Things You Did Not Know Your Car Policy Covers
Being a proud owner of a car, it is important you comply with all the legal implications that ensure you are a responsible and safe driver. Many times, car owners buy a car insurance policy without giving much thought about the coverage offered by the insurer. However, since the car insurance coverage offered by insurance companies varies to an extent, it is important you are aware of the basics that are covered by all top insurers in India.Read on to know about the things that a car insurance policy generally offers coverage for.
Protection against natural and man-made calamities: As we know, man-made and natural calamities such as fire, theft, floods, etc. can destroy your car and can increase your out of pocket expenses. But having a comprehensive car insurance policy helps in such situations as the insurance company offers you compensation if, your car is damaged.
Protection against third-party liabilities: Getting your vehicle insured with third-party liability insurance is mandatory as per the Motor Vehicles Act, 1988. In case your vehicle causes damage or injuries or causes the death of a third party or property, then the third party policy covers all of them. You can opt for a third party coverage as a separate policy or opt for a comprehensive policy that covers both own-damage and third-party liability.
Personal accident cover: Insuring yourself with a personal accident policy covers all your medical bills in case you are injured due to an accident. The cover compensates your family in case of your death.
No claim bonus is transferable: No claim bonus is a reward that the insurance company offers you for making no claim in a policy year. However, it is important to know that NCB is transferable and can be claimed for within 90 days from the date of policy expiry.
Thus, a car insurance policy makes for a good option to protect your vehicle and yourself from unforeseen events. When buying a car insurance policy, it is important for you to go through the policy documents carefully to understand the complete coverage offered by the insurer. You can also extend the coverage of your car insurance policy by opting for add-on covers that provide you additional coverage.
Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.