Selecting the best motor insurance policy and optional cover

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Anyone who has driven on Indian roads knows that getting into an accident is significantly easier than getting out of it. For everyone engaged in a car accident, it is a terrifying event. A comprehensive insurance policy protects your vehicle against unheard-of financial losses caused by accidents.

A comprehensive insurance policy covers more than just accidents. It also acts as a safety net against threats such as robbery and natural disasters.

With the correct motor insurance coverage and the right add-ons for your needs, you can protect yourself and your vehicle:

Examine your requirements: Own Damage Coverage vs. Third-Party Coverage

Third-party insurance (TPI) is required by law and is required for all cars. You can select between a TPI-only coverage and a Comprehensive policy. If you have an older vehicle or don’t drive very often, third-party coverage may be sufficient.

On the other hand, if your vehicle is new or is driven frequently, you might consider purchasing comprehensive coverage. This will safeguard you not only from unintentional damage, but also from threats such as flood, fire, and theft.

Add-ons for your car insurance are essential

When it comes to comprehensive coverage, there are a few useful add-ons that, among other things, ensure that your policy is genuinely comprehensive.

Coverage for Zero Depreciation – Adding a Zero Depreciation cover to your policy helps to account for depreciation costs as well, resulting in a bigger claim amount at settlement time.

Return to Invoice Coverage – Adding this coverage to your policy allows you to claim the vehicle’s original invoice price if it is totaled.

Roadside Assistance Coverage – Adding roadside support coverage to your policy ensures that you have access to assistance when you need it. If necessary, the insurer will arrange for a mechanic to assist you on the spot.

Engine Protection Cover– This add-on protects your car against threats such as an oil spill, water intrusion, or mechanical failure, among others.

No Claim Bonus Cover – This insurance protects your no-claims bonus. Your policy’s no-claim benefit pays you for not filing a claim throughout the policy year. If there are no claims during a policy year, it is essentially a discount on the insurance rate at renewal.

Choose your IDV

The IDV, or Insured Declared Value, of your car, is the total value for which it is insured. The IDV does not represent the market worth of your vehicle, contrary to popular assumptions.

Take a look at the Claim Settlement Ratio

Always evaluate the claim settlement ratio before deciding on a plan. The number of claims paid by the insurer versus the total number of claims received in a year is referred to as this ratio.

Additionally, you must ensure that the claims settlement process is speedy and painless. Choose the plan and add-ons that best meet your needs for personal and vehicle protection.

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