When we are purchasing a new car, the last thing on our mind is the possibility of accidents or any damages to the vehicle. We tend to postpone that all-important duty of purchasing motor insurance till it’s too late.
Though motor insurance is considered to be an additional cost, it is absolutely detrimental that we invest in it to safeguard ourselves against vehicular damage or natural calamities.
There are two types of car insurance plans – comprehensive insurance and third-party liability. In comprehensive insurance, any damage to your vehicle is covered by third-party liability, damages caused on account of an accident by your vehicle to the other party.
Though only the latter type of coverage is mandatory, it is advisable that one invests in comprehensive insurance as well to cover all grounds.
Here are some of the most important benefits of insuring your car –
A large number of risks are covered – When it comes to a car, a large number or risks are there. They can range from man-made disasters like theft, accidents, fire, riots, malicious damages, and natural disasters like floods, earthquakes and storms, to name a few. Furthermore, in the case of third-party liability, any damage to the other party is also covered.
Insured Value – Your car can be insured for a value, known as the Insured Declared Value, which is based on the manufacturer’s price of the vehicle minus the depreciation of the vehicle subject to its age. If you opt for a zero depreciation cover, the depreciation amount is not deducted, but the whole amount is handed over to the owner.
Savings on premium amount paid – If you go through a claimless year, you can avail the no claim bonus (NCB), which offers you a discount on your premium. In some cases, you can reduce the premium by up to fifty percent every year. Furthermore, if you sell your vehicle, you can also transfer the NCB to your new vehicle and enjoy a lower premium payout.If an individual is a member of the Automobile Association of India, they can avail further discounts. Some insurance plans also provide discounts on the own damage premium (OD) to those who opt for a voluntary deductible. Furthermore, during claim-free policy years, individuals could also opt for a discount on OD premium.
While there are numerous benefits of purchasing or renew your car insurance policy, you should make sure that you do not undervalue the car in an effort to bringing down the premium. Doing so will drastically decrease the claim amount.
Besides, you should also ensure that there is no lapse in the payment of the premium because any damage to the car during the interim time results in no benefit offered by the auto insurance provider.
Reducing car insurance premiums is simple and straightforward. By
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*Savings are based on the comparison between the highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB. Actual time for transaction may vary subject to additional data requirements and operational processes.
+Savings are based on the maximum discount on own damage premium as offered by our insurer partners.
##Claim Assurance Program: Pick-up and drop facility available in 1400+ select network garages. On-ground workshop team available in select workshops. Repair warranty on parts at the sole discretion of insurance companies. Dedicated Claims Manager. 24x7 Claim Assistance.
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*Savings are based on the comparison between the highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB. Actual time for transaction may vary subject to additional data requirements and operational processes.
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