Vehicle Insurance: Features & benefits
Vehicle Insurance guide: features & benefits.
Here is what a good vehicle insurance typically offers. Exact benefits differ by insurer and product, so always read the policy wording.
Third-party liability
Pays for injury, death or property damage you cause to others, as required by the Motor Vehicles Act. Death and bodily injury liability is unlimited by law.
Own damage cover
Covers repair or replacement of your vehicle after accident, fire, theft, flood, riots, earthquake and similar listed perils.
Owner-driver personal accident
Compulsory cover (currently ₹15 lakh) for the owner-driver on death or permanent disability from an accident.
No-claim bonus
A discount on the own-damage premium for every claim-free year, rising in steps to 50%.
Cashless garages
At network garages the insurer pays the repair bill directly, less depreciation and deductibles.
Add-ons
Optional covers such as zero depreciation, engine protection, return-to-invoice and roadside assistance extend the basic policy.
Towing and emergency
Many plans include towing and on-the-spot assistance, either as standard or as an add-on.
Key terms to know
IDV (Insured Declared Value)NCB (No Claim Bonus)Zero depreciation coverThird-party liabilityOwn damageDeductible