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Aug 1, 2022

Lesser-Known Inclusions Offered in Car Insurance Plans

More often than not, it is seen that car owners buy an insurance cover to comply with the law. They do not give much thought to details about what is covered in their policy and simply choose a plan that offers legal protection. While it is mandatory as per the Motor Vehicles Act, to have a motor insurance cover, it is also beneficial if you make the most of it when buying one. Further, it is the same situation when renewing their car insurance plans. A car insurance policy not only offers legal coverage but also financial protection if bought with due thought. Hence, it is essential to consider what is covered in a car insurance plan. So, if you are someone who is convinced to take full advantage of their insurance cover, this article mentions some lesser-known inclusions offered under car insurance plans.
  1. Coverage beyond accidental damage

A car insurance policy is commonly assumed to only provide accidental coverage for any compensation that is payable. But, in reality, that is what is covered by third-party car insurance. The other type of car insurance is a comprehensive plan whose scope is wider in comparison to a third-party cover. A comprehensive plan comprises three parts—a third-party cover, own-damage cover, and personal accident cover—offering a 360-degree cover. The third-party cover is the same for liability-only plans, whereas the own-damage cover provides financial protection for the repairs that are required for your car. In addition to that, damages due to natural calamities and even man-made events are covered under a car insurance policy. With such additional coverage available beyond protection from liabilities due to accidents, availing comprehensive car insurance benefits in the long run. *
  1. Towing facility for your car

With a comprehensive car insurance plan, you can customize its coverage using add-ons. These add-ons come in handy for enhancing the car insurance cover to include additional situations that ordinarily aren’t covered by the insurance plan. 24X7 roadside assistance cover is one such add-on that provides a towing facility in case of a breakdown. Not just a towing facility, it also provides technician support in case the breakdown is repairable on the spot. However, you must remember that these additional covers increase car insurance prices. *
  1. Cashless repairs

Cashless repair is a service where you need not pay for the damages upfront, and the insurance company directly settles the repair cost with the service garage. Using this feature of car insurance, you can have a hassle-free repair. For that, you need to find a policy that offers a cashless repair facility. In addition to that, such a repair must be carried out only at a network garage, i.e., a service garage affiliated with the insurance company’s list of garages. *
  1. No-claim bonus is transferable

At the time of car insurance renewal online, you might come across the concept of no-claim bonus (NCB) in a comprehensive insurance plan that offers a markdown in the premium. Using this facility, you can avail a substantial concession in the own-damage component of your insurance cover. However, not many buyers know that such an NCB can be transferred too. With transferability of NCB, you no longer need to worry about losing these accumulated benefits when switching your insurance company. You can visit the official website of IRDAI for further details. * * Standard T&C Apply These are some unrecognized benefits of a car insurance policy. So, the next time you are buying an insurance plan, do not purchase only for the legal coverage, but also for these benefits that a plan has to offer. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.

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