INSURANCE GUIDES
These guides explain common vehicle insurance terms in simple language. Policy terms, coverage and legal requirements can vary, so check the actual policy wording and applicable rules.
Third-party insurance focuses on eligible third-party liabilities. Comprehensive insurance can provide broader protection depending on the policy selected. Neither label alone tells the full story, so customers should compare exclusions, deductibles, limits and add-ons.
Comprehensive vehicle insurance generally refers to a policy offering broader protection than third-party-only cover, subject to its terms, exclusions, deductibles and limits. Read the policy wording before purchasing.
IDV means Insured Declared Value. In applicable motor insurance policies, it represents the insured value used for certain claim situations, subject to the policy terms. A higher or lower IDV can affect premium and claim-related calculations, so it should be understood rather than selected only by price.
No Claim Bonus, commonly called NCB, is a renewal-related benefit available under eligible motor insurance policies when the applicable conditions are met. NCB rules can differ by policy and insurer, so verify the amount and eligibility during renewal.
Before renewal, check the policy expiry date, vehicle details, coverage, IDV where applicable, deductibles, add-ons, NCB and exclusions. Do not allow an existing policy to lapse while assuming renewal will be automatic.
For a policy-specific answer, contact Parmar Insurance Services with your vehicle details. We can help you understand the enquiry process and available options.
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