Whether it be a new car or a pre owned car, we always worry about it and also protect it with utmost care. We even go different ways to take care of our beloved ride. To assist us in taking utmost care of our vehicles are motor insurance policies. Car insurance helps in protecting our cars from different adverse conditions.
MyNewCar get to you the different types of auto insurance available and the benefits one will gain from them.
1. Third-party Liability Insurance
As per the government rules and regulation, Third-party Liability Insurance: is mandatory for all types of vehicles running on the roads. In this type of insurance policy, if the policy holder is accountable for any kind of accident, protection is provided to the third party for damages to the property and injuries to an individual only. Third party liability insurance policies cover very minimal risks and it doesn't not protect the policyholder for any kind of damage, theft or any injuries to him or her. Recently the laws has been changed and now third party liability policies do come with a cover to the driver as well which has resulted in a bump in prices for the policies.
2. Comprehensive Insurance
Comprehensive insurance is a policy which covers everything right from third party liabilities upto the expenses bestowed upon the policy holder as well. Here damages during an accident to the property, vehicle, third party damages and injuries to both the policyholders and the third party can be claimed. With this, one can even enhance their comprehensive insurance with add on features and the policy holder can even customise these add on features according to his or her needs.
3. Add-on Covers
Zero Depreciation Cover:
It is one of the most famous and one of the most used add on covers seen with a comprehensive insurance policy. The Zero dept add on cover provides a full claim amount on the value of the replaced parts including fibre parts and consumables. Upon claiming the vehicle for any damage, the policyholder only needs to pay the minimum claim charges which is round Rs 2000. This add on cover is not available on vehicles which are older than three to five years old.
As the name suggests, this add on cover helps in providing emergency assistance to the policy holder. Roadside assistance covers circumstances such as a flat tyre, empty fuel tank, battery related problems. These services are also provided to the users if they are stranded in a remote location as well. In addition to this, other benefits include, accommodation assistance, taxi assistance and even towing to the nearest service station.
Engine and Electronic Circuit Protector:
Here the add on cover helps in covering the expenses when a vehicle incurred damages to the engine and the electronic circuits.
NCB stands for No Claim Bonus and is a type of reward or a discount given to the policy holder when he or she doesn't claim any kind of damage in the given policy term. WIth the NCB percentage, there comes a substantial reduction in premium offered when the policy is renewed.
If the policy holder makes a claim, he or she will be losing in the incurred NCB, with this add on cover, helps in bringing down a percentage slab at which the NCB discount is given. Here it is necessary to know that the NCB protection cover won't nullify the NCB when you will be claiming for the damages.
The key replacement covers will help you to reimburse a part of the cost in getting a substitute key.
MyNewCar not only assists you in buying a new car, but it also helps in assisting you to get the best insurance policy according to your needs. For further assistance do give us a call on 022-4502034 or log in to our website: www.mynewcar.in