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Over and again you will come across advices like "double check before signing any papers". Apart from the documents of your motor insurance policy it is difficult to really know what is in the product disclosure statement. The product disclosure statement describes the protection of your motor insurance coverage and also the terms & conditions that will apply. And giving a detail look in all the required documents is important because when you make a claim you should know what you are eligible for, and what might stop your claim from being accepted. Comprehensive coverage protects you from losses or damages due to an accident, a storm, flood, fire and robbery. Comprehensive motor insurance policy will also protect you for damages you create towards third party property. However, motor insurance policies vary on the amount insured in terms of your own belongings, keys, after-accident treatment, towing, storage, accommodation and rented vehicle. Characteristics of a Motor Insurance Policy Vehicle rental alternative Most comprehensive motor insurance policies provide minimum rental vehicle offer if your vehicle is stolen. Zero Claims discount Protective cover This feature covers the no claims rating. This means that your no-claims rating is not affected by the claims that you simply carry out ultimately help to make in this particular insurance coverage period. Actual value of your vehicle The price of the vehicle according to the documents of your motor insurance policy is sometimes so high that the amount of money which is your insurance provider will pay out on a claim for damages or losses. The price is calculated either by the vehicle's market value or the value agreed upon by you or your insurance provider at the beginning of your insurance cover. The market price is figured out once the loss or damage was incurred as well as displays the cost of your vehicle will retrieve in the market given its mileage, version, type and age. Adaptations In case you modify your vehicle and inform your insurer regarding this, the price of your insurance policy may increase. On the other hand if you modify your vehicle and forget to disclose this to your insurer then you might not need to pay on a claim to restore those modifications or in case the vehicle is stolen, your insurance policy might be totally invalidated. There are a few exclusion clauses that might involve particular claims and even the motor insurance policy. These are generally described in your product disclosure statement. Even though you do not have a motor insurance protection plan yet, you might be in a position to get the product disclosure statement of a potential motor insurance plan online. About the Author It is very essential to have a car insurance policy. Author Pranav Sharma is an experienced insurance professional and widely read expert on general insurance based in Mumbai. Pranav helps readers opt for best motor insurance policy in India.
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