Accidents are unfortunate situations, and a motor insurance policy is what can help you safeguard against them. It can be by way of legal protection from third-party liabilities or even protection for damages to your vehicle. Hence, it is critical to buy a motor insurance policy for legal as well as financial reasons.
But when you are shopping around for motor insurance policies, there are a plethora of alternatives to choose from. How does one know which plan is the best for them? The policy’s scope is what needs to be understood. This article helps you know about some of the popular inclusions in your motor insurance policy to ensure you have comprehensive insurance coverage. Let’s have a look.
- Third-party injuries
Injuries to a third person may be caused if you are involved in an accident. Without a motor insurance policy, you would be required to compensate the aggrieved individual from your pocket. Third-party insurance coverage helps take care of these expenses. Also, remember that the term ‘injuries’ may also cover disabilities.*
- Third-party death
In an unfortunate accident where a third person dies, third-party insurance coverage compensates the dependents of such a person. This amount of compensation is determined by the Motor Accidents Claims Tribunal. *
- Third-party property damages
In addition to the death, disability, and injuries, damages to third-party property are also covered in liability-only coverage. This way, if you end up damaging the property of a third person, your insurance company will compensate for the loss. *
- Natural calamities
Landslides, lightning, cyclones, hurricanes, and floods are some natural calamities that end up causing serious damage to your vehicle. With a comprehensive policy, the own-damage cover provided in it helps make good the financial loss due to natural disasters specified in the policy’s terms. *
- Man-made perils
Similar to natural disasters, man-made events such as riots, vandalism, and strikes are covered within a comprehensive policy’s scope. This helps cover the cost of losses beyond your control for your vehicle. *
In the unfortunate event of your vehicle being stolen, your comprehensive policy will help you pay the vehicle’s insured declared value or IDV after receiving a no-trace report from the police authorities. *
- Personal accident cover
Since injuries to a third person aren’t the only possible scenario during an accident, a personal accident cover as a part of your vehicle’s insurance cover is essential. This ensures that compensation is available for the injuries faced by the owner-driver of the vehicle. *
Since most of the vehicles that are plying the road operate using internal combustion engines, there is a risk of fire. This is even true for electric vehicles whose battery also carries a similar risk. *
Coverage against accidents is the primary reason why a vehicle insurance policy must be purchased as it safeguards your financial interest against the damages. *
* Standard T&C Apply
These are some popular inclusions to look for in your next insurance policy. If it gets confusing in deciding which policy is right for you, you can make use of a vehicle insurance calculator. This nifty tool aids in the comparison of plans based on features as well as their price.
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.