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So in this video, you are going to learn that if you want to
take motor insurance, you get
your bike and car insurance done regularly. So what do you have
to take every year. So
every year when you are taking insurance, what all things you
have to keep in mind.
See, when you are taking insurance, it doesn't matter. You can
take it at any value, at any
premium. You will have to face the problem when you go to take
the claim and I don't
want you to get less claim or not get it or if you don't get
money according to your
claim, then the purpose and benefit of taking insurance is over.
So if you watch this video
today, then I will tell you one thing that you will get to know
a lot of things, so that
if you take your bike or car insurance next time, you will get
to know what all things
you have to take care of. First of all, I will tell you a very
simple thing. Why? Because
my younger brother asked me the same question. So he asked that
there is a first party insurance
and there is a third party insurance. What is the difference
in this? So because the
way I explained it to you, I would like to explain it to you
as well. Many of you are
like my younger brothers and sisters. Many of you will be older
in age. So now you understand
in this way. I will tell you. When we talk about the first party,
first, second and third.
First, you understand before insurance, what is the first, second
and third? First party
means you, who is taking the policy, so this is the first party.
So first party, like
you, if you have taken the policy, who is the second party? Insurance
company, so here
you come, here comes the insurance company, so the money that
will be given, that will
be the insurance company, which is doing the insurance and who
is the third party? Which
does not come in both of them, means you were driving a car,
you hit a Rolls Royce while
driving the car. Now you hit a Rolls Royce, let's say you have
a Swift Desire car, your
Swift is also a good car, but you hit a Rolls Royce. Now the
other person catches you and
says that you hit my car. Now as soon as you find out that the
car has been hit and there
is damage, the expense of the company that is saying will come,
that will come ₹ 200000.
Now you will say that how will I give ₹ 200000, I have also got
it on my car, but what is
on your car will be covered when you have taken first party insurance,
but if you have
third party insurance, which is compulsory to take, it is compulsory
to take third party
insurance in India, so if you are driving a car, otherwise the
traffic policeman who
cuts your chalan, they cut it for this reason. If you have third
party insurance, they say
that it does not matter if you have first party, it is necessary
to have a third party, so
if you hit a Rolls Royce, then according to its value, the insurance
company will give
money on its own. Let's assume that you hit a car and the other
person was a big businessman,
its value is of crores of rupees. Now you will say that how will
I give so much money,
if you have accidentally hit someone with your car or something
happened, you did not
know, then it comes under third party cover, so this is your
third party, another person
who is another person, this will come under third party, so you
become first party, second
party becomes insurance company, third party becomes another
person, another person's car
or any property of his, then it is covered in third party, so
this was a very basic
thing that you need to understand. Now when you take a policy,
you have to understand
that you have a car, you have a bike, if you take first party,
then if your car is damaged,
then money will not go from your pocket, that money will be given
by the insurance company,
how much will it give, we will understand that too, and you have
understood third party,
this is compulsory, so the premium of the first party is more,
it is less on the third
party, because the third party is like, you are saving chalan,
if you have to save chalan,
then you take insurance, so that is okay, whatever you do, that
is okay, I do not care
if you tell me, it is important to understand things, so whenever
you take insurance, then
you have to understand some things, first of all, there are some
things written in your
policy that you do not understand, I will explain to you, one
is IDV, IDV means insured
declared value, what is insured declared value, you took a car
worth 10 lakhs, I am
talking about a showroom, so you showed that car worth 10 lakhs
that I have IDV worth
10 lakhs, next year you think that car is a little old, it is
worth 9 lakhs, now you
will take insurance on 9 lakhs, so now your premium will be less,
because earlier you
were taking insurance of 10 lakhs, now you are taking insurance
of 9 lakhs, what happens
is that some people make such mistakes, so you do not make these
mistakes, so I am telling
you, you took a car worth 10 lakhs, next year you made a policy,
you put IDV again
worth 10 lakhs, so what will happen, your premium will be more,
your premium will be
more, you took it according to 10 lakhs, let's say your car is
stolen, now you have to take
a claim from the company, when you go to take a claim, the company
will tell you that we
will give a claim of 9 lakhs, why? Because you have to show IDV
10% less every year,
so the company is assuming that 10% depreciation will come on
the car every year, so if you
are driving a car for 10 years, for example, then you understand
that IDV is almost over,
so after 10 years, you are doing it in a way that you are doing
third party, IDV will
be completely over, so according to every year you will reduce
IDV by 10% every year,
if your car is worth 10 lakhs, you can calculate it according
to your car, first year 9 lakhs,
then 8 lakhs, then 7 lakhs, in this way your IDV value will decrease.
Now the important
thing is that you take a policy through an agent, you have two
agents, one agent says
that your policy is being made for 25000, one agent says that
your policy is being made
for 20000, now what do you see straight, whoever said less, go
and take it from him, as soon
as he says 20000, you come and take it from him, now what happens,
let's assume the value
of your car was 10 lakhs, one person told you the premium according
to 10 lakhs, the
other person made your policy according to 7 lakhs to reduce
the amount of premium, if
your car is stolen, then the company will give you a claim according
to 7 lakhs, you
will say that my car is worth 10 lakhs, so they will say that
when you took the policy,
then you gave us the premium according to 7 lakhs, so because
you have given less premium,
then you will get less benefit, so you understand that when you
are giving more premium, then
it is not necessary every time, but it is confirmed that if you
reduce the value of
your IDV, then the premium will decrease, so it was necessary
to explain the concept
of IDV, now let's understand the second concept, the second concept
is NCB, no claim bonus,
now this no claim bonus is very important for the motor vehicle,
let's understand it,
now I am taking the example of the car, same goes for the bike
also, if we talk about the
car, you took the insurance, your insurance was of 1 lakh, you
have an expensive car,
a big car of 50 lakhs, you got your insurance of 1 lakh, when
you buy a car from the showroom
for the first time, then there is no NCB, it is a first time
car, but if you do not
take any claim in the whole year, you say that the glass is broken,
nothing happened,
no accident happened, then you did not take any claim, when you
did not take any claim,
so next year you get a 20% benefit, this 20% is on your basic
premium, you get a 20% discount
on that, so if for example, the basic premium was 80,000 on 1
lakh, then you can apply
20%, you will have to give a premium of less than 16,000, very
good, next year you get
a NCB of 25%, next year you get a NCB of 35%, next year you get
a NCB of 45% and finally
you get a NCB of 50%, so you will get a 50% discount on the basic
premium, so you will
hear from many people that if I take a claim, then my NCB will
go, so this NCB is that if
you do not take a claim, then you will get a discount on the
basic premium, so it is
a good thing, if your car is running well, if there is no claim
on it, then do not take
a claim, but if it is coming, then take it, if you take a claim,
then you will not spend
money on your pocket, so we take insurance for this. Now let's
understand this, everyone
wants cheap and best in the market, see I will tell you the truth,
if we want to take
a policy, then at today's rate, I will tell you that you can
take it directly on the internet,
then you can take the policy from the market, I will put the
link in the description comment
box, if you have a two-wheeler, four-wheeler, if you have a commercial
vehicle, you can
take everyone's policy sitting on the internet, the link is in
the description comment box
for you already, so why is it because I do not want, you are
taking a policy, so you
can take a policy from one of the best places, so just do that,
it is not necessary that
you go to an agent and pay extra commissions, so that is what
you can save. I will tell
you one more way, that way is that, for example, I am taking
the policy of the market, so you
can also become a partner with the policy market, why am I telling
you this, I will
tell you this, now suppose there are many cars in my house, so
we have to pay around
3-4 lakhs a year, which is the premium, so the policy of cars
is every year, now the
policy is being done, we are paying the premium, so when you
become a partner, this code is
offered to you by many companies, so for example, I am telling
you through the internet, you
can become a partner with the policy market, so when you are
making a policy in one way,
so for example, I am telling you that you will save up to 15%,
so you will see how much
policy premium you are giving, and the OD value on it, you are
getting around 15%,
so let's say the OD value is 4 lakhs, so you save 15%, you save
60,000 rupees, so in this
way, if you have your own car, there are many cars in your house,
so why do we have to give
extra money, this 15% you are getting according to the IIDA,
people get this commission, so
you can save this commission directly, for that too I tell you,
you can learn, you can
also become a partner, I will put the link, so again if you want
to learn how to save
you can save money in this way. You can earn money, so you can
learn about that. So it
is totally up to you. It is your choice if you want to do that.
Now let's move forward.
There are some add-ons. Let's understand what add-ons are. When
you are taking a policy,
then see if you need these add-ons. There is a driver cover.
What is a driver cover?
Suppose you were driving your car and something went wrong. If
there is a mishap with the
driver, the driver dies. So the insurance company gives ₹ 1 lakh
to the nominee of
the driver, the family member of the driver. So you will get
this money. See, they also
need a safety. So this insurance comes in a way with your policy.
So this is an add-on
benefit. For this, you have to give ₹ 50. So by giving ₹ 50,
the family of the other
person gets ₹ 1 lakh. Let's also understand what the passenger
cover is. What is a passenger
cover? Suppose two passengers were sitting with the driver, then
they will also cost
₹ 50 and they will also get a cover of ₹ 1 lakh. If three people
were sitting in the
car, then ₹ 1 lakh will be given to all three if there is a mishap.
There is one more benefit.
This is called PA owner driver cover. What is this? This came
later. What came later?
If let's say a person who had his own car and he was driving
the car himself and something
goes wrong, then his nominee gets ₹ 15 lakh here. So these add-ons
are third party insurance
add-ons. Now let's also understand what are the first party add-ons.
If you take first
party insurance, then what add-ons do you get? You can take one
add-on, zero depreciation.
This is the most important. What does zero depreciation mean?
If there is a car accident,
suppose the door is broken, now if the door is broken, then it
is costing ₹ 20,000.
So if you do not have zero depreciation, then the company will
tell you to put half of the
money in your pocket, we will give you half. So now you have
to put ₹ 10,000 for ₹ 20,000
, but if you have zero depreciation, then you do not need to
put anything in your pocket.
This is one benefit of zero depreciation. Consumables cover,
now what are consumables?
These are rubber parts. There are some things in the car that
come inside the consumables,
so you should also take cover for this. There are add-ons. The
third is engine cover. There
are many such cars, like I have a car, for example, let's talk
about Mercedes. So there
is a very big problem in Mercedes. I tell you that we do not
take it in the rain. I
do not take it in the rain. So if you take Mercedes in the rain,
then what is the issue
in it? The car is very good, but if it is full of water, which
is very much on Indian
roads, you will see that the water is full on Indian roads. So
if there is something
in it under the engine, that if the water is gone, then the whole
engine can be damaged
and it is not covered in your insurance. For that, you will have
to see that you should
have an engine cover. This is an example. In this way, if there
is an issue in the engine,
then you will get that cover when you have this add-on. What
is the tire cover? If you
are driving a car and let's say you were going at speed in the
car and your tire burst,
then you get a tire cover in it. So the expense of the tire,
whatever it is, you get it with
the benefit of the add-on of the tire cover. What is key replacement?
Most people think
that the key replacement benefit is that if the key is lost,
then the key will be found.
It is not just that. If your key is lost, you will definitely
file a police complaint
and then the insurance company will give you the key. All the
locks in your car, all the
locks in all the four doors will change. If you have an expensive
car, then it can cost
you lakhs of rupees, then the insurance company will have to
do it because if it is not done
like this, the key is lost, if it is in the hands of a thief,
then the car can be stolen.
So that's why the whole lock system changes in the key replacement.
You should take one
more thing. This is an add-on cover. It is called RTI, Return
to Invoice. What does this
mean? The invoice value of your car, how much you bought the
car, if the car is stolen,
you will get all the money and the basic is roadside assistance.
If the car broke down
on the road, then you will get roadside assistance. If the person
comes there and fixes the car,
if it was not there, then he will take it to the workshop. All
the expenses of this will
be covered in RSA. So these are some basic things. You should
have known this today.
Before you buy any motor insurance, you are taking car insurance.
You need to know all
these things. Finally, if you want to take car insurance, I have
put the link of policy
bazaar in the description box. So insurance of two-wheeler, four-wheeler,
commercial vehicle,
so you can easily take and as I said, if you want to take benefit
as a partner, I will
give you the link of that too. You can learn and you can also
become a partner. So I hope
this video will be very valuable for you, informative, so do
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self-made.
