Car Insurance Policies In India
Based on the Coverage
Motor insurance policies can be classified into the following types, on the types of coverage they offer:
Third-party Liability Insurance
This type of insurance policy is mandated by law for all vehicles plying on the roads. This insurance provides protection to third-party for damages to property or injuries to the policyholder and all the passengers present during the time of an accident, where the policyholder is accountable for the accident. Third-party liability insurance only covers minimal risks, and it does not protect the policyholder from damage or theft of the insured vehicle, or injuries that he suffers.
This type of insurance policy covers third-party liability, and the expenses incurred by the policyholder in the event of damage or theft of the insured vehicle. The policyholder also benefits from a personal accident cover that offers compensation if he is injured or faces death in an accident. The COMPREHENSIVE CAR INSURANCE can be enhanced through add-on covers that offer extended benefits.
Some of the add-ons insurance covers that supplement a comprehensive insurance plan are as follows:
Zero Depreciation Cover
This is one of the most popular add-on covers in motor insurance. This policy ensures that the policyholder receives the full claim amount on the value of replaced parts, following an accident. However, this cover is available only for vehicles that are less than three years old.
Roadside Assistance Cover
In the event of an emergency such as puncture, battery issues, or an empty fuel tank, this cover provides you assistance even if you are stranded at a remote location. Policyholders can benefit from services like fuel assistance, battery recharge, taxi, or even accommodation assistance.
Engine and Electronic Circuit Cover – This insurance covers expenses incurred when there is a damage to the insured vehicle’s engine or electronic circuits.
NCB Protection Cover
The No Claim Bonus is a reward given to a policyholder for not making any claims during the policy term. The NCB can amount to a significant reduction in premium for the following year. However, when the policyholder makes a claim in the subsequent years, he stands to lose the accrued NCB. The NCB Protection cover, as the name suggests, does not nullify the NCB in the event of a claim; it just brings down the slab at which the NCB discount is given on premium.
Key Replacement Cover
In the case of a lost ignition key, this insurance cover offers reimbursement for a part of the cost of a substitute key.
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