Motor Insurance Policy

7 Must Have Coverage Inclusions in Your Motor Insurance Policy

We hope you are aware about how to purchase insurance for your vehicle and how you must renew it before it lapses every year. It is now crucial to understand the coverage offered by your motor insurance policy. You must carefully study the information your insurance company provides, or you risk losing out on benefits you might otherwise be eligible for.

The scope of motor insurance coverage is broad. There are seven crucial points, nonetheless, that you must pay attention to.

  1. Coverage of natural calamities/terrorist attack

It is a misconception that a motor insurance policy covers only accidents and thefts. But in reality, an automobile insurance policy also pays for damages brought on by events beyond human control.

These occurrences include natural disasters, including floods, earthquakes, hurricanes, terrorist attacks, and transit-related harm. 

  1. Renewal without documentation

Nobody enjoys dealing with the headaches of documentation. Insurance-related paperwork is typically time-consuming and lengthy. In contrast, you can do motor insurance renewal online in this digital age without completing any additional paperwork. It is simple, quick, and requires no paperwork. 

  1. Third-party premium

Third-party premium is also a part of a comprehensive cover. This offers protection from lawsuits that can arise if you unintentionally harm someone or damage their property. Your auto insurance for vehicle policy covers third-party damage. You can submit a claim through the standard claim process. Nowadays, every auto insurance policy includes own-damage* and a third-party premium.

You may be eligible for a concession on the cost of third-party insurance. You would need to guarantee the insurance company that you will prevent third-party claims or reimburse the costs if this unusual circumstance arises.

  1. Zero depreciation cover

Depreciation is estimated for car insurance at the pace at which the vehicle’s components deteriorate over time. Insurance companies compute depreciation at the rate when resolving a claim. The insured must pay the difference between the market and depreciation values. If you purchase a zero depreciation cover, you can prevent this. You can obtain complete coverage in this situation without worrying about depreciation. *

  1. Accident shield

No matter how careful you are, unfortunate traffic accidents occur and are tragic and life-changing. Your car is essential, but so are the lives of everyone within the vehicle. By choosing an accident shield, you can get compensation for all the occupants in the event of a fatal accident or total disability. *

  1. Coverage for engine

An engine might stall for various causes, including damage to the gearbox, oil leaks, or unintentional water infiltration. If you choose engine protector coverage, your insurance provider will pay the costs of repairing your engine. *

  1. Car accessories coverage

The damage to the car and not its accessories are typically covered during accidents. To receive financial compensation for the loss or damage of the accessories, you may add car accessory coverage to your policy. *

The cost of the premium will go up as a result, which you can calculate using a motor insurance calculator. However, in the long run, it is economical. Your entire cost may stay the same if you have repurchased new accessories. *

To sum up

Whenever you purchase insurance for your vehicle, make sure you have gone through the policy documents carefully. Go through your policy thoroughly, so that you do not face any difficulty or trouble while claiming your vehicle’s insurance policy.

* Standard T&C Apply

** Currently, there are 2 tax regimes in India – new and old. To get the tax benefit you desire, choose the correct one after consulting an expert. You can opt for a regime change during the next financial year.

# Visit the official website of IRDAI for further details.

## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale. 

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