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Motor Blog
17 Jun 2019
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Your motor insurance policy ensures that you stay protected financially in case you face a grim situation like theft/accident of your vehicle. A comprehensive motor insurance policy covers you for:
You can add more value to the coverage provided by your comprehensive motor insurance policy by choosing appropriate add-on covers with your motor insurance plan. The next question that might have popped up in your head might be, so, what is the cost of a typical motor insurance policy? And, what are the factors that define your motor insurance premium? You can use our free motor insurance calculator, and calculate an estimated value of the premium amount that you need to pay towards your motor insurance policy. The premium of a motor insurance policy depends on the following factors:
Let us discuss here about deductibles in motor insurance. So, deductible is the amount that is paid by you, at the time of claim, out of your pocket. In India, there are two types of deductibles:
Your insurance company might charge a higher compulsory deductible, if your vehicle represents a higher risk of claims.
Now you must be wondering whether to opt for a high deductible insurance plan or low deductible insurance plan. Worry not! We are here to help you out. While you can’t do anything about the compulsory deductible, you can choose the voluntary deductible wisely. You should choose a suitable amount of voluntary deductible, so that you earn a great discount on your premium amount and at the same time reduce your out of pocket expenses when filing a motor insurance claim. We recommend that you should choose a deductible not only to earn discount on premium amount as, it may happen, that you need expend more than you have thought when you take your damaged vehicle for repair and claiming the same against your motor insurance policy. We hope that you now know everything about deductibles in your motor insurance policy. Please leave a comment below if you have more doubts. We will make sure to answer all your queries at the earliest. Visit our website, Bajaj Allianz General Insurance to know more about motor insurance and related topics.
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