We list the important components that a good car insurance policy covers.
Buying a car, whether for private or commercial use, is simple enough since there are umpteen options in vehicle types and brands. A wide range of options are also available for motor insurance policies – the policy is purchased at the time of buying the car.
It is mandatory to take a motor insurance if you wish to drive your vehicle in India. Taking a comprehensive car insurance policy protects you and your car against a variety of dangers on the road. But you need not buy vehicle insurance from your car dealer – you can buy it independently by contacting an insurance provider directly. But before you do, it is necessary to brush up on the essential components that your car insurance plan must comprise.
What a good motor insurance plan covers
Car damage expenses:
The most comprehensive motor insurance plan covers a wide range of damages to your car. Whether your car sustains major damages in an accident, or a broken fender/windshield in a collision, or even wilful destruction (from theft and/or break-ins), the car insurance policy provides adequate coverage against them all.
Personal accident coverage:
Your motor insurance policy offers a compulsory personal accident coverage for individual car owners. The coverage amount may vary from insurer to insurer. However, do opt for a minimum coverage of Rs 1 lakh for yourself, and increased coverage to account for passengers, up to Rs 2 lakh per person. The coverage is extended for the number of passengers; their names may not be required at the time of taking the insurance policy.
Third Party Liability (TPL):
This is a vital, compulsory component of your car insurance plan. It provides protection against legal claims filed by a third party that has suffered bodily injury or/and damage to their car owing to an accident you may have caused. This coverage pays the damages to the third party and also the legal expenses required to defend yourself against the claim. There are stand-alone TPL policies available as well, but it is better to take a comprehensive plan that covers other benefits along with TPL.
Legal Liabilities:
You can enhance the policy coverage with additional premiums to pay the legal liabilities arising from negligence shown by the driver or care staff employed for your vehicle, or the accidental damages incurred by users of your car (excluding the paid driver) and in case of private use of the vehicle, the damages incurred by co-passengers.
Additional features:
Look for policy enhancements that add value to the overall plan. These include motor add-ons, 24/7 roadside assistance, speedy and hassle-free claims settlement process (not exceeding 7 days), online purchase and renewal, and accident help from the insurance provider.
The benefits of a good car insurance plan
The basic benefit of taking a comprehensive motor insurance policy is that it provides security to you and your car every time you take the wheel. While you can account for your own safe driving, there are several unseen dangers lurking at every turn – and your car insurance plan combats them all while protecting you constantly.
Do affordable car and motor insurance remind you of inadequate coverage, high insurance deductibles, and a lack of add-ons? If yes, your concerns are not unfounded. However,...
Read More
Car Insurance is more than just a necessity in India. It is a shield that protects vehicle owners from unanticipated financial issues. According to the Motor Vehicles...
Read More
Driving is a part of life for many people in India. But with driving also comes the responsibility of following traffic rules. If you break a traffic...
Read More
The car you buy is an extension of your personality. If you are outgoing, extroverted and filled with a desire to announce yourself wherever you go, you...
Read More
While the RTO issues specific registration numbers for cars and bikes, fancy numbers are also available. The RTO conducts online auctions, and such numbers are sold to...
Read More
A few years back, if you went to buy a car, you mostly used to get two fuel options, petrol and diesel. However, electric cars soon came...
Read More
Whether it's your first car or second, a vehicle is an investment that is fueled by utilitarian needs (easy transportation) and passion (aka car lovers). Depending on...
Read More
Often overshadowed by comprehensive policies, standalone OD insurance offers tailored protection solely for your vehicle. Discover why a standalone own damage policy might be the perfect fit...
Read More
Your car is linked to some of the most special moments in your life. You can make more memories with the help of car insurance. Every person’s...
Read More
To get the perfect insurance for your vehicle, comparing car insurance online beforehand is paramount. However, navigating the world of quotes and coverage options can feel overwhelming....
Read More
Transferring vehicle ownership in India can seem daunting. Whether you're selling your car or motorcycle or inheriting a vehicle, understanding the steps to transfer ownership is crucial....
Read More
When considering buying a car, many factors come into play – engine power, fuel efficiency, safety features, looks, and, of course, car insurance policy. However, one overlooked...
Read More
A car accident is a horrible experience that can leave you feeling really shaken. In the immediate aftermath, it’s natural to feel shocked and find it hard...
Read More
We list the important components that a good car insurance policy covers. Buying a car, whether for private or commercial use, is simple enough since there are...
Read More
Since childhood, we have certain dreams and we wish for them to come true as we grow up. One of the most common dreams which we probably...
Read More
In a time when alternatives to fossil fuels are imperative to reigning in environmental damage, electric vehicles can play a major role in a greener, cleaner future....
Read More
Many people believe that car insurance is only required for bad drivers. But did you know that your insurance company gives you dsscount for safe driving and...
Read More
Buying a suitable car insurance plan with relevant features and benefits can be a tricky job – but Future Generali has you covered with a car insurance...
Read More
In today’s highly mobile and digital era, buying a car is no more a daunting task. However, it comes with lots of responsibilities like safe driving and...
Read MoreDidn’t find what you are looking for? Let our experts guide you.
