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A Beginner's Guide to Car Insurance Coverage

por Kristie Deweese (2019-10-01)


Are you a car owner? Did you know there is one essential document you must have while driving your car on the road? Yes, that's your car insurance policy. As a car owner, it is mandatory for you to have a car insurance policy under the Motor Vehicles Act, 1988. But if you're new to car insurance, then here is a guide explaining the basics.

What is car insurance?

Car insurance is a general insurance policy covering a range of losses and damage that can occur to a car. There are broadly two types of insurance policies:


Third party liability insurance

Comprehensive four wheeler insurance
A third party liability coverage provides protection to the car owner-driver against any loss or damage to a third party's property or personal injury to a third party. The property damage under this is restricted to Rs. 7.5 lakhs in most four wheeler insurance.

A comprehensive car insurance policy is wider and provides greater protection. Some of the losses covered are:


Theft

Loss or damage due to accidents

Loss or damage due to natural disasters such as cyclones, hurricanes, earthquakes, fires, lightning, floods due to earthquakes etc.

Loss or damage due to civil war, riots, terrorist attacks etc.

Third party liability
Car insurance is a general insurance policy which means the policy needs to be renewed every year. The value of the car and accessories for the purpose of insurance is called Insured Declared Value (IDV). The IDV is calculated by depreciating the value of the car, engine parts and accessories based on a calculation. This value reduces every year.

What is car insurance add ons?

Add ons are protection over and above the coverage of the four wheeler insurance. To get these add ons, you need to pay additional premium over and above the car insurance premium. However, these add ons pay additional compensation when their criteria are met. Some of the add ons you can opt for are:


Zero depreciation:
This add on does not charge any depreciation on the value of the vehicle or the components. This provides a higher value against which claims can be made. This is specially useful for luxury car owners.


Full invoice value:
This add on will give you the entire invoice value including any road tax paid in case of theft of the vehicle. This can only be claimed in case of theft and not for repairs or any other losses.


Engine protect:
This provides protection to the engine in case of water damage due to flooding. It also covers damage to engine in case of oil leaks or lubricant leaks.


Windshield cover:
This reimburses the cost of a windshield in case of any replacement.


Key replacement:
This add on covers the cost of key replacement in case of car theft.


Substitute car:
This add on covers the cost of a substitute car while the primary car is under repair.


Emergency Roadside Assistance:
This covers the cost of roadside service provided in case of vehicle breakdown in the middle of the road such as mechanic's charges, oil change, tyre repair, towing charges etc.


Consumables cover:
In case of repairs, the insurance doesn't cover the cost of consumables such as nuts, bolts, oil etc. But with this add on, any costs on that account will also be reimbursed by the insurance company.


Personal accident coverage for passengers:
This add on provides coverage for passengers over and above the coverage provided to the owner-driver. This covers medical expenses in case of injury.


Voluntary deductible:
A voluntary deductible is a cost that the insured is ready to bear. In case of an insurance claim, the insurance company will pay the claim amount over and above the voluntary deductible amount.


No Cost Bonus (NCB) protection:
The NCB is awarded by the insurer when there are no claims made against a four wheeler insurance policy. This add on protects the NCB even if a claim is made in the previous year.

Insurers may offer other add ons apart from this. You can find out more about the add on, the add on premium and the benefit on the insurer's website. Most insurers have a premium calculator which can be used to find out the total premium that has to be paid. You can select the add on and find out the premium amount that has to be paid.

How to buy car insurance online?

With the digital revolution, it is very easy to purchase car insurance online. Car insurance can be purchased either through an insurance aggregator or 다이렉트 보험 through the insurance company's website directly.

But before you buy car insurance, be sure to research the insurer and decide the add ons you want in your policy. Once that is done, you can opt for your car insurance online and be covered while driving.

Nitin Sachdev is a finance expert with over 10 years of experience in the insurance industry. His immense knowledge and love for writing is what drives him to educate other people. In this article, he has given information on car insurance . He has given an overview on the four-wheeler insurance coverages