The principle of ‘One size fits all’ does not apply to many things in life. Motor insurance or four-wheeler insurance also comes in that category. The type of insurance policy, coverage offered, the cycle of insurance payment premium, etc. depends a lot on the type & category of vehicle being insured. If you own a costly sports car, you may ideally not opt only for third-party motor insurance.
Having complete knowledge about the insurance policy is important else you may miss out on availing the benefits that policy offers. The car insurance cover offers many benefits and this article describes the must-haves in your car insurance cover:
Third-party car insurance
Many four-wheeler owners are now choosing package insurance cover over third party car insurance. Comprehensive cover also provides the benefits of third party car insurance. Third-party insurance is important as the insurance company will provide compensation against the claims in case there is accidental damage done by the insured vehicle to any third-party property or person.
No Depreciation Cover
It is a known fact that any vehicle (two-wheeler or four-wheeler) is a depreciating asset. The value of the vehicle depreciates with each passing day. For the motor insurance company, depreciation is calculated on the rate at which the parts run down with more usage. In simple terms, the parts of a vehicle that has been used for a longer time (in terms of distance traveled) will have more wear & tear.
It is only applicable for partial claims. It does not impact the vehicle value as the depreciation of the vehicle is left out from the coverage.
Coverage of natural calamities
There is a wrong notion that insurance coverage is only for accidents or thefts. There is coverage included in the basic coverage that cover damages to the vehicle that is beyond anyone’s control e.g. floods, earthquakes, etc.
Engine Protector Coverage
The engine is the heart of any vehicle but it can get damaged due to problems in other parts such as the gearbox, oil leakage, etc. By opting for engine protector coverage, your insurance provider bears all the expenses involved in repairing the engine
This is a must-have cover in your car insurance plan if you are using your vehicle regularly, that too for a long distance.
Car Accessories Coverage
This is another cover that comes handy if any untoward incident occurs with your car. When damage happens to the car, the accessories inside the car also get damaged. The expenses can be huge and putting new accessories can turn out to be very costly.
If car accessories cover is a part of the insurance coverage, the insurance provider will compensate for the damage to the accessories or loss of accessories. As this is an additional add-on, your overall premium amount might rise but it is a worthy add-on that will prove cost-effective in the long run.
These are some of the essential add-ons that should be included in the four-wheeler insurance policy. We recommend that thorough market research should be done before opting for any insurance product.
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