Looking to buy a motor insurance policy? Multiple options are easily available in the market for buying a motor insurance policy. When you want to choose a suitable plan for your vehicle, it can often become a confusing process.
Different insurance policies provide different kinds of benefits, and their premiums change/vary accordingly. Motor accidents are sometimes unavoidable, and you must try to protect yourself from financial losses as much as possible.
Why Third-Party Insurance is mandatory in India
Since third-party insurance is mandatory by law, as directed under the Motor Vehicle Act, of 1988, choose a comprehensive plan instead. It provides more benefits, coverage and protection, as compared to a third-party plan. Apart from coverage from legal liabilities against damage to third-party individuals/property, one also requires protection against damage to their own vehicles and body.
Factors that influence your Motor Insurance Claim
However, it is important to remember, there are several factors that influence the validity of a claim. There are several instances/situations/cases/ which are not covered under a comprehensive plan. These exclusions deem your claim to be invalid and you will solely have to bear the cost of any and all damages caused in an accident.
Some of these factors are mentioned below:
Driving under the influence of alcohol/narcotics
Under-age driver
Expired/invalid driving license
If the insured vehicle is found to be a part of any illegal activity
Damage caused due to electrical/engine failure
Damage caused due to wear & tear of the engine/motor parts
Damage due to war, mutiny, riots, etc.
Apart from these benefits, there are several add-ons a comprehensive plan offers, like:
Zero Depreciation Cover
Return to Invoice (RTI) cover
Loss of personal belongings cover
No claim Bonus (NCB) protect cover
Personal accident cover for passengers
Key Replacement cover
Roadside Assistance cover
Consumables cover
Daily allowance cover
Theft
Own damage
Personal accident cover (mainly for the driver of the vehicle)
Natural calamities
Fire
Man-made calamities
Conclusion
Different insurance providers offer different kinds of add-ons, which is why it is important to explore all your options. Insurance premiums differ for newly bought vehicles and previously owned cars. According to your requirement and convenience, choose the right insurance plan and stay updated on it.
