The New Year is a time of new hopes, new beginnings, and definitely new adventures too. As we sit down to pen a list of all our resolutions for fitness and personal accomplishments, let us not forget to also review finance and insurance. Having insurance is especially important if you are a vehicle owner. In this article, let’s take a look at what you can do differently to get the most out of your car insurance coverage.
Third-party insurance is compulsory
To begin with, let’s state the most important thing you need to know as a four-wheeler owner in the country. In India, it is mandatory for all vehicle owners to have at least basic liability insurance for their vehicles. This mandate has been laid down by the Motor Vehicles Act, 1988. Failure to comply with this requirement can see you incur hefty fines.
Now, the punishment of fines should not be the sole motivating factor for you to get third-party insurance for your vehicle. Remember that the coverage protects you against legal and financial liabilities towards the third-party in case of an accident. As the road can be pretty unpredictable, you would want to secure yourself financially against accidents.
But, is having third-party insurance enough? Well, honestly, it serves the purpose of protecting you from a lot of heavy liabilities towards the third-party in an accident. It, however, does not cover you for own damages. And, if the other person’s car or property sustained heavy damage, chances are that your own vehicle has gone through its share of dents too. So, how do you cover your own losses?
Comprehensive car insurance for wholesome coverage
Comprehensive car insurance is true to its name and covers you against own damages as well as third-party losses in an accident. In addition to that, you also stay covered against losses due to natural disasters (flood, storms, earthquakes, landslides, etc.) and manmade calamities (theft, vandalism, riots, etc.). If you do not already have comprehensive car insurance, the new year might be the perfect time to get the coverage you need. Just think of all the benefits you would enjoy for true peace of mind. After all, accidents are not the only risk your vehicle faces. You might be the safest driver out on the roads, but there is certainly no way by which you can stop someone from robbing your vehicle. Nor is there any way by which you can secure your car or SUV from damages due to inundation. In these situations, having comprehensive car insurance can prove to be a life (and money) saver!
There are more benefits to having comprehensive car insurance. With this form of coverage, you can opt in for add-ons too for enhanced protection. Leading insurers in the country offer a wide range of add-ons for you to supplement the coverage you have.
Some of the most popular add-ons include –
- Engine protection cover
- No-claims bonus protector
- Return-to-invoice cover
- Zero depreciation cover
- Roadside assistance cover
While reviewing your car insurance coverage this new year, do make sure to also look into the add-ons that would benefit you. For instance, if you drive your car over long distances frequently, you might benefit immensely from the roadside assistance cover. Under this cover, you get assistance if your car breaks down unexpectedly on the road. You also get emergency fuel assistance and help in getting your vehicle towed to the nearest service centre.
So, go ahead and review your coverage before your next insurance renewal due date. After all, we can all benefit from added protection out on the road.