With the increasing number of road accidents in the country, car drivers face unpredictable risks every day. For the protection of car drivers, there are insurance policies that offer coverage to the driver or his/ her family. This cover can be used by the insured for medical treatments or the nominees to support themselves financially for a specific period of time. The same goes for insurance.
Cars are expensive and it is not something that we buy every day. As cars are machines, they cannot protect themselves against damages caused by unforeseen circumstances. The loss of a car can be pretty much disheartening for many as buying a car again would cost them a fortune. To avoid such a situation, it is recommended that you buy an insurance for your car.
The basic objective of a car insurance policy is to offer protection against damage to the vehicle and liability to third party. However, choosing the right insurance policy can be a tough task as there are different types of insurance policies available in the market. Here is a comprehensive list of the policies available in the market, which can help you choose the right one for yourself.
- Zero Depreciation Cover: When you file a claim for an old car using traditional insurance policy, you might not get claim amount you expect. This is because, traditional insurance providers deduct depreciation on the replaced parts. On the other hand, a Zero Depreciation Cover, will help you get full claim coverage on the value of parts replaced. Thus, availing a Zero Depreciation Cover will keep your expenses low while damage repair.
- No Claim Bonus: In case, if you do not make a claim in the entire year, some insurance companies offer discount to the insured for the next year. This can help you lower the cost of premium for the next year on the current policy; thus saving you money on insurance policy. You can also transfer your No Claim Bonus from one provider to another, if you have a NCB certificate.
- Own Damage Cover: This is among the key element of your car insurance. If your car gets damaged due to man-made or natural disaster, the Own Damage Cover will pay for the expenses of repairing the car. It also covers for losses caused due to calamities like earthquake, storm, fire, explosion, etc. When you are about to purchase an Own Damage Cover policy, it is recommended that you opt for highest sum assured available for your vehicle.
Even though policies like the above mentioned ones have a higher price, it is important to consider the fact that it does not make any sense to opt for a cheap car insurance policy with a lower cover. The latter will save you nothing but few hundred rupees on insurance premiums.
To better understand car insurance policy or to avail financial planning assistance in the purchase of a vehicle, you may drop us a message at PL-India Motor Insurance and we shall revert at the soonest. Alternatively, do email us at firstname.lastname@example.org