vehicle insurance 2021

Are online vehicle insurance companies legit ?

Yes.

Go to the website of the insurer and check for the the IRDAI Registration number. You can also go to IRDAI's website and check the list of insurance companies.

Going online saves a lot of cost for the company.

Why is it a legal requirement to have vehicle insurance if you can pay for repairs and medical bills for all parties involved from your own money ? 

Well I don’t like the requirement for insurance myself, but the purpose isn’t to make sure you can repair your car.

The purpose is to make sure that in the event that you crash into someone, and cause the severe physical injury, that they can collect money from insurance to cover their medical bills.

So if you give me a brain injury that costs $500,000 to treat, then your insurance will cover most of that.

Most people don’t have that kind of money in cash.

Even people that are relatively well off, might have a Million dollar net worth, but they don’t have a million dollars in cash. My parents are millionaires, but they don’t have that in cash. They have that in investments or property, but not in cash.

So insurance does have a logic behind it.

What is the importance of IDV in vehicle insurance ?

IDV stands for the ' Insured Declared Value '. So as the name signifies itself , IDV is the maximum value of any vehicle , which is declared by the insurance companies .

Importance Of IDV in vehicle insurance

• vehicle’s maximum market value is derived by this.
• at the time when vehicle got stolen , Insurance claim is settled as per idv.
• IDV determines the vehicle's age.
• IDV starts decreasing the next day of vehicle purchased in a certain fix percentage by IRDAI.
• At times when vehicle meets severe accidents and goes total loss, its value so obtained depends on its IDV.
• IDV determines make & model of the car, standard depreciation and varies as per city of registration.

What should be done first, get a new vehicle title or buy vehicle insurance ?

Insurance.

You need to have insurance activated on the vehicle by the date you are planning on taking possession. Any and all insurance providers will activate coverage on an automobile on whatever date you wish. You will have to do this if you wish to drive the vehicle legally!

For what reason should you purchase vehicle insurance on the web ?

There is ONE and only ONE reason to purchase vehicle insurance on the web. YOU ARE LAZY!

It may take more time, but since you are not an insurance professional, you probably should be talking to one, instead of doing it on your own. You have no idea what coverages are, and cutting coverages could leave you in a bind, when you really need that coverage. Also taking higher deductibles, just because it is cheaper, might be financially unwise. Sometimes the better deal is the LOWER deductible because you aren’t saving enough money going to the higher deductible. Doing it yourself is fraught with possible mistakes!!!

Does vehicle insurance in the US cover for accidents caused because a vehicle isn't roadworthy?

There as are no exclusions under a United States personal auto policy requiring “roadworthy”. Many states inspect vehicles and may not issue registration. Carriers through inspection or through their agent may not insure or may non renew a policy. Liability insurance (or financial responsibility) are required. It would go against that is carriers could Willy nilly decline liability claims.