Most of us do a lot of research when we buy a car. We should do the same when we go for car insurance. It is time to take an informed decision to buy car insurance on the basis of benefits we look for.
We must note at the outset that car insurance for third party liability is mandatory by the law.
How will the damage done to the car be insured? Herein lays the need for a car insurance that goes beyond third party liability. Some of the benefits of car insurance:24 X 7 Helpline-
Most insurance companies provide helpline numbers that a customer can reach anytime for any assistance or help. This is a great help as obtaining information or help becomes seamless.Cashless Claim Settlement at network dealers-
In case of any damage done to the car, the repair work can be done without making any payment viz. cash less though at select network of dealers. This saves us from the hassles of claiming the expenses and partying with our liquidity till the claim is settled. Personal Accident Cover-
Most car insurance policies
offer accident cover for the driver as an additional feature. The insurance cover offered by HDFC Ergo provides a mandatory personal accident cover of Rs 2 lakhs for the driver. ICICI Lombard has gone further as it offers an optional accidental cover for the co-passenger for the amount of Rs 2 lakhs.Zero Depreciation Deduction –
In some cases, when a part of the car is replaced not the entire amount is paid by the Insurer
but only the depreciated value of the replaced part. However, there are companies that make no deduction like ICICI Lombard that offers full claim Coverage
on the value of parts replaced.Warranty on accident repair-
It means repair work done is further insulated by a warranty cover. This warranty is given only if the repair work is done at the network dealer or garage. As of now this facility is provided by very few insurers in India, the notable being Tata AIG.
Transferring No Claim Bonus –
This is most commonly available benefit available with almost all insurance policies. No claim bonus
is the discount offered by the insurer for absence of claims in the previous year. However, one must go through the details to understand it well.
Towing Charges: -
In case your vehicle needs to be towed due to any damage, Reliance and ICICI Lombard pays for towing charges if it is Rs 1500 or less.Discount based on age and profession: -
There are companies that offer discount in Premium
payable on the basis of age and profession of the insurance holder. HDFC ERGO gives a discount of ten percent on own damage section of the Policy
for people aged 46 to 60 years. Further CAs, doctors, central and state government employees are given 5 percent discount on own damage section of the policy.Claim Settlement within 7 days. : -
Claims are settled within seven working days.
Thus, there are various benefits that different car insurance policies can give, as a customer you need to zero in on those that meet your requirements and budget.