How Motor Insurance Policy Helps to Keep Your Vehicle Safe from Various Damages
Having own damage insurance for your vehicle is vital to protect your vehicle from any damages. One can recover the cost incurred during any damage done due to theft or total loss of the car due to accident or natural calamity.
Having own damage insurance is not mandatory by law, unlike third party insurance, but having one would always benefit you from saving that extra bucks on repairs. To get complete protection from accidental damages, you can purchase comprehensive coverage that would help protect your vehicle and include third-party insurance.
Importance of Having an Own Damage Cover
You can always choose a motor insurance policy with a limited plan or an extensive plan, but it is better to go for complete car coverage. In the limited plan, one can get third-party insurance, which only covers protection to third party vehicles. The limited policy does not protect your car or damages caused due to the accident. In such a case, one needs to purchase a comprehensive car insurance plan.
What Does Comprehensive Car Insurance Cover
Third-party insurance – This is a standalone liability cover that covers only third-party liability
Own Damage Insurance – This coverage keeps your vehicle safe from different situations such as:
- Damages due to accidents
- Damages during transit in rail, road, etc.
- Vandalism and theft
- Natural calamities
- Personal accident cover for the owner or driver of the vehicle
- Any humanmade disaster sue to riots, strikes, etc.
Besides these, one can assure extra protection to the vehicle by purchasing add-ons covers from the same insurance provider.
To What Extent Does the Own Damage Insurance Cover the Vehicle
The Insured declared value and the deductibles opted for the vehicle determines the coverage that the motor insurance company would pay you in case of any damage caused to your car. Choosing the IDV and deductibles also determine your premium that you would have to pay for your motor insurance policy. The insurance company considers the following factors other than the IDV value to determine the premium amount:
- The age of the driver/car owner
- The profession of the car owner/driver
- The model and the brand of the car
- Security-enhancing equipment installed in the car
- Add-on covers on the motor insurance policy
- Voluntary deductibles opted
Documents Required for filing a claim
- One can file a claim with the following documents.
- Copy of the Motor insurance policy
- FIR copy in case of theft or accident
- Registration certificate of the vehicle
- Copy of the driver’s license
- In the case of reimbursements, bills need to be submitted
It is evident that you can save your car only with the help of comprehensive motor insurance that covers the third-party liability and own damages. This way, it is easy to protect your vehicle from any damage that may arise due to accidents or other incidents like fire/theft.
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