If you are confused by personal finance terms, jargon and calculations, here’s a new series to simplify and deconstruct these for you. In the seventh part of this series, ET Wealth explains the meaning of Insured Declared Value (IDV) in vehicle insurance.
India mandates third-party insurance (Motor Vehicles Act 1988). IRDAI sets premiums. Types: third-party liability, Own Damage, and Comprehensive insurance with extensive coverage including INR 15 lakh Personal Accident Cover and add-ons. Own Damage covers accidents, disasters, theft. Premiums depend on vehicle age, model, coverage limits, safety gadgets, Insured Declared Value (IDV), and No-Claim Bonus (NCB).
Car owners are advised to drive responsibly to save on insurance premiums and claim settlements. The concept of zero depreciation insurance ensures full invoice value payment during claims. This add-on is beneficial for new, luxury, or frequently-driven cars, and those in high-risk areas.
Motor Insurance New Rules by IRDAI: The Insurance Regulatory and Development Authority of India (IRDAI) has updated the master circular clarifying important rules for motor insurance policyholders. The regulator has proposed the implementation of strict timelines for claim settlements of auto insurance policyholders. It is a crucial step towards improving efficiency and customer satisfaction. Another key change is the introduction of a customer information sheet (CIS) for auto insurance policies to enhance customer awareness.
From 1983 to 2008, insurance companies in the country spent about $400 million on average annually on catastrophic claims, but since 2009 that number’s risen to almost $2 billion.
Evaluate your coverage needs based on the type of vehicle and its usage. Determine whether you require basic third-party liability coverage or comprehensive coverage that includes protection against own damage, theft and natural calamities.
Choosing the right vehicle insurance in India involves understanding liability coverage, comprehensive plans, and exclusions. ACKO provides tailored coverage, add-ons, and competitive pricing for comprehensive protection and peace of mind.
Home insurance has become more expensive in Canada this year amid soaring replacement costs and extreme weather events, according to a new analysis.
Insurance lessons are learnt and lost quickly. Many view insurance as a payment that offers no benefit. No one seemed to have comprehensive insurance for their cars, homes and durables. Many admitted to buying insurance after the 2015 floods and discontinuing the premium later as wasteful.
Since tyres play a pivotal role in ensuring a smooth and safe driving experience, the decision to opt for nitrogen or stick with air involves important considerations. Read to know which you should select for your tyres
