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Factors To Consider For Car Insurance
[Posted by: InsuringIndia Blog on 03-Mar-2016]

Every car owner in India must have mandatory third party insurance as per the Motor Vehicle Act 1988. With a plethora of choices, apps and discounts available in the market today, it is not an easy task to zero into a car insurance which will suit your needs. 

 

In the current scenario, with an escalation in the number of vehicles and accidents, netting a reliable insurance cover is an undeniable need. The vehicle owner pays a fixed amount or a premium to the insurance company for a stipulated time period. In the event of a mishap, the insurance company gauges the damage and depending on the assessed value of the vehicle, pays compensation to the client. Many insurance companies also offer an additional personal accident insurance cover along with this vehicle insurance.(In a comprehensive package normally PA is always there.)

 

While you may want maximum security cover for your car, how do you ensure that all types of calamities are clubbed in the "perfect" car policy?

 

Add-on policies like a personal accident cover, zero depreciation cover, hydrostatic lock cover, insurance against acts of God like floods, earthquakes, etc, insurance against man made calamities like theft, riots, etc should be factored in to make your car insurance comprehensive and complete. Here's a look at a few useful tips that you should consider before buying a car policy: 

 

1.            Personal Accident Cover: Any accident can not only inflict physical trauma but also impact hospital bills and in some cases even earning ability. The vehicle owner pays a fixed amount or a premium to the insurance company in the form of a premium for a stipulated time period. In an event of a mishap, the insurance company gauges the damage and depending on the assessed value of the vehicle, pays compensation to the client. It covers the following :

·         Death due to an accident

·         Permanent and/or total disability in an accident

·         Loss of both limbs / one hand and one foot / loss of limbs and eyes / complete loss of eyesight, speech

·         Any permanent but partial disability (subject to limits)

·         Temporary and total disablement - Fixed sum will be paid (based on the sum assured), weekly for a fixed tenure

·         Accidental death - In the event of death due to accident, the policy holder's family gets accidental death compensation

·         Medical reimbursement for health complications that has risen from the accident

·         Other factors like education and employment benefit, funeral expenses, hospital charges including ambulance charges etc are also covered

 

2.            Hydrostatic lock coverIn the event of passing through floodwaters or if your car is parked in a waterlogged area, this cover comes very handy. It ensures your additional expenses like engine damage are taken care of. This also takes into account full replacement of engine and other parts, if required. This add-in is a must if you live or work in an area which is prone to water logging or flooding.

 

3.            Insurance against acts of God/nature: Natural calamities such as earthquake, flood, storm, cyclone (also known as ‘Acts of God’) can be covered through property insurance policy.

 

4.            Policy against man made acts like theftOpt for a comprehensive car insurance policy which will cover this. 

 

5.            Zero Depreciation CoverThough you may pay a higher premium when you buy this type of cover, it is worth buying. This is because if your car is involved in an accident, this cover reimburses all your damages without taking depreciation into account, and you get back the complete amount you may have spent to repair your car.

 

While buying an insurance policy for your car, take into consideration various types of policies which are available on online portals and compare them. Pay special attention to the features of the policy, additional riders and the cost. Thereafter, draw up a list of advantages and disadvantages and choose the policy that gives you maximum support in terms of best and comprehensive coverage at the lowest premium rates. You can, subsequently, fill up the form and make an online payment and on realization of your payment, the policy will be confirmed within a matter of few minutes. All this can be done at your convenience from anywhere.   

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