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Insurance Article

A guide for selecting vehicle insurance policy from insurance companies in India

October 29 2012

This routine could be disrupted by road accidents where you may not even be at fault. Besides accidents, certain locations are naturally prone to calamities such as floods and landslides which cause damage to property, including your vehicle. To deal with the prospect of expenses due to this imminent damage, insurance companies in India provide policies in line with the Motor Vehicle Act. This law makes it compulsory for all car owners to have their vehicles insured and ensure the yearly renewal of their insurance policy.

A well selected motor insurance policy aids you financially to overcome the huge repair bills in case of road accidents. Apart from repair bills, there may be various other expenses such as towing charges, medical expenses due to injury to your self, passengers or pedestrians and in some cases, legal expenses too. When selecting a motor insurance policy, it is a wise thing to consider how your policy helps you meet these expenses.

The cashless claim is another noteworthy feature to be considered when selecting a motor insurance as it is sure to come handy when replacing or repairing damaged parts. The insurance company has a tie-up with a wide network of garages that allows car owners to easily get their vehicles repaired. With this feature, vehicle repair claims are directly settled by the insurer without the insured having to pay upfront for the repair bills.

An important aspect when considering a comprehensive motor vehicle insurance policy is the No Claim Bonus (NCB) it offers. The NCB is a monetary discount on the payable premium and is offered at the time of renewal of your policy. This is offered provided the insured has not made any claim for damages during the preceding policy period. At the time of policy renewal, you must also check whether the NCB you are eligible for can be easily received from the insurance company in India you intend to purchase your insurance from.

Apart from the above, you must also have answers to the following: Does a policy cover loss or damage due to calamities like earthquakes, landslides, storms and lightning? Is cover against irreparable damage due to fire, explosion and self ignition offered? Does the policy protect against acts of theft, transportation accidents, burglary and other such events? Does a policy include personal accident cover as well as cover for passengers and co-drivers?

With the above in mind, it will be easier to choose a vehicle cover from the insurance company in India that meets your specific needs.

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