No Claim Bonus (NCB): Upon getting a ‘claim-free’ year, you can avail a specific percentage of No-claim bonus. You can avail the NCB benefit in the form of discounts on the premium amount at the next renewal period.
Motor Insurance Policy: It is an agreement between a motor vehicle owner and an insurance company. Under this contract, an insurer provides cover against damage/loss caused to the motor vehicle or its parts resulting from the natural and/or man-made calamities. A vehicle owner, on the other hand, needs to pay premiums to ensure this protection.
Own Damage: The Own Damage covers you against any damage/loss caused to your vehicle arising from natural and man-made calamities as specified in the policy wordings.
Perils: These include the uncertain events or occurrences that may cause damage to your motor vehicle. It may include Fire, flood, earthquake, etc.
Third Party Liability: It refers to the bodily injury/property damage caused to a third party. A minimum Third Party Liability (Liability-only) is a compulsory requirement under the Motor Vehicles Act.