Insurance sector is replete with numerous comprehensive car insurance. This create a problem in deciding among the best option. With constant development in Indian automotive industry, there have been a considerable number of schemes and policies launched by the concerned insurance unions.
A car insurance policy covers the expenses of the damages or the theft in accordance with the type of scheme opted by an individual. As per the law, a car insurance policy is mandatory for every model, be it new or used. Such a policy at least ensures to cover the minimum damage, which can be caused to one’s own car or other vehicles in case of collision.
Which insurance cover to choose?
A car insurance cover is a great security cover to have in the case of accident and other mishaps like theft, riots, vandalism, broken windscreens etc. Damage caused due to unforeseen acts like earthquake, flood, falling trees etc. are also covered. In case of third party insurance, any legal liability arising from damage caused by your car is also covered. These include bodily injury, death or damage to third party property.
Add on covers
Add on covers are extremely useful during sticky situations. They include hydrostatic lock cover, zero depreciation cover and engine protector cover. A Hydrostatic lock occurs when your vehicle’s engine comes in contact with water. Water prevents the engine from starting, rendering the vehicle into a static position. It mainly occurs when a parked vehicle is stranded in a flooded area or during monsoons.
Zero depreciation cover promises comprehensive coverage without factoring in for depreciation. If your car is damaged following a collision, for instance, and you file a claim, the insurer will cover the entire cost.
Engine protector reimburses damages inflicted if there is ingress of water or if the gear box is damaged because of oil spill.
No claim Bonus
No claim bonus can be claimed from your insurer after a year of buying a policy in case you have not made any claim.
Paying the premium for your car insurance policy is extremely crucial. You have the option of paying the premium annually, bi annually, quarterly or monthly.
An insurance company will undertake a risk assessment before finalizing a policy. This will influence your driving records, age, occupation etc.
Using the services of an online aggregators is the fastest, efficient and a time saving process. Here you can compare premiums, drawbacks and advantages of various policies before choosing the best one.