The Policy Bazaar show is a brand- new series that decodes the grey areas of purchasing insurance. Through the 26-episode series, the show will highlight and discuss a magnitude of topics essential to everyone trying to secure their future. From purchasing the right cover to switching policies while shifting jobs, to ensuring a comprehensive child cover, insurance experts deliberate, simplify and shine light on the complexities of purchasing insurance in India.
In this week’s episode, our eminent anchor Vivek Law analyses the protection cover that the cars and vehicle you have has with Sajja Praveen Chowdary, Business head, Motor Insurance, policybazaar.com and Vasu Gavarasana, Chief Digital Officer, Royal Sundaram General Insurance.
Indians have great love for their cars, and cars are mostly an instrument of pride. We, however, tend to be less mindful about the car insurance covers that we have. The Supreme Court, very recently, announced that the four-wheelers should have mandatory third party covers for a minimum of 3 years along with customized own damage covers. A third party insurance is for the damages that one can cause to the other party in cases of accidents. According to the same guidelines, two-wheelers are mandated to a five-year third-party cover owing to the large number of two-wheeler accidents in the nation. Indians, in the hurry to be in compliance with the guidelines, often neglect covers that can be customized according to needs and usage and ensure a larger protection cover. Additional covers that are available at prices as low as 50rs, help in enhancing the insurance cover that a car generally has. The most popular add-on covers in India are the depreciation covers, that is for spare parts; engine protection covers, key replacement covers, roadside assistance covers and also the full invoice cover.
Roadside Assistance Cover
The roadside assistance covers are most ideal for people who have to undertake a long commute to work and for people who frequently cover long distances. The cover provides towing services to the nearest garage or the consumer’s house if it is within a particular distance. It also provides basic mechanical help like a change in tyres. These add-ons are available even at a cost as low as Rs. 100.
Full Invoice Cover
Many people are not aware of the full invoice cover. It is quite useful for people who live in areas prone to natural disasters like floods and in areas which have a high theft rate. This particular cover ensures that in case of damage due to natural disaster or in case the automobile is stolen, the insurance company pays the complete invoice amount to the consumers.
All parts of the car are covered by the insurance policy
The insurance policies have components like the third-party cover that takes care of a person or vehicle that you might have affected with your car while driving, and the own damage component that insures the damages that your car has in case of accidents or disasters. The remaining coverage depends on the claims, add- ons and other custom features that the consumer has chosen.
Watch to know about the protection your vehicle already has and what more is needed.