Your car happens to be your most prized possession and it deserves to be insured with the most competitive plan in the market. Many times car owners opt for a not-so-adequate plan and prefer only to have cover for the third party liability. What they fail to notice is that a comprehensive plan can offer them a host of benefits that will not just secure their car but them and their fellow passengers too. Moreover, a comprehensive plan turns out to be an affordable deal rather than an additional financial burden. Some of the benefits that you can get with a comprehensive motor car insurance plan are as follows –
Fixed cover –
Cover for car damages
One of the greatest risks that your car could face is damages due to an accident. A motorcarinsurance plan has this situation well covered. The policy offers financial assistance to repair your car and get it back on track. Moreover, car insurance plans offer cashless facility at the policy network garages across the nation. This facility allows you to get the car repaired at the network garage of the policy without shedding a penny out of your pocket. The bill is directly settled by the insurance company. The policy also offers to cover damages in case of man-made and natural perils.
Third party cover
It has been made mandatory by the Motor Vehicle Act that every car needs to have a cover for third party liability. This is essentially why motor car insurance plans offers cover for such a situation. So, if you encounter a car accident resulting in damages to a third party, either his property or any physical injuries, you would need to pay compensation. A car insurance plan offers a pre-defined amount to cover third party liability.
Cover for car owner
While travelling in the car, the car owner is at equal risk of encountering injuries in case of an accident. This is why a motor car insurance policy provides cover for such conditions as well. Mostly, car insurance plans offer a cover of around Rs.2lacs to support such a crisis situation. Ideally this should be claimed within 6 months of injury.
Variable cover –
Cover for the fellow passengers
A vehicle insurance policy very well understands that the security of the fellow passengers in the car is also the responsibility of the car owner. This is why it provides the option to buy a cover for the co-passengers as well. The plan offers a particular sum to cover the damages suffered by the fellow-passengers in case of an accident. But this cover is optional; the car owner can opt for it if he/she wishes to.
Cover for paid driver
As under the variable benefit section, this cover is optional. The car owner can decide to choose if he/she wants a cover for the paid driver. The add-on will offer cover for legal liability and any physical injuries to the paid driver in case of an accident.
There are several other add-ons that you can purchase with the motor car insurance you opt for like cover for depreciation waiver, windshield glass cover, roadside assistance cover etc.This makes your policy all the more comprehensive.
And it doesn’t end with these covers. Motor car insurance knows well to reward careful drivers. It offers no claim bonus to policy holders, under which you can avail several benefits if you’ve not claimed your insurance for the entire year. The bonus is usually paid off as waiver of certain percentage on the premium payments of next year.
Benefits you can avail with a motor car insurance plan