Individuals frequently acquire car insurance policies due to legal requirements without possessing comprehensive knowledge of the policy. Many policy buyers are not knowledgeable about the essential aspects of the policy and the advantages it offers. To enhance the comprehension of your car insurance policy and optimize its advantages, we have compiled a list of ten items that may be unknown to you regarding your coverage.
Paperless documentation and instant renewal:
Paperless documentation and instant renewal is a digital method of managing and updating documents without physical paperwork. This system allows quick and efficient document updates without manual processing or printing. Renewing car insurance policies has become more streamlined and efficient, eliminating the need for lengthy procedures at insurance provider offices. Contemporary car insurance policy providers offer their clients a swift and hassle-free policy renewal process via online channels, which requires minimal or no documentation.
Coverage for losses beyond accidents:
Several car insurance policies provide coverage beyond damages to the vehicle resulting from accidents. Comprehensive car insurance policies provide extensive coverage to policyholders, whereas third-party liability policies only cover damages resulting from a third party’s property or assets. Comprehensive car insurance policies typically cover a wide range of damages incurred by the vehicle, including those resulting from burglary, theft, housebreaking, fire, self-ignition, explosion, terrorism, strikes, malicious acts, riots, natural calamities, and accidents. In the event of transit-related damage to your vehicle via waterway, rail, or road, your car insurance policy will typically provide coverage.
Free-of-cost on-road towing service:
The inconvenience can be significant if a vehicle experiences a sudden breakdown during non-standard hours of operation. Typically, automobile insurance companies offer complimentary towing services for a limited distance. In case of a car breakdown, contacting your insurance provider to determine if you qualify for complimentary services is recommended.
ARAI membership discount:
Many car insurance companies offer extra discounts to individuals who are India’s Automotive Research Association members. In many instances, individuals who are members of ARAI may be eligible to receive a discount of 5%. Individuals not affiliated with ARAI may still qualify for additional discounts if they have installed anti-theft devices that ARAI has sanctioned.
No-claims bonus protection cover:
If no claims are made during a policy year, the insurer may offer a no-claim bonus to the policyholder. The no-claim bonus is a discount that can substantially decrease the premium that needs to be paid. Vehicle and bike insurance suppliers offer a no-guarantee reward security cover as an extra to contract purchasers. This is due to the significant impact that the no-claim bonus can have on premium rates.
The cashless facility at the network garage:
In contemporary times, automobile insurance providers offer their policyholders the convenience of availing cashless repair and maintenance services for their vehicles at affiliated garages. Verifying if your insurance provider offers a cashless facility before procuring an insurance policy is recommended.