Your Absolute Guide to the get the Best Car Insurance
Are you looking to buy the best car insurance for your car?
If yes then you are at the correct address. Buying a car is not just taking it out of the showroom and to your home, there are a lot of crucial things to do in between. We are not only talking about the external appearance of the car, or fulfilling the rituals as per different religions, we are talking about one very important factor that can save you from unknown problems. Yes, we are talking about getting your car insured!
Beautifying your car with different accessories, its cleaning kit, keeping its engine in a good state to achieve the best average, etc, all sound very exciting and thrilling but do you have any idea that this thrill can be interrupted in a fraction of a second. Yes, anything and everything can happen to your beast in a matter of seconds.
Before you feel helpless and sad, we have come up with a detailed guide to educate you all about getting your car insured and associated aspects. Also, for Indian residents, it is mandatory that they buy vehicle insurance. Let’s move forward to understand motor vehicle insurance.
What are the different types of motor vehicle insurance?
On a broad scale, the different types of motor vehicle insurance are listed below.
- Own Damage(OD) or Collision Damage cover- If your car undergoes collision damage by any means, the cost of repairing its damaged parts is reimbursed. This is optional insurance and is completely the owner’s choice to buy it or not.
- Third-party liability cover- This insurance is aimed at reimbursing in situations where treatment and hospitalisation charges of the third parties are covered. Also, if the vehicle of the third party is damaged, then the replacement or repair cost of it is reimbursed. Furthermore, if any liabilities arise due to the death of a third party, it is covered under this type of insurance. It is absolutely mandatory for Indian citizens to buy this type of insurance when they buy a car.
- Personal Accident Cover- As suggested by the name this is to protect or pay the medical expenses of the owner(driver) after an accident.
- Comprehensive motor/car insurance- It is the highest level of protection offered as insurance. It generally includes all types of coverage such as the third party cover, collision damage cover, non-collision damage cover(like storm, theft), personal damage cover, etc.
- Zero Depreciation Cover- When the damaged parts of the car are to be replaced, the owner can get a full claim for the parts without any deduction or depreciation in the costs.
As per our suggestion, all types of insurance are healthy for a car owner but the one that is mandatory by the Indian Government is the Third-party liability cover. However, having comprehensive insurance will also be a wise choice.
What are the factors to consider when buying insurance for a car?
There are lots of benefits that the insurance companies offer to the owner of the car. Not every owner is aware of these benefits. When you are choosing to buy car insurance, discuss the following advantages with the insurance dealer.
- If your car’s lock breaks due to any reason, a cover must be given to the owner. Also, if the car’s key is stolen or gets lost, there is a cover for the key replacement.
- When your car has been gone for repair, the insurer is liable to pay you commuting charges for that duration.
- If your car has undergone an accident and is not in a condition to be driven, the insurer is dutiful to offer a hotel stay for you on its behalf.
- Sometimes when a claim is not filed, the client receives a NCB(No Claim Bonus). It is like a bonus for not filing even a single claim during the insurance period.
- In the repair of parts that are made of plastic, rubber, or fibre, the repair happens without affecting NCB.
- With depreciation of reimbursement feature, a full claim on the replaced parts is offered without any deduction.
- If you don’t have an ARAI approved anti-theft device in your car and if by any chance, you lose your baggage and/or personal belongings, the insurance company gives you coverage for the same.
These are some of the benefits of advantageous factors offered to the customer when they purchase a car insurance. However, there are certain points that are not offered or covered by an insurance company. Let’s see what these points are in the following section of the article.
Which points are not covered in car’s insurance by the company?
- When damage to the car is caused by a person who does not have a valid driving licence.
- Damage caused while the person is driving under the influence of drugs or alcohol.
- When a car’s value decreases,
- Damage caused due to technical or electrical faults.
- Damage caused due to ageing or normal depreciation of the vehicle.
- Tyre and tube depreciation.
This guide suggests the basics of buying insurance for your car. By going through these points in detail, you will be able to get the maximum advantages of the insurance you are paying for. We hope this article will be helpful for your reference.