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Car insurance is a must-have for all car owners for obvious reasons. Not only is it legally mandatory, but it’s also your saviour in case of accidents, theft, riots, earthquake and more. Think of it as your best friend that saves you from burning a big hole in your pocket in times of crisis.
Now, there are hundreds of car insurance policies available in the market. The question is: Are all created equal in quality? No. Do all insurance policies cover all important and additional aspects? No. Are there any features that are a must-have in your car insurance policy? Yes. Some features are simply non-negotiable. And if you don’t know them, don’t worry.
This blog will walk you through 6 such non-negotiable features. Let’s begin.
1. Third-Party Liability Coverage
It is mandatory by law in India to have at least third-party liability insurance. With this insurance, you won’t have to worry about paying for any damages your automobile does to other people’s property or bodies. These include injury and property damage. However, it does not cover damage to your own vehicle.
2. Personal Accident Cover
Automobile insurance coverage should always include personal injury protection. If the driver is involved in an accident that results in death or permanent disability, this policy will help compensate the person’s heirs financially.
If an accident causes the policyholder to lose an arm or leg permanently, the policyholder is entitled to receive the total sum guaranteed. Upon the policyholder’s passing, the nominee can submit a full claim. Nevertheless, no claim amount is reimbursed if either the driver or the owner does not have a valid driver’s license. In the event that the policyholder owns more than one vehicle, the endorsement will only apply to the car for which it was purchased.
3. No-Claim Bonus Protection
Insurance providers often provide a discount known as a “No-Claim Bonus” (NCB) if no claims are filed during the policy term. It’s a great way to reward careful driving and might help you save a lot of money on your car insurance. If you file a claim within the policy term and have NCB protection, your NCB will still be in effect.
4. Engine Protection Cover
Any problems with your car’s engine might lead to costly repairs. An optional feature, the engine protection cover pays to repair or replace an engine that things like water seepage or oil spills have damaged. Standard auto insurance policies do not contain this protection; you must add it separately.
5. Zero Depreciation Cover
Fixing or replacing a car’s parts can be expensive, so this feature is beneficial for newer or more expensive cars. Add-on “zero depreciation cover” protects you from financial loss by covering the entire cost of any necessary repairs or replacements, regardless of how much the vehicle has depreciated.
6. Roadside Assistance Cover
Having roadside assistance included in your auto insurance coverage is a must. In the event of a mechanical failure or an accident, you can rely on this service for help. For instance, towing, onsite servicing, and gas station fill-ups.
In the event of a vehicle accident or mechanical failure, you can rest easy knowing that your financial security is protected if you have these options included in your car insurance policy. Insurance plans vary greatly in their coverage and premiums, so it is wise to shop around for the best deal.