Knowledge Centre

How Can You Maximize The Use Of Your Motor Insurance Policy?

People often complain about insurance the most during the time of renewal when they have to shell out money to pay their premium. No matter how many times, agents or experts tell them motor insurance is good for their vehicle and will protect it in the event of an accident, they fail to see it as an investment that is crucial for the vehicle and think of it as superfluous or unnecessary since they haven’t needed it so far. So far, so good but who knows what the future will bring?

In light of this sentiment, what people really ought to know is how to get the most bang for your buck out of your insurance. There are many car insurance benefits that can provide significant savings and increased coverage, provided you know what you should be looking out for! Read on to find out more about the ways in which you can get the most out of your motor insurance policy.

What is motor insurance?

For the benefit of the uninitiated, motor insurance policies provide coverage for your vehicles and third partiesin the event of an accident. Third party insurance will only cover any liability to a third party & third party property damaged by your vehicle  and not damage to the vehicles while comprehensive motor insurance plans will provide coverage for the vehicle and third party liabilities .

Getting that bang for your buck

To make the most out of your motor insurance policy, there are some key avenues for you to take advantage of, so that the policy is easy on your wallet and increases scope of coverage.

  • No Claim Bonus discount: Drive safely and responsibly so that at the end of each claim-free year, you get a discount on the premium for the next year. The NCB discount increases with each year of claim-free driving. The NCB in car insurance ensures that you get a discount on the own damage premium amount during renewal.

  • Attractive discounts: Though third party insurance rates are fixed, own damage component is negotiable. Compare between different plans and negotiate with your insurer to get attractive discounts on your car insurance policy.

  • Add-on coverage: Many add-on covers allow you to get increased coverage for specific cases at nominal premium increases. This way you can buy a cheap plan with basic coverage and purchase add-ons to cover specific risks that you want to protect your vehicle from. This is a much better solution than over-insuring your vehicle and paying for benefits you don’t need or under-insuring and not covering enough risks.

Make sure to choose HDFC ERGO for your motor insurance needs. “Why?” you ask. Simply because nobody does insurance better!

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before going ahead with the purchase.

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