Kathmandu. Motor insurance provides compensation for damage to the vehicle due to any reason other than the driver’s negligence. The conditions and conditions under which a claim is made and under which a claim is made are specified in the Schedule of the policy. <\/p>\n
In some cases, it is better not to make a claim in motor insurance. After taking compensation for the insurance claim, there is no waiver of the insurance premium at the time of renewal in the next year. If you do not claim any compensation for 5 consecutive years, you get a discount of up to 50% of the insurance premium. If you have not claimed for 1 to 5 years consecutively, the insurance premium will be discounted by 20%, 30%, 40%, 45% and 50% respectively. <\/p>\n
Before deciding whether or not to make a claim, the insured or the insured should compare the amount received by deducting the mandatory excess amount and the discount amount received on the renewal of the policy. If the discount amount is higher than the amount of compensation you receive for renewing the policy in the next year, it is wise not to claim the indemnity. <\/p>\n
If there is a need to claim compensation under motor insurance, then the insurer should be informed about it verbally and later in writing. After informing the motor insurance claim, the technician should estimate the cost of maintaining the vehicle. Regarding the cost estimate, the insurer deploys a surveyor on the spot and assures the condition of the vehicle and reports to the insurer, and on the basis of such a report, the insurer determines the compensation amount. <\/p>\n
Even if the surveyor has submitted the report by informing the insurer for the compensation claim, the insured can cancel the claim if he wishes. Therefore, you should check with the insurer about the amount you will receive for the claim and the discount amount that will be received on the renewal insurance premium if you do not make a claim. It is advisable to withdraw your claim application if the amount of premium exemption for non-claim is exceeded. <\/p>\n
It is especially economical to claim the discount on the insurance of expensive vehicles and vehicles up to the age of 5 years of purchase. Despite the depreciation during this period, the amount of the insurance premium is also higher depending on the value of the vehicle, so the amount of the discount is also significant. <\/p>\n
What is more voluntary and compulsory? <\/strong><\/span><\/p>\n There is a provision for voluntary excess or mandatory excess in motor insurance. This is the limit on the amount of voluntary compensation that the insured or the insured can bear in case of any damage to the vehicle. For example, if an insured chooses a voluntary or mandatory additional Rs 5,000 in motor insurance, then the insured will have to bear the amount of Rs 5,000 in case of damage to the vehicle or 25 percent of the loss, whichever is less. After that, the insurer pays only the remaining amount as compensation.<\/p>\n","protected":false},"excerpt":{"rendered":" Kathmandu. Motor insurance provides compensation for damage to the vehicle due to any reason other than the driver’s negligence. The conditions and conditions under which a claim is made and under which a claim is made are specified in the Schedule of the policy. In some cases, it is better not to make a claim […]<\/p>\n","protected":false},"author":16,"featured_media":260163,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[45031,45075,45159,45096],"tags":[],"class_list":["post-302199","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banner-news-en","category-insurance-education-en","category-news-en","category-non-lifeinsurance-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/302199","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/users\/16"}],"replies":[{"embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/comments?post=302199"}],"version-history":[{"count":1,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/302199\/revisions"}],"predecessor-version":[{"id":302200,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/302199\/revisions\/302200"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/media\/260163"}],"wp:attachment":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/media?parent=302199"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/categories?post=302199"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/tags?post=302199"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}