Motor vehicles are often considered to be one of the most prized possessions of an individual and damage to them may often prove to be detrimental. That is why a motor vehicle insurance policy is so widely used to cover repair expenses in case of damage. But, it is not just to mitigate vehicle damage expenses. In fact a motor vehicle insurer provides a number of advantages, some of them being –
- 24/7 on-site road assistance
- Widespread garage network spread all over India
- Provides medical cost coverage in case of any accidental injury to personnel
3 motor vehicle insurance policy covers that are most commonly opted for
Insurance providers offer certain add-on covers on their motor insurances purchased by motor vehicle owners. These are useful in a number of scenarios, from getting a discount in the insurance premium, to adding additional coverage benefits to the policy. Here are those 3 additional motor vehicle coverage options that are most commonly opted for-
- Depreciation waiver – Over time, the value of the insured vehicle is likely to decline. Therefore, the insurance claim is likely to not be as much as the initial amount. To avoid this, the depreciation waiver option can be opted for in your motor insurance policy. This will ensure that no penalty is charged when the depreciation amount is deducted during claim.
- NCB protection – NCB or No Claim Bonus is a special discount applied on the insurance premium (ranging from 20-50%) that is awarded to the policy holder if no insurance claims have been made for a prescribed insurance period.
- Towing charges coverage – In the event that the insured motor vehicle suffers an engine failure, a breakdown, or any occurrence that immobilizes it, the insurance policy covers any towing charges incurred.
These 3 insurance add-ons guarantee some of the best benefits for insured vehicles. Be sure to take a look at them while purchasing motor vehicle insurance for your vehicle.