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General FAQs.
Car insurance is a concept through which you can safeguard your money in case of damage to your car. The insurance company will pay to repair the damages of your car as per the policy’s terms and conditions. You have to pay an insurance premium to purchase a car insurance policy.
Car insurance is available online as well as offline. You can choose to buy car insurance online yourself via your preferred insurance company’s website or get it through an aggregator website. Through the offline mode, car insurance can be purchased from car dealers, insurance agents and the branch office of insurance companies.
Your car insurance policy number is stated in your policy document. You can find it by going through your policy document. If you have a problem locating it, you can contact your insurer to help you out with this matter.
Buying Third-party car insurance online means you are insured against third-party liabilities. Thus, it is also known as Third-party liability insurance. It is also referred to as Act Only insurance. This is because The Motor vehicles Act makes it mandatory to insure your vehicle with at least the Third-party Liability car insurance policy if you want to drive on Indian roads in a legal manner.
The term IDV stands for Insured Declared Value in car insurance. This is the value you shall receive in case you have a Comprehensive car insurance policy and it undergoes total damage. For understanding purposes, this value can be equated with the current market value of your car.
Getting a duplicate car insurance copy online is a simple process. You can simply log in to your account on our insurance company’s website and download the policy. If this is not possible, you can get in touch with your insurance company and they will email the policy to your registered email id.
you can download your car insurance certificate/policy by logging in to your account on the insurance company’s website. You can also request the insurance company to email it to you.
In case there is a mistake in your policy or you wish to change some information in your policy, you can connect with your insurance company and ask for an endorsement. The insurance company will go through your request and make the changes at the earliest.
Yes, an online policy is a valid document. You can consider the policy document sent in your email as a valid car insurance policy document.
If you happen to lose your policy, you can connect with your insurance company and they will resend your policy. In case your insurance company has a log in facility, you can log in to your account and download the policy from there.
Car insurance premium is calculated based on your car’s manufacturer, its model, the age of the vehicle, your location, the chosen coverage among other things. You do not have to calculate all this manually. The insurance company’s website will do that for you for comprehensive insurance. Car insurance premium can be found out by following the steps mentioned in the car insurance purchase journey. You can also make use of the online car insurance calculator.
You can pay for car insurance online via popular online payment modes such as credit card, debit card, etc. In some cases, you can also make use of online wallets. Make sure you are transacting on the insurance company’s official website for security reasons.
Online insurers have fewer operating costs. They manage things digitally thanks to an online set up. This way they spend less on running their business and can afford to keep their prices lower than traditional insurers. .
Add-ons come at a price. You must pay extra to purchase them. Even if you purchase one Add-on, it will have a bearing on your car insurance premium. However, sometimes, some companies might package an Add-on with their Comprehensive plan. In such cases, they might not charge extra for the Add-on.
Yes, your premium will reduce if you select a lower Insured Declared Value.
Your car insurance premium might reduce during renewal if you have not raised a claim during the previous policy period. This is possible because of the No Claim Bonus feature.
To claim car insurance, you should get in touch with your insurance company. You can do so by calling them, sending them an email or connecting with the claims team via the insurance company’s mobile application if they have one. Once you tell them about the reason why you want to apply for a claim, they will guide you regarding the next steps.
Whether it is claim registration for Own Damage or Third-party, the process begins with informing your insurance company about it. Based on the nature and complexity of the claim, the insurance company will guide you regarding how to proceed with the claim application and settlement.
To initiate a claim, your first step needs to be to get in touch with your insurance company. You can do so by calling, sending an email or intimating via the mobile application, if any. Inform the company about your claim application and they will guide you regarding the next steps.
In some cases, you might be required to file a First Information report (FIR). For example, you will be required to file a FIR in case of theft claim. You are not required to file a FIR if the claim is for damage due to flooding. Thus, the answer varies from one case to another.
There is no blanket time for claim settlement. The time taken to settle the claim depends upon the complexity of the claim along with other factors. For example, if it is a straightforward claim for a dent on the bumper, it can be settled instantly. For something like damage due to fire, the case will take probably a month to be settled.
In cashless claims, the garage bill is settled between the insurance company and the garage. This is possible as they have a tie up. You do not have to get the car repaired from the garage and then apply to the insurance company for reimbursement.
This is the old-school way of settling claims. You must first take your car to the garage, get it repaired, and then apply to the insurance company for claim reimbursement.
RTI in car insurance stands for Return to Invoice. It is an Add-on which you pay for to get extra coverage. What it means is that in case of a total loss, you will receive the invoice value of your car and not just the insured declared value.
Engine Protect is a car insurance Add-on. This can be purchased if you have a Comprehensive plan or planning to purchase a Comprehensive plan. It covers damages to the engine which are usually not covered by just a Comprehensive policy.
NCB in car insurance means No Claim Bonus. What this means is you get a discount on car insurance renewal if you have not raised a claim during the previous policy period. It can be viewed as a reward for driving safe and not raising a claim.
Your car insurance policy stays active between the policy start date and the expiry date. Both these dates are mentioned in your policy document. Make sure to renew your car insurance policy before the expiry date to avoid fines and to continue with your insurance coverage.
In Nigeria , there are two types of car insurance covers - Basic and Comprehensive. The Third-party Liability cover is the basic one while a Comprehensive cover includes the basic one as well as offers Own Damage cover. You can also select from a range of Add-on covers to strengthen your car insurance policy. Therefore, a Comprehensive car insurance policy with Add-on offers Third-party liabilities, Own Damage, Personal Accident, and the features of the selected Add-ons.
A Zero Depreciation Add-on is extra coverage that your purchase by paying an additional premium. With this Add-on, you will receive a claim amount which does not factor in the depreciation value of the vehicle. Hence the name Zero Depreciation.
Details are mentioned on the product page of the insurance company’s website. If you want more detailed information along with the terms and conditions of the policy, you will have to download the Policy Wordings of the policy from the insurance company’s website.
A deductible is a charge that is faced by the policyholder while settling a claim. It is a minor portion of the amount. There are two types of deductibles, compulsory and voluntary. A compulsory deductible usually has a nominal amount that needs to be accounted for from the policyholder in case of a claim. If you choose voluntary deductible, you will have to contribute a certain fixed amount (more than the compulsory deductible) in case of claim settlement.
Exclusion in a car insurance policy means that the situation mentioned under the exclusion section is not covered in the policy. Therefore, if you raise a claim for a situation mentioned as an exclusion, the insurance company will not accept the claim application.
It is a legal requirement to insure your vehicle in Nigeria. Apart from the mandatory aspect, insuring your car is a precautionary measure undertaken to overcome financial losses involving the insured vehicle in case of an unfortunate event such as an accident.
Purchasing motor insurance online involves the following simple steps:
Select the preferred vehicle on the website
Enter the required vehicle and personal details
Choose insurance company
Select Add-on covers if applicable
Make secure, online payment
Receive policy in inbox
The process to purchase a new car insurance policy, renew an existing policy or renew an expired policy is almost the same; wherein you have to enter details, choose the plan and make online payment. However, one striking difference when it comes to renewing an expired car insurance policy is - car inspection. As our policy has expired, there is a possibility that the insurer might want to have a look at your vehicle before insuring it
Here’s a list of things that you must keep in mind while renewing / buying commercial vehicle insurance online/buying new car insurance online / buying car insurance policy in Nigeria. Renew or buy private / buy commercial car insurance online from a certified insurer. Always analyse your requirements before searching for a policy. Compare plans and car insurance price to arrive at your best fit. Go through the Policy Wordings for detailed terms and conditions of the policy. Speak with friends and family if they have transacted with your preferred insurance company before. Make sure to check online user reviews to get an idea about the company’s claim settlement process. Do not make a purchase decision in a hurry. Take your time and clear your doubts before making the online payment.
You can renew car insurance online by logging in to your account on the insurance company’s website and following the renew policy process. If you have any doubts, you can call the customer support team and they will guide you regarding the purchase process.
Buying or renewing a car insurance policy online is a swift affair. If you have all the data handy, it will just take less than five minutes to buy or renew your car insurance policy online.
Unlike the offline process, you do not have to wait for days to receive your car insurance policy. You receive the document via email in an online process. In an online process, your car insurance policy will be delivered in your registered email id’s inbox within minutes after your policy purchase payment is processed.
Yes, it is considerably cheaper to buy or renew a car insurance policy online as compared to offline because the premium is less thanks to low operating expense and digital infrastructure of the online insurance company.