Yes, it does. The location at where you reside can affect the premium. If your locality is prone to robberies, theft, burglary then the motor insurance premium will be higher than the localities where the instances of theft are less. The metro cities in India usually have higher premium than non-metro cities, you will find that cities are usually divided into zones for insurance purposes normally it is metro cities and the rest of India.
Unless your plan includes some form of accident forgiveness, filing claims of any size will cause your premium to go up. For small repairs, the price to fix it may be less than the increase in your premium — a chipped windshield, for example, can often be repaired for under $100, while a subsequent increase of just 10% on your premium could run you well over that amount in annual insurance costs. Since repairs are a one-time expense, it may save you money over time to sweat the small stuff yourself.
Car insurance will prove a benefit if you ever experience a wreck, vehicle theft or other unpreventable problem on the road. The policy can help pay for such concerns as your own vehicle damage, injuries and related costs. Coverage can also pay for the damage you cause others if you are deemed at-fault in a wreck. With your policy, you can reduce your chances of significant financial losses after an unfortunate accident.
The premium can be lowered by availing the No Claim Bonus (NCB). There are more discounts which can be availed under the Own Damage premium for membership of Automobile Association of India, Vintage Cars (Private cars certified by the Vintage and Classic Car Club of India) and installation of anti-theft devices approved by the ARAI (Automobile Research Association of India), Pune. There are also concessions for modified vehicles for the blind, handicapped and mentally challenged persons that is endorsed in the RC by the RTA.
So, I have something to share about one of the insurance website, which is policybazaar, although the website is very helpful as we can get the quote and can easily compare the car insurance policy in low premium and amount. One of the best features is if we don’t like to continue with them then the policy will get discontinue as per our wish and its hassle free. Well, till now I am happy with my policy, so need of cancellation.
The Third Party Liability is also called as Liability Only or Act Only, and is mandatory by law for all vehicles plying the roads in India. The Liability Only covers the legal liability of the third party against damages to the property or any injury/death caused by your car. The policy type does not cover you or your vehicle. Hence, it is apt to go for the Comprehensive Insurance policy which will cover the ‘Liability’ and ‘Own Damage’.
Insurance terms, definitions and explanations are intended for informational purposes only and do not in any way replace or modify the definitions and information contained in individual insurance contracts, policies or declaration pages, which control coverage determinations. Such terms may vary by state, and exclusions may apply. Discounts may not be applied to all policy coverages.