5 Car insurance inclusions most people dont know about
To make the most of your four-wheeler insurance policy, it is essential to know as much about the policy as possible. Read this post for 5 vehicle insurance inclusions most people don’t know about.
Third-party insurance is mandatory for every four-wheeler plying on the Indian roads. You can also upgrade to a comprehensive policy to comply with the law and enjoy additional benefits. But what good is a feature-packed policy if you’re unaware of everything included in it?
Thus, to make you an informed policyholder, here is a list of 5 vehicle insurance inclusions that people generally don’t know about-
1. Coverage against natural and man-made calamities
With a comprehensive car insurance plan, you get coverage for damage or partial or total loss to your vehicle from a natural or man-made calamity.
For instance, the policy covers natural calamities like self-ignition, explosion, fire, earthquake, lightning, flood, cyclone, and landslide. You also get financial protection against man-made calamities such as malicious acts, riots, strikes, terrorist activity, etc.
2. Coverage against theft
It is estimated that around 100,000 cars are stolen in India every year. Moreover, vehicle theft is also one of the least-solved crimes in the country. Therefore, to safeguard car owners against the financial implications of this tragedy, comprehensive car insurance plans come with coverage against theft.
If the insured vehicle is stolen, the policyholder is paid compensation equal to the vehicle's IDV (Insured Declared Value).
3. Personal accident cover
Lethal car accidents could lead to bodily injuries or even the death of the owner-driver. As a result, third-party and comprehensive insurance plans come with a Personal Accident (PA) cover.
You can include or exclude the PA cover while purchasing car insurance online or offline. The PA cover can be skipped if you already have this protection. For instance, if you're purchasing insurance for your second car and the one you have for the first car already includes PA cover, you can avoid purchasing it again. You can also avoid buying the PA cover if you own it separately. However, the minimum PA cover you should have is Rs 15 lakhs.
4. Cashless repair
You might have heard about cashless hospitalization facility available with health insurance. But you can get something similar with your car insurance plan too. With the cashless service, you don’t have to pay for car repairs if the damage is covered under the policy. Instead, the insurer will directly settle the bill with the garage.
But note that the facility is only available at network garages. So, while selecting an insurer, ensure that you choose one with an extensive network of garages, especially in and around your city.
5. Towing facility
With some comprehensive plans, you also get a free towing facility. Here, the insurance policy covers the cost of towing the vehicle to the nearest garage in case of a mechanical failure, breakdown, or accident.
Insurers generally have a prescribed limit on the towing cost or the towing distance. Go through the policy wording for more details on this benefit.
Final word
Our Kotak Car Secure is one such comprehensive policy that provides you coverage for theft and damages caused due to natural or man-made calamities. It also includes cashless facilities, PA cover, and other benefits that can keep your car secure whenever you are on or off the road. You can buy this car insurance online and include riders as per your choice for extensive coverage.
You can only utilize your car insurance effectively when you’re fully aware of the benefits and features of the policy. Therefore, before purchasing, ensure you thoroughly read the product brochure or policy wordings to select the right policy.
Disclaimer: The content provided is for education and informational purpose only, none of the information contained in our blog amounts to any form of opinion or advice. Please go through policy related documents carefully or consult an expert before making any insurance-related decisions.