Home / Articles / General Insurance / The ABCs of a Vehicle Insurance Policy

The ABCs of a Vehicle Insurance Policy

Team AckoOct 7, 2021

How many of you have read your vehicle insurance policy? All right, some of you might’ve read it while taking a printout or making a photocopy but how many of you have read and understood what is written in your vehicle insurance policy? Now that’s a difficult one, right?

The ABCs of a Vehicle Insurance Policy

A lot of people purchase a vehicle insurance just because it is compulsory. Even those who are aware of the benefits and opt for a comprehensive vehicle insurance policy might not be sure about the exact details mentioned in the policy document.

Importance of understanding your Vehicle Insurance Policy

This is your go-to document in case of an unfortunate incident involving your vehicle. How will you claim insurance if you do not know what all is covered by your policy? The policy document has dedicated sections that convey information about the policyholder, the policy, and the insurer. Read ahead to know the ABC or the basics of a vehicle insurance policy.

  • Policyholder Details

This section speaks about the policyholder. If you are stopped by a traffic police officer and asked for your vehicle insurance papers, this section will tell the police officer that the insurance policy belongs to you. It also has the policyholder’s address and email id.

  • Policy Details

The most important point mentioned in this section is the period of insurance. It states the date from which the insurance policy was purchased and the date till which it is valid. You must make a note of the expiry date as vehicle insurance needs to be renewed on or before its expiry date. Insurer’s name and address, as well as the RTO in which the vehicle is registered, are also mentioned. The vehicle’s details are also stated along with its insured declared value, commonly understood as the vehicle’s current market value.

  • Schedule of Premium

The schedule contains the calculation part of your policy. It breaks down your vehicle’s policy coverage and explains how the insurance company has charged the premium. This section also tells you about the Add-ons included in your policy, if any.

Legal information pertaining to limitations of the policy, clauses, notices, and disclaimers are declared in this section. Technical information related to the insurer such as IRDAI number, the signature of the official, etc. are also a part of this section. You can also find the toll-free number here which can be used to get in touch with the insurer’s support team.

Crosscheck Details

The structure of the vehicle insurance policy might differ from insurer to insurer. However, the basic details that are covered in a policy document remain the same. Cross-check these sections after you purchase the policy to note whether the policy includes the cover you paid for. If you find any mismatch between the insurance cover you selected and the details mentioned in the policy, get in touch with the insurance provider’s support team and get it rectified.

icon

Want to post any comments?

icon

CIN: U66000KA2016PLC138288

IRDAI Registration No: 157

Category: Non-Life Insurance

The use of images and brands are only for the purpose of indication and illustration. ACKO claims no rights on the IP rights of any third parties. The ratings are derived from reviews and feedback received from Google and Facebook users on their respective platforms. | *Savings of upto Rs. 50,000 have been calculated on the IDV of Rs. 18,00,000 and 0% NCB. Amount saved is in comparison to tariff rates. Product name: Private Car Policy - Bundled | UIN: IRDAN157RP0014V01201819 |

Trade logo displayed above belongs to ACKO Technology & Services Pvt Ltd and used by ACKO General insurance Limited under License. For more details on risk factors, terms, conditions and exclusions, please read the policy wordings carefully before concluding a sale.