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Here discussed are the basic car insurance that would provide you coverage against various risks. Also discussed are what you can expect from a car insurance cover and which of these would fit your coverage needs. Buying car insurance policy is mandatory under the India Motor Tariff act and you need to renew it every year. But, before you buy car insurance you need to make sure 1)You know your coverage needs 2)Understand your liability in case you file a claim 3)Have done an online comparison to ensure you get the best deal Your Coverage Needs Let’s understand what you can expect from a car insurance cover and which of these would fit your coverage needs. Basic car insurance would provide you coverage against the risks like - 1)Damage to your own car or third party property / person during an accident 2)Car theft 3)Damage to your car because of man-made calamities like terrorism, riots or due to a malicious act 4)Loss or Damage to your car due to natural calamities like fire, explosion, lightning, earthquake etc. 5)A personal accident cover which would provide a fixed sum to the driver of the car, in case of an accident which leads to death or disability. Apart from the basic insurance cover, if you are looking for additional protection for your car, you can opt for riders like - 1)Zero depreciation cover – This allows you to avail full reimbursement of cost, or replacement of damaged parts, without any depreciation deduction. 2)Extend personal accident cover to Co-passengers – The personal accident cover which normally covers just the driver can be extended to include co-passengers as well. 3)Spare Car Cover – A spare car cover would allow you to get reimbursement or daily cash benefit to cover the cost of hiring an alternate mode of transport. Your Liability When you File a Claim Your personal liability would depend on the insurance cover you have brought. There are four things that would influence your liability when you file a claim. Deductible When you file for a claim, a certain minimum amount has to be paid by the insured and it depends on the car you own. For a private car less than 1500 cc, the minimum deductible is Rs 1000, while for a private car above 1500cc, the deductible is Rs 2000. Voluntary Deductible A few people who are confident about their driving skill and intend to keep the insurance premium low opt for a voluntary deductible. The voluntary deductible is in excess of the compulsory deductible that the insured agrees to pay while he files for a claim. Depreciation Value The insurer pay for the current market value of the parts as calculated by applying depreciation on those parts. So, the insured will have to pay the difference between the replacement value and the depreciated value of the part. No Claim Bonus While filing for a claim, you need to make sure that the amount you are looking to claim is reasonably big, as there is hidden cost attached to filing a claim. The hidden cost is nothing but a No Claim Bonus (NCB). Get car insurance on low rates along with better feature from different leading companies in India. You can compare and avail better car insurance policy at Easypolicy.
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