Do I need a ‘tyre cover’ as add-on even if my vehicle insurance is comprehensive?

A tyre cover will be important when your car’s tyre gets damaged due to

  1. Road impact cuts or bursts – when there is no accidental damage to the car.
  2. Impact bulging not related to manufacturing defect or any other chemical or atmospheric changes.
  3. Flattening of tyres due to hard braking.

The above types of damages to tyres are not covered by a normal comprehensive insurance.

The fact that cost of tyres is nowadays very high and difficult to afford makes a ‘tyre cover’ quite essential, particularly for high-end cars where the costs are huge compared to the additional premium paid.

We should note that under the tyre cover the replacement of tyre is allowed only once during the policy year. Once replaced, if the cover needs to remain, requisite revised premium may have to be paid and endorsed on the insurance policy.

It should also be noted that the percentage of claim settled will be proportionate to the remaining life of the tyre (measured as per the depth of the available tread).

How does the ‘windshield cover’ help in my car insurance?

Adding a windshield cover in your car insurance may protect your NCB for the next year renewal

In a usual comprehensive insurance policy, if the windshield glass (front or rear) alone gets damaged without any accidental damage to the car, the replacement will be considered as an Own Damage claim.

In this case, the No Claim Bonus (NCB) will not be available for next year renewal of your car insurance.

If a windshield cover is added in your car insurance, in case of damage to windshield without any damage to your car, the replacement of the glass for the first time during the year will not be considered as an OD claim. The No Claim Bonus will be available without any reduction during your next renewal.

What you should know about ‘OD only’ renewal of Car/Bike Insurance

If your new vehicle is bought after 1st September 2018, you will require ‘OD only’ renewal..

All new cars and bikes that are sold by dealers from 1st September 2018 will have 3 years and 5 years third party insurance as per the Order of the Honourable Supreme Court of India.

That is, a new car sold on 1st September 2018 will have third party (TP) insurance coverage up to 31st August 2021 and a new bike up to 31st August 2023.

Car/Bike Insurance Policies with 1 year OD and 3/5 Years TP Covers

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Be aware of the importance of IDV in your vehicle insurance

When you buy insurance for your car or bike, it is very essential that you choose the right IDV.

Insured’s Declared Value (IDV) is the value that you insure your vehicle for. In case of an adverse total loss due to an accident or theft of your vehicle, this is the total loss value you will receive. Obviously, it will benefit you in such circumstances to support buying another vehicle.

Insurers do not accept whatever IDV you choose

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No Claim Bonus (NCB)

No Claim Bonus (NCB) is the benefit accrued to an insured for not making any claims during the previous policy period.

No Claim Bonus (NCB) is the benefit accrued to an insured for not making any claims during the previous policy period.  As per current norms in India, the discount ranges from 20% on the Own Damage premium (and not on Liability premium) and progressively increases Year on Year of no claim to a maximum of 50%.

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