Vehicle and Property Insurance

We all know it is compulsory to buy 5 years insurance when you purchase a new vehicle. Vehicle insurance is mandatory for all the vehicles. Its main objective is to give complete protection against physical damage or loss from natural and man-made calamities. It offers protection against bodily injuries, death, physical damage, and third-party liabilities. Moreover, it ensures peace of mind and security.

Let us know how Vehicle Insurance is beneficial for us.

What are the features of Vehicle Insurance?

Comprehensive Cover: Vehicle insurance provides comprehensive coverage. This includes protection from unforeseen losses such as amid an accident, natural calamity, fire or theft.

Premium Calculation: The premium is calculated on the basis of Insured Declared Value, which is the market value of the vehicle, including its depreciation. You can even customize your insured declared value and see how it affect your premium and sum insured.

Add on Cover: Comprehensive vehicle insurance provides add on risk coverage towards loss or damage of your vehicle in addition with the benefits of third-party cover.

Cashless Facility: Cashless vehicle insurance allows the insured access to garages where they do not have to pay upfront for the damages covered by insurance. The insurer settles the claim on the owner’s behalf.

No Claim Bonus as the name suggests, is the insurer’s reward to the policyholder for not making a claim in the preceding years.

Deductible: Vehicle Insurance pays the major part of the claim amount. However, the policyholder will need to pay a deductible amount and it is mandatory for all insurance claims.

Exclusions: Vehicle Insurance does not provide coverage due to driving under alcohol influence, damage to engine due to oil leakages, damage due to war, terror attacks, invasion, foreign enemy action etc.

What are BENEFITs of Vehicle Insurance?

Road Assistance: Vehicle Insurance provides an add-on cover and acts as your most trusted ally when the vehicle breaks down. Roadside Assistance  Coverage means a professional technician comes to your rescue when your vehicle breaks down in the middle of the journey leaving you stranded.

No Claim Bonus is the reward given by the insurance company to the policy holder for not making a claim in the preceding years.

Zero Depreciation Cover: Vehicle Insurance will pay out the entire cost of the body part for replacement. Zero depreciation cover policy offers 100% coverage for all fiber, rubber and metal parts without deduction of depreciation.

Third Party Liability Cover: Vehicle Insurance covers only your legal liability for the damage you may cause to a third party – bodily injury, death and damage to third party property – while using your vehicle. 

24*7 Customer Care: Vehicle Insurance gives the facility to avail 24*7 customer care at any place in India.

Minimum Documentation: To claim the amount in Vehicle Insurance minimum documentation is necessary. It is important to have Registration Certificate, Policy Document, Driving License of the person driving and Proper claim form.

Things to be considered:

• Third party insurance
• Comprehensive cover for better protection
• Additional cover based on risk profile
• Personal accident cover
• Bundled car insurance
• Opt for voluntary deductible
• Know the insured value

PROPERTY INSURANCE:

As you protect yourself by taking precautionary insurances it is also necessary to protect your belongings with which you are emotionally attached

When we buy a property it is very important to know whether the property is insured or not. Most of the time we buy property on loan and the EMI we pay includes the property insurance premium. However it is also compulsory to know for how many year the insurance is valid and whether we require after a specific term

Property insurance refers to a series of policies that offer either property protection or liability coverage. Property insurance can include homeowners insurance, renters insurance, flood insurance, and earthquake insurance, among other policies.

Let us understand the features and benefit of Property Insurance

What are the FEATURES of property insurance?

Coverage for the Structure: Property Insurance protects the physical structure of the building/house/dwelling against different risks and perils.

Coverage of Additional Structure: Property Insurance also gives covers for the additional structure like factory, office, wearhouse, guest house, garage etc.

Coverage of Personal Possession: Property Insurance covers the items inside your home – like furniture, appliances, and other personal possessions – from the many things that can destroy them.

Coverage for Alternate Accommodations: Alternative accommodation cover is a part of your policy that comes into play if your property suddenly becomes uninhabitable as a result of an issue such as flooding, fire, subsidence or damage caused by a storm.

Liability Cover: Property insurance protects against third party claims arising out of causing property damage or injuries to people. It covers the payouts that the insured is liable to pay along with the legal costs. However, intentional damages, criminal prosecution and contractual liabilities are excluded under liability insurance ,

Low Premium Rates: The cost of insuring the structure against damage is as low as Rs 40 per Rs 1 lakh. … The costs can vary from Rs 1,800 per sq ft for a basic no-frills structure to Rs 3,000 per sq ft for a premium construction. So, a 1,000 sq ft house should be insured for Rs 18-30 lakh and the cost will be Rs 800-2,400 a year.

What are the BENEFIT of Property Insurance?

Comprehensive Coverage for Content and Structure: Property Insurance gives comprehensive coverage to both, the content and structure of your home. Secure your every asset from any mishap by opting for a right property insurance plan.

Secure Your Asset from Any Mis Happening: Before buying a comprehensive property insurance policy, find out if you need to take cover for the structure. Most housing societies insure the building and therefore, individual flat owners do not need to opt for structure cover. “Flat owners need cover for the contents inside the house

Complete Coverage against Loss Due to Natural/Unnatural Reason: Property insurance provides protection against most risks to property, such as fire, theft, and some weather damage. This includes specialized forms of insurance such as fire insurance, flood insurance, earthquake insurance, home insurance, or boiler insurance.

100% Mental Peace: Taking Property Insurance provides 100% mental peace once there is a solid security to fall back on, mainly in these times of social strife and environmental upheavals.

PREMIUM CHART:

Things to be considered:

• Division of home insurance
• Assessing property value
• Building cover and content cover
• Actual cash value v/s Replacement cost
• The excess
• Discounts and deductibles
• No claim discounts
• Annual review of home insurance