What is vehicle insurance insurance?
Vehicle insurance as the term itself is suggestive, is an insurance product that covers the financial risk of vehicle damage. It is also called auto-motive/auto insurance or motor insurance. The policies include four-wheelers, three-wheelers like autorickshaws, and two-wheelers.
Benefits of Vehicle insurance:
- Damage or loss to insured vehicle. In case your vehicle is damaged due to an accident, fire, or self ignition, you are protected.
- Personal accident cover.
- Large network of garages.
- Third party liabilities.
- No claim bonus.
- Quick and hassle-free process.
- Customer support.
What are the 5 benefits of insurance?
Benefits of Insurance Coverage
- Provides Protection. Insurance coverage does reduce the impact of loss that one bears in perilous situations.
- Provides Certainty. Insurance coverage provides a feeling of assurance to the policyholders.
- Risk Sharing.
- Value of Risk.
- Capital Generation.
- Economic Growth.
- Saving Habits.
What is zero depreciation?
A zero dep cover is an add-on in car insurance under which we won't charge you for depreciation during the claim settlement. In simple words, you are not required to pay for the depreciation cost while making a claim. A comprehensive policy provides coverage for own damage and damages caused to the third party.
What are the 7 functions of insurance?
The functions of insurance can be listed as follows:
- They provide certainty to the insured.
- They ensure the protection of the family.
- They are risk-sharing policies.
- They prevent the damages that can come from loss.
- It provides capital.
- It's known for improving efficiency.
- It helps in boosting the economy.