What does KP means in car insurance?
Asked by: Nils Heathcote | Last update: August 19, 2022Score: 4.1/5 (30 votes)
KP in car insurance refers to the Key Protect add-on cover that you can purchase along with your motor insurance policy. This add-on cover is useful as it can help you to financially cover your car keys in case of a mishap, such as theft.
What is the meaning of ZD cm Pb KP in car insurance?
ZD:- Zero Depreciation Cover. EP:- Engine Protector Cover. CM:- Consumable Expenses Cover. RTI:- Return to Invoice Cover. PB:- Personal Belongings Cover.
What is KP in car insurance in India?
KP in car insurance is the protection under the lost or damage of car keys the add-on cover will repay the cost to replace or repair the keys is known as KP in car insurance.
What is the meaning of ZD in car insurance?
With zero depreciation coverage, the insured does not have to pay the depreciation value of the damaged or replaced parts and the policyholder can claim. It applies to vehicles that are less than 5 years old and the policyholder can avail of it twice during the policy tenure.
What is NB insurance?
NB stands for Non-Bound Application (insurance)
Car insurance explained | What you need to know
What is ZD EP and RTI in car insurance?
While the Zero Depreciation Add-on cover also sounds like it's got your back, it only pays you back the Ex-Showroom Price, but the RTI insurance also covers road tax and registration charges you had paid.
What is RSA and CPA in insurance?
CPA cover in car insurance means Compulsory Personal Accident cover. A compulsory Personal Accident cover of Rs. 1 lakh is available for individual owners of the car while driving (Available only if the owner of the car holds a valid driving license).
What is own damage and zero DEP?
You can get car insurance coverage for own damage only if you buy a Comprehensive Plan. On the other hand, you need to separately buy the Zero Depreciation car insurance add-on to get coverage against depreciation on the vehicle. Both covers help you get more out of your car insurance plan.
Is 3rd Party insurance enough for car?
Since a third party policy provides coverage only for third party liabilities and nothing for damages sustained by the insured's car, it is not considered an ideal car insurance cover.
What is IDV insurance?
What is Insured Declared Value (IDV)? The term 'IDV' refers to the maximum claim your insurer will pay if your vehicle is damaged beyond repair or is stolen. Suppose the market value of your car is Rs. 8 lakh when you buy the policy. That means the insurer will disburse a maximum amount of Rs.
What is difference between third party and comprehensive insurance?
The main difference between third-party and comprehensive insurance is the kind of coverage it offers. While a Third-Party insurance only covers you against third-party damages and losses, a comprehensive car insurance will cover for your own damages as well.
How do I know if my insurance is zero DEP?
You can easily calculate zero depreciation car insurance premium calculator available on the websites of car insurance online to know the amount of premium you will bear.
Is CPA insurance compulsory?
According to the Insurance Regulatory and Development Authority of India (IRDAI), all vehicle owners must have a compulsory personal accident cover with a minimum sum insured of INR 15 Lakh.
What is vehicle RSA?
What is Roadside Assistance Cover in Car Insurance? Roadside Assistance (RSA) cover offers the much-needed relief to a car owner if his/her vehicle breaks down or has a mechanical failure on the road or at home.
Is RSA compulsory?
Who should take Roadside Assistance Cover? If your vehicle is less than 5 years old, it is advisable to purchase an RSA cover. If you are a frequent traveller via car/bike, it is a must for you to purchase an RSA cover.
What is IDV value?
Insured Declared Value (IDV) is the maximum sum insured fixed by the insurer which is provided on theft or total loss of the insured vehicle. Basically, IDV is the current market value of the vehicle. If the vehicle suffers total loss, IDV is the compensation that the insurer will provide to the policyholder.
What does MPD stand for in insurance?
Maximum Disability Income Policy (MDP) — a form of long-term disability insurance policy that is non-cancelable by the insurance company but limits the insurer's liability for any one claim but not the aggregate amount of all claims.
What does ot mean in insurance?
OT - Other Party or Other Person. OTC - Other Than Collision.
What does IV mean in insurance?
IV stands for Insurance to Value (insurance)
What are the 3 types of car insurance?
- Liability coverage. Protects you if you cause damage to others and/or their stuff. ...
- Collision coverage. Covers your car if you hit another car, person or non-moving object (like those darn ornamental rocks cousin Todd has at the end of his driveway). # ...
- Comprehensive coverage.
Which type of insurance is best for car?
Which is a better Car Insurance? Taking a comprehensive car insurance cover is always advisable as it provides complete protection of not only someone else's car like a Third-Party car insurance, but also the Own damages to your car, as well as any injury to the owner driver.
Is comprehensive insurance full coverage?
Comprehensive policy covers damage to the car due to accidents, car theft, losses to a third party, damage to the car due to natural damages, personal injuries or death caused in an accident, damages caused in a fire. Comprehensive car coverage is full coverage.
Is higher IDV better?
At best, IDV is the maximum sum insured amount that the insurance company pledges to compensate for your loss. Getting an IDV that is close to the market value of your car is always the best bet. Decreasing the IDV value will result in lower premium but it also provides you with a lower coverage than is required.