You need not. Your dealer in most cases is an agent of the insurance company and will be pushing the products where his/her interests are more. Remember only after taking the insurance, the vehicle gets registered. You can take the insurance from a broker who will mostly likely give independent quotes from various companies. Do not be surprised if you land up getting lower quote from the broker. After registration you need to inform the insurance company the details of registration like registration no, engine no, chassis no. etc .
Copy of invoice, copy of letter from the bank/financial institution from where loan is taken/sanctioned for incorporating ‘Bank agreed clause in the policy” ( At a later stage R.C. book for incorporating registration No. in the policy by extra endorsement and driving license).
It is always better to go for a comprehensive cover than only for Third Party because the cost of repairs and parts have gone up considerably. So one should avoid to become his own insurer. After all the cost of Own damage premium is a very small percentage of the IDV of the car .
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The coverage for your vehicle would depend on the manufacturer’s listed selling price less depreciation for each year or the IDV (Insured’s declared value). The IDV would be the maximum amount payable in the event of a claim for total loss / theft.
The schedule of depreciation to arrive at the IDV is as follows:-
Things which are factory fitted are covered in the Insured declared value but Add on electrical accessories such as AC, music system, DVD players etc and non electrical accessories such as small hand fire fighting system, tinted glasses or anti glares sheets or window films are to be shown in a separate sum insured.
NCB stands for No Claim Bonus. You could avail a host of discounts as well on the Own damage section of the policy, which are as mentioned below:- No claim bonus is the discount earned on every completed claim free year of insurance. The maximum permissible no claim discount is 50%. You could avail the No Claim Bonus with the same insurer or incase you switch over from some other insurer to HDFC ERGO; we would make sure that the benefit you have accrued is passed on to you in full; provided that you renew the policy within 90 days from the date of expiry.
You would have to provide us with the renewal notice / No Claim Bonus Certificate / No Claim Bonus Declaration as proof for availing the discount.
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No. You can transfer the NCB to your new car. Call your insurance broker and get it done.
Most important - lodge a First Information Report (FIR) with the nearest police station from where the vehicle was stolen. Fill the claim form and send it to the insurer for further action. Also ask for non traceable certificate from the police station for settling the claim after the lapse of the due period.
Original stamped receipts for payment made to the garage owner and no objection certificate from the financer company in case of loan for payment to be made directly to the insured.
Photo copy of certificate of insurance, original driving license, and R C Book.
Approach the insurance company and ask for a duplicate policy and certificate of insurance copy.
Please check whether the engine no, chassis co, registration no, Insured declared value, year of manufacture, cubic capacity, make, seating capacity, CNG unit, LPG unit, electrical/non electrical accessories are properly covered as per your requirements.
The above FAQs have been designed in the Indian context and may or may not be valid for insured residing in other countries