All about SUV car insurance policy

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04 Aug 2023

Read about types of insurance for SUVs its importance and factors that influence its premium. Check out the car insurance policy from Kotak General Insurance.

We are all aware of the significance of insuring our assets. It is much more crucial to conduct a thorough study before choosing a car insurance policy if you intend to get an SUV because it will safeguard your finances in the event that the vehicle sustains any type of damage. You will be protected against financial liability, medical costs, and legal repercussions with SUV car insurance.

Types of insurance for SUVs

• Third-Party Liability Coverage - A third party involved in an accident with you is covered by this insurance coverage for any vehicle damage or personal injury. It provides compensation for losses resulting from any accident involving your car, including those for physical harm, total permanent disability, fatalities, and property damage.

• Comprehensive Coverage - Along with protecting you against third-party liability, comprehensive coverage also guards against losses or damages to your car resulting from theft, collisions, floods, earthquakes, riots, and other events. As it provides total peace of mind when your car is on the road, and end-to-end coverage, this sort of car insurance is quite popular.

Importance of SUV insurance

SUV car insurance comes with a variety of advantages in terms of financial support and emergency roadside assistance. It protects you from financial liability, medical expenditures, and legal ramifications. Even if there are no accidents or third-party liabilities, your SUV has to be insured. Additionally, according to The Motor Vehicles Act of 1988, a Car insurance policy for SUVs is required. You can be violating the law if you don't have car insurance for your SUV.

Without third-party insurance for your SUV, you run the danger of being held liable financially and legally for any damages that result from an accident, which could cost you a fortune. You may compensate people for any harm you do by getting SUV car insurance, or you are protected financially from accident-related costs.

Tips to bear in mind while buying SUV insurance

• Select the Zero Depreciation Add-on Cover option to protect yourself against depreciation on items that are excluded from coverage under your basic car insurance policy.

• When you buy car insurance, Personal Accident coverage is a must. Insurance coverage provides financial assistance when an accident causes a person's death or injury.

• Select NCB (No Claim Bonus) Protection as your insurance. With this, even if you file a claim, your discount is still secured.

• Consider purchasing Personal Accident coverage for unidentified passengers in addition to the required Personal Accident coverage for the vehicle's owner-driver.

SUV features that influence the insurance premium

• Your car insurance policy's premium is significantly influenced by the model of your four-wheeler.

• When determining the cost of your car insurance, the age of your SUV is also considered. This is because as a vehicle ages, its depreciation value and wear and tear rise, decreasing the market value of the car.

• SUV insurance premiums are also influenced by the engine type. Diesel vehicles are often costlier than gasoline-powered vehicles.

The type of car insurance you choose will also impact the premium for an SUV. Your payment will also go up if you choose an add-on insurance plan. So, make the right choice and choose the best SUV insurance that best suits your financial capabilities & car insurance needs.

Visit Kotak General Insurance for More Information

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Team Kotak GIC

The content of this blog has been created and carefully reviewed by the esteemed team at Kotak General Insurance, with the sole purpose of providing valuable guidance and sharing insights on the importance of general insurance. Our objective is to assist users in making informed decisions when purchasing or renewing insurance policies for their cars, bikes, and health. Our expertly curated information aims to empower our readers with the knowledge they need to protect their valuable assets and financial interests.