1800 2666
Live Chat
Change Please enter Captcha
x
x

Please enter your details

Please enter the name
+91 Please enter the mobile number
Please select the product
Change Please enter captcha

Live Chat

May I help you?

Begin Chat
expert_blog
 

How to maximise your motor insurance cover

Posted by - ICICI Lombard, GIC Ltd.
July 07 2014

Motor insurance has evolved significantly over the years. Consumers today can look forward to a host of additional covers as well as assistance services thus deriving maximum value from their motor insurance policy.

Even as a comprehensive policy covers the cost of repair to a damaged vehicle, it does not provide reimbursement for other expenses that one may incur during vehicle repair. It also does not provide essential services in an emergency. Some of the expenses include depreciation, vehicle towing expenses beyond permissible limits, consequential losses, hydrostatic losses etc. Having an insurance cover which covers maximum liability is extremely essential given the increasing propensity of accidents.

There are several new add-on covers offered by insurance companies today. Given below are some of the important add-ons that every motor insurance customer should avail of.

Engine Protect:

During monsoon, water logging is the primary reason for cars getting stalled in the middle of the road. Water entering or ingressing the engine can lead to engine ceasure. Normally, drivers tend to run the engine faster in such a situation, further aggravating the problem. A normal comprehensive motor insurance policy does not cover engine ceasure due to water ingress. One needs to avail of a Hydrostatic Cover or Engine Protect, to ensure that the motor insurance policy not only covers external damages to the vehicle but also reimburses for engine breakdown losses to water ingression or leakage of lubricants.

Road side Assistance:

It is not uncommon to experience a vehicle breakdown in the middle of the road these days. This leaves the driver and other passengers stranded due to non availability of help at a garage or from road side mechanics. A motor insurance policy can come handy here if one were to opt for Roadside Assistance cover. In this case, the insurance company provides on the spot assistance to fix the vehicle problem or arranges for towing the vehicle to the nearest workshop or garage. Apart from towing and minor repair on spot, this cover also helps avail other essential services such as fuel arrangement, flat tyre replacement, battery arrangement. Today, insurance companies even provide hotel accommodation and alternate vehicle to customers as enhanced benefits.

Return to invoice:

In general in case of a total loss or theft of vehicle, the insured is paid the insured declared value (IDV) of the vehicle by the insurance company. However, one still ends up losing road tax and difference between the IDV and ex-show room price of the vehicle. By opting for this add-on, one can get reimbursed with the road tax and differential amount between the IDV and ex-show room price, thus taking away the extra burden if one were to purchase a new vehicle.

Quality Assurance:

Today an insurance company can also help in terms of ensuring the quality of repair at an authorised workshop in the event of claim. This is extremely beneficial since the customer is assured of quality repair work on the vehicle. In addition, one can benefit from services such as free pick and drop, free car wash and faster repairs. It is advisable to call the insurance company so that one can obtain details of benefits and services before proceeding for repairs.

Repair in case of an accident. It can infact ensure peace of mind for the customer by taking over the responsibility of ensuring quality repair as well as offering timely help to the insured at the time and place of emergency.

Write a review

Related articles

18

July 2015
  • Insured Declared Value and Total Loss - An Insight

    More often than not, the insured find themselves in a fix and anxiety takes over when their insured vehicle is seriously damaged and/or destroyed. Judgements about actual losses exceeding the sum insured make them even wearier.
    Posted By - ICICI Lombard
    Read More

01

October 2013
  • Online Motor Insurance - An Industry Snapshot

    When it comes to investing in a motor insurance policy, one looks for a plan that adequately covers and offers adept financial assistance during vehicle damage, theft, and road accidents.
    Posted By - ICICI Lombard
    Read More

12

January 2015
  • Safety Above All Health Insurance

    Several years of financial planning and meticulous savings helped Rakesh Mishra to plan the purchase of his new car. However, destiny had something else in store for him.
    Posted By - ICICI Lombard
    Read More

12

April 2014
  • Significance of Motor Insurance

    It is imperative for a driver to own a motor insurance. Motor insurance is legally required in almost all the countries in the world. Owning a quality motor insurance protects the driver, the passengers and their vehicle.
    Posted By - ICICI Lombard
    Read More

05

February 2017
  • Our MD & CEO Mr. Bhargav Dasgupta's view on the Union Budget 2017

    The Union Budget was a much awaited event post the demonetization drive, a momentous step by any standard. While many were expecting the budget to provide sops to balance the short term impact of the drive, I think the Government has done well to present a prudent balance sheet that focuses on the long term growth prospects of the nation and gives a boost to those areas that form the backbone of the Indian economy. To my mind, the focus on agriculture growth, digitization, infrastructure development and enabling cashless transactions will give the necessary fillip to India’s long term growth engine.
    Posted By - ICICI Lombard
    Read More

03

June 2017
  • India Inc must step up on cyber insurance

    As cybercrime becomes a daily phenomenon, corporate and insurance firms should work together to fight the associated risks. Click here to know more.
    Posted By - ICICI Lombard
    Read More