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What are Deductibles?

  • Deductibles are the portion of the claim amount that the policyholder must pay out of pocket prior to receiving assistance from the insurance company.
  • Deductible is expressed as a fixed amount or a percentage of the claim amount, depending on the policy terms
  • Deductibles are not applicable in Third-Party Liability Insurance as it covers only the damage caused to the third-party vehicle and not the policy holder's vehicle
  • Deductible is not applicable for Third-Party claims, as the liability is borne entirely by the insurance company
  • There are two types of deductibles that may be part of the Car Insurance policy:
  • Compulsory Deductibles
  • Voluntary Deductibles
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Types of Deductibles

Voluntary Deductible

  • Voluntary deductible is an option that the policy holder can choose to opt for, in addition to the compulsory deductible
  • Voluntary deductibles allow policy holders to customise their insurance policy based on their risk appetite and budget, ultimately reducing the payable premium.
  • It is important for policy holders to strike a balance between the voluntary deductible and the premium amount, as a very high deductible may not be financially viable during a claim process
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Compulsory Deductible

  • This is a fixed amount that is mandatory for policy holders to pay before their insurance company starts paying out claims. In India, the compulsory deductible amount is determined by the Insurance Regulatory and Development Authority of India (IRDAI) and varies depending on the cubic capacity of the car engine
  • The minimum compulsory deductible is Rs. 1,000 for cars with an engine capacity of up to 1,500 cc and Rs. 2,000 for cars with an engine capacity of more than 1,500 cc.
  • Policy holders should carefully consider the deductible amount while choosing a policy, as it can affect the overall cost-benefit analysis of the policy.
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Frequently Asked Questions

Is the deductible applicable to Third-Party claims under Car Insurance?

No, the deductible is not applicable to Third-Party claims, as liability is borne entirely by the insurance company

What is the benefit of choosing a voluntary deductible for Car Insurance?What is the benefit of choosing a voluntary deductible for Motor Insurance?

Choosing a voluntary deductible can help policy holders lower their premium amount, as they are opting to bear a higher portion of the risk in case of a claim

Is it recommended to opt for a high voluntary deductible in Car Insurance?

The choice of the voluntary deductible amount depends on the policy holder's financial situation and risk appetite. While a higher voluntary deductible can result in a lesser premium, it should be balanced with the policy holder's ability to pay the deductible amount in case of a claim

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How to Fill RTO Form 22: Complete Guide

How to Fill RTO Form 22 for New Vehicle Registration

Posted on 2025-04-24 09:32:03

A car must fulfil certain safety and environmental requirements before it can be allowed to be driven on Indian roads. The manufacturer's certification that the vehicle is roadworthy and satisfies the required emission standards, known as RTO Form 22, is one of the important documents attesting to this compliance. This form is quite important in the vehicle registration procedure, particularly for newly bought vehicles. Knowing how to properly fill out and submit RTO Form 22 guarantees a more seamless interaction with the Regional Transport Office (RTO). It keeps you in complete compliance with Indian traffic rules, regardless of whether you're a first-time car buyer or managing vehicle documentation for a fleet.

child safety seats guidelines

Child Safety Seats: Guidelines for Choosing and Installing Child Safety Seats

Posted on 2025-04-24 06:52:35

Child safety on Indian highways is becoming increasingly important. Even as car ownership is rising, the safety of young passengers is still being majorly neglected. Child safety seats are essential for keeping young passengers secure in the event of an accident or abrupt halt. They are not just additional accessories; they are lifesaving equipment. This guide explains how to choose and install the appropriate seat in accordance with Indian safety regulations.

what is the difference between toll and road tax

What Is the Difference Between Toll and Road Tax?

Posted on 2025-04-16 12:47:14

How is road tax different from toll tax? It all comes down to their objectives and payment methods. State governments in India levy road taxes at the time of vehicle registration as a one-time or recurring payment to fund road construction and maintenance. Toll charges are only applied while using specific highways, motorways, or bridges to assist in recouping the costs of constructing and operating these roads. Think of it this way: Road taxes work similarly to membership fees, providing access to all state roadways, regardless of whether you use them. Toll tax is a pay-as-you-go service, meaning you only pay when you use a particular road or bridge that needs additional investment. Knowing these taxes enables car owners to control spending and stay out of trouble with the law. Let us examine them in more detail.

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Shriram Car Insurance in Major Cities in India

Delhi

Delhi

Chennai

Chennai

Mumbai

Mumbai

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Ahmedabad

Gurgaon

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Bangalore

Bangalore

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Agra

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Pune

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Indore

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TN32TY6799

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