There are two types of covers when it comes to vehicle insurance policies in India - Third-party Liability and Own Damage Cover. The Own Damage component will help you if your vehicle incurs any damages due to accident under coverage perils. On the other hand, Third-party insurance is mandatory if you want to ride or drive your vehicle in India. Third-liability cover will compensate the third party if your insured vehicle causes any injuries to them or damage their property. There can be two types of liabilities here: Damage to the third-party property (including vehicle): The maximum claim payout in such cases is capped at Rs. 7.5 lakh. Injuries to the third party or loss of their life: There is no cap on the maximum claim payout, and it is decided by the Motor Accident Claim Tribunal (MACT) on a case-to-case basis.
Salvage value deduction:- There is no rule for salvage deduction in motor od insurance policy. It is the responsibility of the insurance company to indemnify the claim. However, the insurance company can settle the claim by adjusting the reasonable salvage value of available scrap. Because the responsibility of claim indemnification rests with the insurance company, therefore, it is the responsibility of the insurance company to provide this reasonable salvage value to the insured customer. If the insured customer wants to settle the claim by taking available salvage material himself or If he agrees to the reasonable salvage value deduction or he does not disagree with this reasonable salvage value deduction , then the insurance company can settle the claim by making salvage deduction.
Principle of indemnity:- """The object of the principle is to place the insured after a loss in the same financial position as far as possible, as he occupied immediately before the loss"""".
Meri gaadi may 5seat ki capacity lekin or 2chotte children bhi the gaadi may ek ki umar 8Y or dusre ki 13Y and meri gaadi ko piche se thoka to muze third party insurance milega
Consumables:- The insurance policy contract is a contract of indemnity. There is no definition given for consumable parts in the insurance policy contract. Nowhere in the insurance policy contract is it written that the insurance policy covers only non-consumable parts and does not cover consumable parts. Such as door, bumper, bonnet, wiring harness, headlights, etc., nowhere in the insurance policy specifically written for their coverage.
Knock for KnockAgreement- As per the Motor Vehicles Act, third-party insurance is a mandate for all motor vehicles in India. To claim third party car insurance, file the FIR at the nearby police station. Need to prove that the other party was at fault. The process could be tedious and time taking. Hence, a majority of people do not claim under the third-party insurance plan. The general insurance companies in India have to sign an agreement on an annual basis with each other. A knock-knock agreement in insurance is a type of agreement where the insurers agree to cover the costs for their respective clients rather than establishing blame on the other party. The claim is made against the policy's own damage cover/part, not against the third-party liability aspects. The Knock for Knock agreement is created by the General Insurance Council. The GIC was constituted by IRDAI in 2001 and represents all general insurance companies in India.
Zero dept insurance hai bike ka abhi 10 months remaining h. But mai apni bike ko sell kr raha hu or dusri bike purchase kr rha hu to kya ye zero dept insurance transfer krwa skta hu? Iffco tokio se h insurance or 3rd party insurance icici Lombard se h.
Bhai bahut achcha sab Bata rahe ho aap aur aur aap ek kya kahate Hain iska Jo Bima karte hain yah log mutual fund karte hain uska bhi aap bata dijiye usmein froad karte
@@jigarsompura6075 Fully insured Good Zero Depression Ye Bhi Bahut achha Hai And Kuch Aur Add On karna Chahte Ho Aap? Mere Aak Dost Hai Policy Ghar Ke Tata AIG Me Hai Batao To M Apko uska Aak Number De deta Hu Wo Bahut achhe Se Explain Kr Dega Aur Best 3 3 Company Puchh Lena Kyuki Bad Me Bahut Company Dikkat Kr Deti Hai
Bhai Zero Dept Achha Hai But 5year Tk milta Hai Agar apko Kuch Aur Janana Hai To Mere aak Frnd Tata AIG me Hai Number De Deta Hu Wo best 3 Apko Bta Dega?
I wonder why online payment is asked to be done first and KYC details are asked to be furnish later in the process, what if KYC details mismatch or couldn't furnish some details you have already paid the amount to the company, now they will refund your money at leisure or knock knock the the consumer court to get your money back but there also you are asked to pay the fees first.😂 where as when physically you go to a insurance company or agent at first you are asked to furnish your KYC details for car or bike later when all document related work is done then only finally you are asked to pay the amount. Golmaal hai bhai sab golmaal hai 😂
If both cars are third party then why they created 1st amd 2nd party. It's best business.... This is totally business and dar ka business. Kuch bhi rahata hai insurance. Good knowledge but not detailed knowledge. U should give proper knowledge without business and all. Paise dene nahi sakate so. Hahaha
Little bit are wrong information. Zero dept mein aap unlimited claim Le sakte ho second cheez Meri car ka 3 times lagi thi 3 lakh ka claim tha Insurance Company Ne pay Kiya just file charge pe
Hi I have one question If the insurance of a private car is in the name of Mr. A. and B is driving the vehicle(B is not a paid driver). If he dies in the accident. Is the claim payable in that case. Please explain properly with any H.C/S.C judgement or any guidelines of IRDA
@@pratibhalaller348 Your question contains your answer. No claim will be payable to non paid driver. But if you can show him as paid driver then u can claim 1 -2 lakh from Insurance company. However PA Cover will not be payable in any condition.
