Understanding the Essential Online Four Wheeler Insurance Terms
Are you planning to buy a car insurance policy? Looking for the best insurance company? If yes then you must go online. These days, you can find a number of insurance companies that offer insurance policies and renewals online. You just need to land up with the genuine one. For this, you can do your own research about different companies, shortlist a few and then enquire them about the different insurance policies and their benefits. You may also contact their previous customers or read the testimonials to get a fair insight of the quality of their services. When you are satisfied with all the terms and conditions of a specific company, you can buy the insurance policy.
Before you proceed with buying the insurance policy, it is significant for you to learn about some of the basic terms that are used by the insurance companies. They have been discussed as under-
Important motor insurance terms
Insured Declared Value (IDV) – IDV simply refers to the current market value of your car. It is the maximum amount that the insurance company offers you as a claim for the loss of your vehicle. If you are quoted an IDV lower than the actual market value of your car then you must totally refrain from it.
No Claim Bonus (NCB) – The insurance company offers you a bonus when you do not make any claim in the whole year. NCB is the discount that lowers down the insurance premium at the time of renewing the policy. Thus, you must try not to make any claims if it is a minor damage.
Zero depreciation cover- According to the insurance policies, the depreciation on the replaced parts of your vehicle is deducted at the time of making a claim. However, zero depreciation cover waive off this depreciation enabling you to make higher claims.
Third party cover- The ‘third party’ refers to the beneficiary other than the vehicle owner and the insurance company. It safeguards the car owner against financial liability in the situation of injury or death.
Own Damage Premium (ODP) – ODP provides safety to your car against the natural calamities or the events that are beyond human control. It includes tornadoes, cyclones, earthquakes and others. Since the ODP terms are different for different geographical zones, and model, it is important to enquire about it.
Personal accident cover- It provides you financial protection in the adverse events such as Permanent Total Disability or death due to an accident. You must approach a company that offers personal accident cover, as not all offers the same.
Therefore, it is sure that you must have attained knowledge of some of the most important insurance terms and will not get confused with them in the future. When you have the right knowledge, you are less likely to fall into the trap of any fraud insurance company.
Attaining an online 4 wheeler insurance can prove to be highly beneficial. It is convenient, you can do that from your home in just a few minutes compare to visit the insurance company and spend hours in understanding and buying the policy. Also, online insurance companies offer attractive policy terms in order to entice more and more customers. In fact, the renewal of the four-wheeler insurance can also be done online without any hassles.