The answer to the question pertaining to “Which is the best car insurance in India?” is undoubtedly debatable. With a host of options available in the market space, it is important to decide upon your coverage needs and budget for premium payment before going ahead with the comparison of the features and benefits of different car insurance plans in India. Here, we aim to help you understand whether the car coverage plans shortlisted by you are giving away all the benefits you deserve or are you being under-insured.
Is Your Car Insurance Giving You All the Benefits?
In India, it is mandatory to have car insurance by law. So, the primary thing that you need to understand while looking for car insurance online is whether it is taking care of third party liabilities incurred to you in the event of an accident or not. Third Party Liability car insurance is obligatory as per the Indian Motor Vehicle’s Act, 1988 and covers you for the bodily injuries or death caused to pedestrians or the driver/passengers in the other car. Another benefit of opting for TPL car insurance is that it takes care of the damages inflicted to third party property as well as the other people travelling in the car driven by you when it meets with an accident.
Even as you check whether all third-party liabilities are taken care of in the process of purchasing car insurance, you need to ascertain the presence of other benefits as well. Comprehensive car insurance will protect your vehicle from natural calamities and man-made emergencies such as theft, terrorist attack, arson, etc. along with providing coverage for third-party liabilities. Besides, you may choose different add-ons upon the payment of additional premium to take care of your additional coverage needs such as nil depreciation cover, No Claim Bonus Retention Cover, etc.
What Are the Advantages of Buying Car Insurance?
Insurance aggregator and comparison sites like Coverfox.com go a long way in helping you figure out the best car insurance policy for your new or second-hand vehicle. The benefits of purchasing car insurance are many and it pays to know about them before you go ahead and click on “Pay.” These benefits would differ from one motor insurance product to the next but are instrumental in offsetting the losses linked to huge sums of money required for repairs, legal fees, etc. after the happening of an accident or any unfortunate event.
1. Zero Depreciation
Zero Depreciation is a coveted add-on car insurance coverage feature that allows you to get full settlement regardless of any write-offs for depreciation as in normal car insurance plans. By opting for such coverage, you gain access to full claim policy against a premium; such plans are very beneficial for the top and mid-segment luxury and expensive cars as they provide superior benefits at minimal costs.
2. Cashless Network of Garages
Most car insurance providers in India have their individual set of network garages for the convenience of their policyholders. These garages provide cashless repairs wherein the expenses related to the repairs, spare parts, etc. are directly taken care of by the insurance providing company. As a car owner, you just have to pay for the difference amount as calculated and confirmed by the claims manager. The key benefits linked to Cashless Garage Networks is that they reduce the stress and formalities involved in claim processes after getting your car back into shape.
3. No Claim Bonus
No Claim Bonus (NCB) refers to the discount provided by the insurance company to the policyholder for not making any claim in a preceding year of coverage. A progressive way of reducing your insurance premium, NCB can be transferred to any new vehicle that you choose to have in future.
4. Personal Accident Insurance
Personal Accident Insurance provides coverage for disability or death resulting from an accident. Such coverage is usually extended to the owner-driver at no extra premium. In case the Personal Accident cover is for any individual other than the driver or owner, it has to be bought separately by paying an additional premium. The sum to be paid as compensation would depend on the extent of coverage applied for.
Visit Coverfox.com to gain further insight into the scope, tenure, and extent of different types of car insurance coverage and their benefits. It makes good sense to purchase car insurance online as you can get discounts on your premium from the insurance company of your choice. Alongside, you can compare and assess the benefits of different riders and add-ons for your cause. Remember, the cheapest car insurance online may not be the best in providing protection in your hour of need – choose carefully!