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How to Maximize your Motor Insurance Cover?

How to Maximise your Motor Insurance Cover

Whether you own a two-wheeler or four-wheeler, you need to have a valid driving license and an active insurance policy to drive on the Indian roads. This law was passed by the Government of India under the Motor Vehicles Act of 1988 to ensure road safety. An insurance policy protects you and your vehicle from damages and losses caused due to natural or man-made accidents or calamities. Further, it protects you from any and every liability that arises from a loss or damage caused to a third-party – person or property. 

There are many benefits of motor insurance policies and in this blog post we give you some tips to help you maximize your motor insurance cover.

How to Maximize your Motor Insurance Cover?

Here are some ways to make the most out of your insurance policy in a way to enjoy maximum benefits and coverage for the premium you pay. 

Secure Your No-Claim Bonus: The first and best way to derive maximum benefits from your car insurance is to drive safely and maintain a clean record. This could help you avail your yearly no-claim bonus (NCB), at the end of every claim-free year. The bonus is given as a reward to encourage vehicle owners to drive safely and responsibly. With the bonus, the policyholders are eligible to avail a 10% discount on their premium during the next renewal period. They can also choose to accumulate the bonus upto 5 years and avail a 50% discount on their fifth claim-free year.

Find the Right Policy: One of the golden rules of insurance policies is to make sure you are not over insured or underinsured. A rookie mistake that most of us make is to either splurge on covers that are not necessary or try to save on premium by not getting the adequate coverage. So, it is really important to outline your needs beforehand and find the right policy that meets your requirements and budget perfectly. 

Also, Check – 6 Ways To Claim Car Accident Insurance And Compensation

Get the Right Add-ons: Add-on covers provide you with additional coverage like zero-depreciation cover (allows full claim of vehicle repair costs), personal cover (covers vehicle owner and an employed driver) engine protect (protects against engine damage in areas prone to flooding), roadside assistance (immediate assistance in case of a car breakdown), return to invoice, etc. If you want to purchase an add-on cover, you can buy a basic plan and add-ons that you absolutely need at minimal premiums to help provide coverage for specific risks that you may encounter.  

The above-mentioned tips help provide you with maximum coverage at nominal premiums. You could also derive maximum benefits by setting the right IDV (Insured Declared Value) and voluntary deductible. A well-insured vehicle does not just save you money, but also provides you with peace of mind. It is important to understand that the benefits of the insurance policy outweigh the premium you pay.

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