Car Insurance Policy- What Is No Claim Bonus
Assurance car insurance is important aspect for the owner of the vehicle
. It provides cover to the insured in case of damage to own vehicle or third party vehicle. It provides personal accident insurance cover to the insured and compensates for third party property damage as well. An individual can extend personal accident cover to the other family members as well. But there can be a rise in car insurance premium if you add this cover along with various other add-ons provided by insurance companies. Assurance car insurance is mandatory under the eyes of legal law as well. So, it becomes very important to understand intricacies of the insurance policy.One can buy car insurance from various direct agents in the market but online vehicle insurance has emerged as the most convenient and simple medium of buying insurance. It is preferred over offline method due to fact that it is most cheapest and economical way of buying car insurance. Further, various insurance companies provide best offers when you buy online motor insurance.
Online insurance can be bought via preferred provider website or various insurance aggregators. These insurance aggregators provide you many comparison tools which further help you in selecting the best policy available in the market and fulfilling your requirements as well. You dont have to provide any documents in hard form which further reduces the cost of buy car insurance. And as a result of no documentation, the turnaround time for online motor insurance is very less.
Your car insurance premium is dependent on many factors. Firstly, it depends upon the kind of coverage you require. If you will take third party liability coverage in your insurance policy then you will end up paying more premiums but third party cover proves its importance in case of any accident. Insurance companies provide various add-ons which can also impact your insurance premium but these are optional and not mandatory.
No claim bonus also impacts your car insurance premium. It is a benefit for those who have not claimed insurance during the preceding year of cover. In case a person does not claim any car insurance from insurance company, your premium gets reduced at the time of renewing the insurance policy. An individual can accumulate no claim bonus up to fifty percent. There are some conditions applicable like no claim bonus is applicable to the own part damage in the policy which is usually 80 percent of the insurance premium. Once insurance claim is made, your no-claim bonus benefit is back to zero. The next premium will be higher, since it will not include the amount of no-claim benefit you enjoyed earlier.
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