Car insurance policy is a crucial aspect of responsible car ownership in India. It protects financially from unforeseen events such as accidents, collisions, natural disasters, or theft. Familiarising yourself with the available coverage options is essential to ensure adequate protection. Here are the five primary types of car insurance coverage in India:
- Third-Party Liability Only Cover
The Motor Vehicles Act mandates this coverage for public transport users. It can cover expenses related to third-party vehicle damage, hospitalisation, treatment costs, and liabilities arising from third-party fatalities. The coverage amount must align with driving circumstances, ensuring you avoid out-of-pocket expenses. Claims are subject to terms and conditions set forth under the motor insurance policy.*
- Own Damage (OD) Or Collision Damage Coverage
Choosing Own Damage or Collision Damage Coverage ensures reimbursement for repairing your vehicle in case of damage. The premium is influenced by factors like the vehicle’s age and Insured Declared Value (IDV). The IDV, based on the vehicle’s market value, determines the maximum claim amount after deducting accumulated depreciation. This car insurance coverage is essential for financed vehicles. Claims are subject to terms and conditions set forth under the motor insurance policy.*
- Personal Accident Cover
This coverage protects the car owner/driver by reimbursing post-accident medical expenses. It offers a layer of personal protection beyond vehicle repair and third-party liabilities. Understanding what Compulsory Personal Accident (CPA) covers in car insurance is essential to get the right claim. Claims are subject to terms and conditions set forth under the motor insurance policy. *
- Zero Depreciation Insurance
This add-on eliminates depreciation considerations when settling claims for damaged car parts. It ensures the full claim amount is paid without factoring in any cost depreciation. Claims are subject to terms and conditions set forth under the motor insurance policy. *
- Comprehensive Car Insurance
This coverage provides the highest level of protection, encompassing non-collision damage such as theft, natural disasters, fire, and third-party liabilities. It includes Own Damage, Personal Accident coverage, and additional protection against various scenarios. Claims are subject to terms and conditions set forth under the motor insurance policy. *
Rider Add-Ons For Comprehensive Car Insurance
- No Claim Bonus Protection: Allows certain claims without affecting the No Claim Bonus concession at renewal. *
- Zero Depreciation Cover: Ensures full payment without deducting component depreciation. *
- Return To Invoice Cover: Provides settlement of the claim for complete damage or theft loss without factoring in depreciation. *
- Roadside Assistance Cover: Offers 24-hour towing and emergency mechanic services in case of breakdown. *
- Glass, Fibre, And Plastic Part Repair: Reimburses repair expenses without affecting No Claim Bonus, with one claim allowed per policy year. *
- Daily Allowance Cover: Compensates for alternate transportation costs until the car is repaired. *
- Emergency Transport And Hotel Expenses Coverage: Reimburs lodging and transportation costs in case of an accident. *
- Critical Replacement Cover: Allows vital replacement in case of loss or stolen car recovery. *
- Engine Secure: Protects the engine in flood-prone areas, covering repair costs. *
- Tyre Secure: Covers the cost of repairing damaged tubes or tyres. *
- Consumables Expenses: Pays for replacing consumables like oil filters and air conditioner gas after an accident. *
- Loss Of Personal Belongings: Covers the loss of personal belongings like CDs, clothing, etc. *
Understanding the types of car insurance coverage and available add-ons is crucial for making an informed decision. Comprehensive car insurance policies with customisable riders offer a balance of protection and car insurance benefits. Utilise their online car insurance calculator to determine the premium for your chosen policy, ensuring peace of mind on the road. Claims are subject to terms and conditions set forth under the motor insurance policy.
*Standard T&C Apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
