In India, it is mandatory to insure your vehicle under the Motor Vehicles Act, 1988. Such an insurance plan offers coverage against any financial loss arising due to theft or damage of your vehicle. Besides, an auto insurance policy also covers any damage caused to third party or property.
Types of car insurance plans
The policies for car insurance in India are of numerous types. You may opt for liability insurance, an insurance product that provides coverage in case you meet with an accident caused by you. You may also purchase a collision coverage policy, wherein the insurer makes a payment towards any kind of repairs or damages occurred during an accident. Another type of auto insurance policy is personal injury protection. In such a policy, medical expenses of all affected individuals are covered by the insurance provider. Choose the best car insurance policy based on your needs and requirements.
Car insurance riders
To avail of comprehensive protection for your vehicle, opt for riders. Riders increase the financial coverage for your car. Though riders come with an additional premium, they offer numerous benefits, too. Evaluate the various types of riders available in the market before zeroing on a single option.
Following are four different types of riders offered by car insurance providers:
- Zero depreciation rider
While taking into account the value of a damaged part, insurers consider the depreciated value instead of the original value. A zero depreciation rider protects you against such financial losses and offers the complete claim amount without considering any depreciation.
- Roadside assistance and towing rider
There may be instances where your car may unexpectedly break down in the middle of nowhere. A roadside assistance rider will ensure that immediate help is sent to you. A mechanic will arrive on the scene to provide auto-related services such as tire change, battery jumpstart, or any minor repairs, besides others.
- Engine and gear box coverage
Chances are that parts of your engine or gear box may get damaged due to a variety of reasons such as leakage of lubricating oil or entry of water. An engine and gear box protection rider will cover the costs towards repair or replacement of your engine and gear box.
- Consumables rider
This rider offers coverage for varied consumable items. These include screw, nut and bolt, grease, fuel filter, engine oil, AC gas, and lubricants clip, among others.
You may either purchase riders for your car insurance online or by walking into your local insurance provider’s branch. On evaluating your needs and looking for all the available options, pick the right insurance policy and riders for your car and enjoy maximum protection.