Package insurance policy or First Party insurance policy or Comprehensive Insurance policy for Vehicles.
What is First Party Insurance for vehicles?
First-party Insurance provides coverage for the vehicle as well as third-party coverage. A comprehensive policy is an extensive policy that covers risks related to your own damage of vehicle like- accidental damage of vehicle and fire, theft, etc...
A package insurance policy pays to repair or replace a covered vehicle stolen or damaged by something other than a collision or rolling over.
First party insurance is Union of {Third party + own damage cover }. First-party insurance is not mandatory by any law, and if someone has first-party insurance means he/she has third-party insurance as well, no need to do third-party insurance again. Anyone can able buy policy of 1 year minimum and 3 year maximum in one policy .
Covers Under Package Policy :
First party insurance or Comprehensive insurance Provides Complete Coverage against the damages of insured vehicle and cover against fire , natural calamities , theft or man made Disaster . It also Cover Third party Insurance coverage .
What is Zero Depreciation or Nil Depreciation?
Zero Depreciation is also known as Nil Depreciation that leaves out the 'depreciation' factor from the coverage. It basically means that if your car or bike gets damaged following a collision, no depreciation is subtracted from the coverage of wear and tear of any body parts of your vehicle. It means company will pay for damages you need not to pay for depreciation of vehicle .
you can only opt for the zero depreciation add on in your car insurance policy if your car is less than 5 years old.
What is a "PA" Cover?
Pa Cover provides a coverage to vehicle owner driver upto 15 Lac of Personal Accident Cover.
What is a "No" Claim Bonus?
No Claim Bonus(NCB) is a discount in premium provided by company to those buyers who has previous policy and have not lapsed more than 3 month or having NCB certificate and if No claim taken on previous policy.
It provide 20% , 30 % , 50% , depend on from how many years customer has not taken claim or percentage of discount given on previous year policy.
Insurance Claims for vehicles?
If any damage happened in vehicle because of an accident customer has to contact the company or agent then surveyor will call customer within 24 hour and then he will describe how the settlement happen.
If the vehicle was stolen, the customer first has to file FIR and then report it to the company or agent .
Where to buy ?
Policy can be purchased through the websites of General Insurance Companies and Through offices of different insurance companies and through agent's of different companies as well . Personal suggestion is to buy policy through a trusted agent is better, because agents will provide all information in your language as well as offer a better customized product selection and add on selection . Agent will help in claims also. But Before buying make sure agent has a license or getting insurance from proper licensed from insurance company .
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