Rapists will now get this punishment in Pakistan, new law approved

  Pakistan's Imran Khan government has cleared the way for severe punishment for rapists. The cabinet has approved a law that provides f...

Wednesday, August 16, 2017

All that you may want to know about Car Insurance

In today’s world, when people are seen always on their toes, the car is becoming an important part of our lives. Everyone believes that the car makes your personal life even easier. But given the all-time use of your car, do you really care for its safety? Do you really care for your vehicle the same way you use it for your convenience? Do you take the safety of your vehicle seriously? If your answer to these questions is an emphatic yes, car insurance is certainly for you.

Apart from the fact that your car is the result of your hard earned money, it is also your moral responsibility to take care of its safety. And this is one of the most cogent reasons why your car is needed to be ensured. When you buy an insurance policy, you inspect it thoroughly, but do you have the same curiosity, attention and eyes on detail when it comes to your car insurance?

Car Insurance is not a rocket science

Insuring a car is a common procedure, but knowing some important things related to it becomes extremely important at the time you need to make an insurance claim. Today, we will tell you in some of the most important things related to car insurance in this article. So let us know the essential things related to car insurance:

The car insurance quotes

 The car insurance quotes give you the perfect opportunity to protect your car. In case of insurances, you can make the company in the insurance clause during any casualty accident or loss of any type of car. In return, your insurer company provides you the amount according to your car loss. It is based on a system.

What is the key for car insurance?

 For a better car insurance, give complete information to the company you are hiring to ensure your car. Hiding anything can be fatal for you, especially when you want to complain. Provide the appropriate information to your insurer about your car in full details like your driving history, car user, car details and location, etc.

Why different premiums between different insurance companies?

Every insurance company works with different figures and uses different methods to calculate the premium. Some companies are better in some areas or types, and hence they are always ready to give discounts in those areas.

Why there are different premiums in different insurance companies?

Every insurance company works with different figures and uses different methods to calculate the premium. Some companies are better in some areas or types, so they are always ready to give discounts in those areas.

How is the amount of premium determined?

The amount of premium is based on certain things related to the vehicle, such as year of model construction of the vehicle, registration number, the current showroom price of the vehicle and  whether the customer is personal or corporate.

Can you insure another's car?

Yes, it is not necessary for auto insurance that the insured owner is the owner of the vehicle. If you want to insure someone else's vehicle etc. in your house then you can do it. There is no any legal provision that will prevent you from ensuring the vehicle that you do not own.

Can I renew my vehicle policy online?

Yes, now this facility has become available. You can now renew your vehicle's insurance online without any hassle or difficulty. You can do this within two days of the end of your insurance or within 6 days of the date of the termination.

If there is an accident other than the fixed installment of the insurance, you should tell that no matter what the accident is and wherever you have done your vehicle insurance in any city, it does not matter. Your insurance will be valid throughout the country.

How much is the cost after the accident?

After the accident, companies carry 50 percent of your car's towers, headlights, fiber parts or plastic parts. At the same time carries 100 percent of the loss of car gloves, such as wind shields, gloves etc.

How much will the insurance company have to pay when you claim insurance?

 Before that you have to pay some money to your promoter. If your car is less than the capacity of 1500 cc then you have to pay 500 rupees. If your car has a capacity of 1500 cc, then you have to give 1000 rupees to the company first.

Now, the insurance premium comes in handy. This company rate may be different. Many companies give a few percent discounts on premium amounts. Let's understand this with an example. Let's say that if a company is paying 50 percent discount, then 50 percent of the Rs 10 thousand rupees was raised to 5 thousand rupees.

Now the next and important stop is the No Claim Bonus. This tells you how much money you have to pay for the insurance. If you have not been claiming insurance for the last year, you get a discount of about 20 percent in premium. This discount increases in the coming years if you do not claim car insurance. Remember that we are talking about cars for less than one year and less than two years old. From this point of view, if you look at 5000 rupees, 20 percent no claim bonus is made according to the amount of one thousand rupees. In this case, you get a rebate of Rs 1,000 for premium money i.e., Rs 5,000 and you only have to pay a premium of Rs 4 thousand as premium.

The second stop is the third party premium. This is to compensate for the injury or loss of someone other than you. The amount of premium is fixed according to the capacity of the car's engine. This year is revived year after year. For example, if the Alto car is below 1,000 cc then its premium will be Rs 1,468. For cars with a capacity of 1 thousand to 1,500 cc capacity, a premium charge of Rs 1,598 is charged as well. Where vehicles for more than 1,500 cc have to pay 4,931 rupees. In such a situation, you will get Rs 1,468, which is more than 1 thousand cc engine, it will be added to 4 thousand rupees. In such a case, the total amount will be Rs 5,468.

Now remains the last step. The Personal Accident Cover and Service Tax are also added in the total amount of premium for insurance. 100 rupees as a Personal Accident Cover Whereas 14 per cent of service tax is available. Now, if the total amount is seen, then 14% of Rs 5,486 and add Rs 100 extra discount. In such a way, the total amount is raised to Rs 6,348.

So this was the way the insurer calculation is done. Hopefully now you can easily calculate the insurance calculator yourself.

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