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What are the Main Components in Car Insurance Coverage
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Car insurance policies are important for every car owner. There are many different types of coverage and terms to consider when you compare insurance online. You want to make sure that your policy covers everything you need.
This blog post discusses 7 important components of car insurance policies that can help inform your decision-making process so as not to find yourself stuck with inadequate coverage for some unforeseen event!
7 Main Coverage Car Insurance Components
Here are some of the main components in car insurance coverage that you should know before you compare the best car insurance in India:
1. Third-Party Liability
Third-party liability is a mandatory insurance plan that you should be aware of if you own a car. It’s designed to protect you financially if someone else gets injured, dies, or has their property damaged by your car. Your third party car insurance policy will outline what this protection entails and what it doesn’t cover.
2. Stand-alone Own Damage
Own-damage provides coverage against any damage suffered by the insured vehicle and is an essential aspect of comprehensive car insurance. Under this portion of the policy, the entire information regarding the own harm is disclosed. While filing a claim, you must determine whether or not the event that caused your vehicle to be damaged is covered.
3. Insured’s Declared Value
It is the market worth of your vehicle as well as the amount covered for insurance purposes. The IDV is determined at the start of a term of the policy and is dependent on many factors including the stated selling price, brand, series, and so on. It also guides you about how to calculate depreciation which will be applied to IDVs in specific circumstances, such as absolute loss or constructive total loss.
4. PA cover
PA cover is an extremely important aspect of car insurance for any car driver that everyone should know more about. PA protects the owner driving the car in case of any type of injury and if you’re not sure whether or not PA cover is included in your policy, we recommend contacting your insurer for clarification!
5. General Exceptions
The General Exceptions part of the guideline outlines the general exclusions to car insurance claims. You should keep these factors in mind before submitting any claim requests, since you may be unable to get compensation if your claims fall into one of these categories.
6. Add-ons
Add-ons are a great way to increase coverage of a basic car insurance plan by paying a slightly increased premium. It is something we recommend for any vehicle insurance, and there are various types available depending on your needs. Make sure you are checking the options available and adding those best suited for your four-wheeled beauty.
7. Grievance Redressal
As a customer, you have the right to know who you should contact if there is an issue with your claim. If the company is unable to address your problem, you can contact the insurance grievance officer. Insurance companies provide this information in their policy wordings so that customers can easily access it.
Author Bio
Paybima Team
Paybima is an Indian insurance aggregator on a mission to make insurance simple for people. Paybima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. Paybima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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