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Things Which Might Not Know About Your Car Insurance Policy

When we buy a car policy we typically try to understand it from some broad perspectives but we generally miss out the small ones. There are vast arrays of benefits which we possibly don’t know about our car policy and because of which we are not able to take full benefits of our car insurance policy. Listed below are few of them

  1. The policy also covers something beyond accidents also. Typically we make a claim to our car insurance provider only when there is an accident. In this case you know that you have to pay a huge cost out of your pocket so you always focus on this very fact while buying a car insurance policy. Most of the policyholder actually misses out the fact that their car insurance plan other than just covering for accidents also covers for damage due to natural calamities and also bears the loss when the car is stolen.
  2. So this is another typical situation, you get stuck somewhere in the middle of the night and nearest possible service station whom you called for service took the benefit of your situation and charged some exorbitant toying charge. We  generally don’t  claim for these charges with the insurer but you should know that all car insurance plans cover toying car with a prescribed limit during the policy year and doesn’t even stop you make this claim for any number of times during a term even under the basic cover.
  3. Renewal with no documentation. While buying most financial products we are typically faced with the problem of furnishing as many as documents which make the process very cumbersome. But typically speaking in case of car insurance you don’t have to furnish any documentation during the process of renewal and with all the new online mediums coming in place the renewal has become a click away.
  4. Discount on third party premium, we generally underestimate this part of the policy. As a common understand we generally get a message third party rates are set by the transport authority and so you can’t ask for any discount with your insurer in this case. But if you are confident enough to avert third party claim situations and feel that you can handle the same out of your own pocket, you can ask for limit on the third party cover through which you can save money on the third party premium also.
  5. 24*7 Assistance, lot of policyholder actually don’t know you have a 24*7 assistance cover which already exist in your comprehensive plan. In recent year most of the insurance companies have started providing this cover either as a part of the base policy or as an add-on cover. In case you are stuck somewhere where you don’t an access to service you can anytime call upon your insurance company and get the assistance delivered at that place.
  6. Another important cover which we generally miss is the Zero depreciation cover. This is a unique and effective cover in the initial years when you have brought car. This also has a benefit in savings you insured declared value of the car for later years and can also enjoy the benefits of getting a larger claim settled by your insurers in the later years when there is more wear and tear.
  7. Tax savings, though this benefit doesn’t apply to individual car owners but you are using your car for business purpose you can always claim the exemption from tax authorities on the premium that you pay each year from renewal of your insurance.

We generally have the habit of not reading the terms and conditions of our policy document and because of that we miss out this small benefits which are mentioned above. These benefits seem very small but they can to a good use when need arises .So it is always advised to understand you car insurance plan in totality before making any decision

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