. Only you can Renew your insurance online.

You may  buy  motor insurance for lapsed policy on hdfc ergo joint venture page. please look at network garages before buying insurance from any general insurance company.

Government general insurance companies that offer general insurance

New Assurance india better from national insurance and United insurance india 
because national insurance 2009 and above models and uiic Accepts 2010 and above.
But national Assurance Accept from 2007 make models
https://login.newindia.co.in/online/loginOnline.html

2,4 wheeler insurance calculator online

you can calculate your insurance amount on various tools but below are simple http://newindia.co.in/calcis/motor1.aspx

 

 

Best General Insurance Companies Under Government

 

  1. SBI General Insurance 
  2. National Insurance
  3. United India Insurance Company
  4. New India Assurance company
  5. Oriental Insurance India

 

Private general insurance Companies India or hyderabad

 

  1. Bajaj Allianz
  2. ICICI Lombard
  3. HDFC ERGO
  4. Reliance
  5. Tata Aig may not trusted.

Sample of Motor Insurance policy certificate

 

Why we all need to buy Insurance from Government companies?

This question faces when a claim made to the company and you are not received any penny from the insurance company.

 

Private companies Aim to make Business but government companies like Lic made for people Safely and It’s ACT under our Constituency.  Expect Icici All of are Private Companies are Foreign Companies.

where can I take/ buy / renew two / four wheeler insurance Policy in Hyderabad?

Best way go to any reliance Fresh Store and ask the security guard or other staff. But they are brokers can Insure you with ICICI, bajaj Allianz, Reliance and HDFC ERGO.

 

Insurance Invoice explained

below my honda aviator 2008 model renewal quote from hdfc ergo but oriental insurance asking 670 rupees only, and sbi 876 INR so registered with sbi two wheeler insurance online.

PARTICULARS
A. Base Own Damage Premium 286
B. NCB Discount(-) 57
C. Total Base Own Damage Premium 
(A-(B))
229
Own Damage Premium
(C)
229
PARTICULARS
Third Party Liability Premium 538
Other Liability Premium 0
Personal Accident Premium 50
Net Premium  817
Service Tax  114
Total Premium  931




 

IDV Insured declared value, the value of the vehicle in case of damage or theft the DV Among you get.

 

vehicle insurance calculation example:

IDV price depends on showroom price and years

example Honda Activa Showroom price 50,000

 

2014 model gets full amount by paying 10% of the showroom price 500 rupees

Every year it depreciates 10% of the showroom

After 5 years 50% of the Showroom

10 years exceeded vehicle get 40% of IDV.

note: You can Adjust 10% of IDV by increasing or decreasing.

insurance calculation example

Honda Activa 2008 Model

Show room Price 50000

6 years passed

we have to deduct 50% of value motor vehicle

25,000 value

basic premium for vehicle 250 for IDV (for the vehicle)

Third party liability Insurance price 464 (for the third party injured in Accident)

Personal Accident for 1 lakh   50 rupees    (for the Vehicle owner)

Service tax 12.33 or

and the total premium you have to pay

 

Honda aviator 2008 model from Hdfc Ergo invoiced on 8/10/2014.

IDV 21479

 

basic own damage 317+Third party 464+PA50+Service tax=934 INR.

 

Third Party Insurance vs Full Comprehensive Insurance

 

  • THE Third party covers Other persons injured in Accident None of our;s and Vehicle.
  • And costs 500-600 for Two wheeler.

Comprehensive or Full Insurance includes personal Accident and Vehicle Value IDV 50+317  maybe 400 hundred rupees Extra including Service taxes.

 

Repair your insured vehicle without claim

Vehicle Insurance

Overview

Vehicle Insurance, popularly known as ‘Motor Insurance’ is insurance of all kinds of private and commercial vehicles whether plying on road or still in showroom or garages. Like every other insurance, Vehicle Insurance Policy is designed to provide risk cover against damage to or arising from vehicle insured due to manmade or natural calamities. The benefit can be further extended to cover risk of personal accident. While many other insurance policies are optional and subjective, Motor or Vehicle Insurance is completely mandatory under the Motor Vehicle Act, 1988. This justifies why Motor Insurance today contributes to the largest share in total insurance business.

Classification of Vehicles under Motor or Vehicle Insurance

Vehicle Insurance Policy is devised considering the type of vehicle and purpose of use. Accordingly there are four categories of vehicles for the purpose of insurance, namely,

  1. Private two wheeler, such as, bike, scooters
  2. Private four wheeler, such as, cars
  3. Commercial vehicles (all kinds of vehicles carrying good , passengers and special utility)
  4. Motor Trade (vehicles still in showrooms/ garages)

Motor or Vehicle Insurance Policy

 

  1. Third Party Liability or Liability Policy

This policy provides insurance against the risk of damage to third party, and covers both, damage to property or damage to third person in terms of death or injury. Driving vehicles also bring with them the risk of accident causing damage to yourself, your vehicle or the third person affected by the accident. In this case you become liable for damage to third person, and this is where Third Party Liability Policy in Vehicle Insurance is required.

  1. Comprehensive Risk Cover or Package Policy

Unlike Liability Policy, the Comprehensive Policy is devised to provide risk cover against damage to the vehicle insured in addition to damage caused to third party. Some policies may cover Personal Accident Cover for the owner while others may bring it as add-ons. The Package Policy insures the vehicle against the following risks

  1. Fire, explosion, self ignition or lightning
  2. Burglary, house breaking or theft

iii.            Riot and Strike

  1. Malicious Act
  2. Terrorist Act
  3. Earthquake (Fire and Shock) Damage

vii.            Flood, Typhoon, Tempest, Hurricane, Storm, Inundation, Cyclone and Hailstorm

viii.            Accidental external means

  1. While in transit (by road/ rail, air/lift, inland/water)
  2. Landslide/ Rockslide

Add-ons in case of Vehicles for Commercial Use

  • Accident Cover for the Driver and Passengers
  • Legal liability to non-fare paying passengers in the vehicle.

 

What is not covered in Vehicle Insurance Policy

  • Wear and Tear, breakdowns
  • Consequential Loss
  • Loss if driver is under drugs or without valid license
  • Loss due to war, civil war
  • Claims arising out of contractual liability
  • Use of vehicles beyond permitted purpose

Know how your Vehicle Insurance Premium is calculated

The amount of premium that vehicle owner needs to pay for his Vehicle Insurance can vary according to vehicle classification (as above) and type of policy cover. Other important factors that can be listed are

 

  1. ·         Insured Declared Value or IDV
  2. ·         Cubic Capacity
  3. ·         Geographical Zone
  4. ·         Age of the Vehicle
  5. ·         Gross Vehicle Weight or GVW (in case of commercial vehicles)
  6. ·         Add on covers

 

 

Reference

http://www.newindia.co.in/Content.aspx?pageid=59#a3

http://www.sbigeneral.in/Internet/faces/commercial-vehicle-insurance?_afrLoop=63886569477009154&_afrWindowMode=0&_afrWindowId=null#!%40%40%3F_afrWindowMode%3D0%26_afrLoop%3D63886569477009154%26_afrWindowId%3Dnull%26_adf.ctrl-state%3D1cprkeruiw_49

 

 

 

Also Check Car insurance renewal tipsBike Insurance and 3rd party liability insurance.