Selecting the best car insurance policy is essential to ensure that your car is well insured in the event of an accident or any other related mishap. There are broadly two categories or types of car insurance policies available, each offering different levels of coverage. Over and above this, there are multiple customizable options available to you, in the form of add-ons and options. Knowing the distinctions between these various plans will guide you in making a wise choice in choosing which policy you need to cover your requirements. After all, the plan you choose directly impacts your peace of mind at the time of need. Read on !
Third-Party Insurance: The Basic Cover
Third-party insurance is the most basic type of vehicle insurance available. It addresses any cost which you have to meet because of an incident that harms the property of other people or bodily harm. Essentially, it shields you from legal consequences and also losses incurred in a crash against other car or people.
Although third party insurance is compulsory in India it may not be enough for own car damage or own injuries. In case of an accident that leads to either damage of the cars or bodily injury, then the expenses incurred to the insured car wont be covered.
Comprehensive Insurance: The Complete Protection
Own damage insurance or comprehensive insurance gives the most extensive coverage more than that offered by third-party insurance. Apart from the coverage you get for your liability to other people, it also covers you with benefits in case of your own vehicle damage. This could include instances such as theft, fire, natural calamities and other hazards. This means that if your car gets dented in a collison or stolen by thieves, then you can get a payout from your insurance company based on a valid claim.
Third party insurance is relatively cheaper than the comprehensive insurance cover because it provides a limited cover and the risk associated and covered by the insurer is lesser as well. However, it can be a worthwhile investment if you want to safeguard your financial interests in case of accidents or unforeseen events.
What to Consider when selecting a Car Insurance Plan
When selecting a vehicle insurance policy, several factors should be taken into account:
Your budget: Consider your financial capacity and affordability. This will help you evaluate the premium amount your chosen plan may entail.
Your vehicle’s value: Depending on the category of your car, its value and the associate costs of maintenance, choose the plan which gives you optimum coverage.
Your driving habits: Consider whether you or a family member or a paid chauffeur will be driving the car, the frequency of use, areas likely navigated and likely distances covered on average. Based on this, different car owners may need different type of car insurance plan.
Add-ons: Search for various add-on benefits offered along with the plan. Choose judiciously so you don’t pay for benefits you may not need while also including those that may come handy for your intended use of the vehicle.
Here are some common add-ons that you may consider
Zero Depreciation: The significant advantage of this add-on is that it is valid for any make and model, and age, of car. Without zero depreciation, insurance companies will invariably come up with deductions depending on the age of the car.
Engine Protect: This add-on addresses loss to your vehicle’s engine caused by accidental water ingress or oil leakage.
Return to Invoice (also called Total Loss): This add-on reimburses the actual purchase price of the car if it becomes a total loss resulting from an accident or theft and in some natural catastrophes like a cyclone or floods
Personal Accident Cover: This add-on pays out a lump sum to you or your family in event of an accidental death or incapacitation.
Roadside Assistance: This add-on offers roadside assistance such as towing, battery boost, changing of a flat tire, and provision of fuel in case of running out in the middle of the night.
Consumable Cover: This add-on pays for the replacements of such materials as engine and other fluids such as brake fluids and coolants in the event of a claim being registered.
Add-ons may be more relevant to the manner you drive or the brand of automobile you possess. It is also important that one compares the various premiums that insurance companies have to offer while seeking for a new vehicle insurance policy.
Another aspect to consider in case you’re renewing an existing car insurance plan is No Claim Bonus (NCB): If you did not claim anything in the previous policy year, the benefit of this track record translates into a No Claim Bonus. It gives you a financial incentive for your safe driving record and zero claims in that period. This financial incentive in the form of a NCB then becomes like a discount to the original premium value giving you a renewal at slighter lower amount.
Chola MS Car Insurance: A Reliable Choice
Chola MS General Insurance Company is one of the best insurance companies in India that provides various types of car insurance policies. The various Car Insurance plans provide comprehensive coverage, including third-party liability, own damage, and personal accident cover.
Chola MS car insurance offers several benefits, such as:
- Customized plans: You can choose a plan or customize the plan that best suits your requirements and budget.
- Cashless repairs: In case of an accident, you can get your vehicle repaired at any of Chola MS’s network garages without paying upfront.
- 24/7 roadside assistance: If your car breaks down or encounters other road emergencies, you can avail of roadside assistance services.
- Online claims filing: You can file your insurance claims conveniently online, saving time and effort.
The type of car insurance plan you choose affects the financial protection you enjoy for your vehicle and your liabilities as a car owner. By reading through this guide, we hope you will be better equipped to understand the factors to consider when choosing your car insurance plan. Be thorough in your research so you can make the right choice and get the most suitable policy with the right insurance cover that you need at an affordable price. Chola MS car insurance provides all round coverage that is tailored depending on a car owner’s needs making it an ideal insurance service provider for many different categories of car owners in India.
Also Read; Difference Between Comprehensive & Zero Depreciation Car Insurance
