When thinking of motor insurance online, accident protection comes to mind first. But motor insurance offers more than just accident coverage. Being aware of extra benefits helps maximise policy benefits and ensures complete coverage. Some lesser-known benefits of motor insurance include:
Comprehensive Coverage
Basic third-party insurance is required by many states, but comprehensive motor insurance offers more protection. It covers natural disasters like floods, hurricanes, earthquakes, and artificial disasters. These include riots, theft, and vandalism, providing a shield beyond accidents. When choosing a policy, knowing the difference between first-party v/s third-party motor insurance is key. First-party insurance covers damage to your own vehicle and injuries. Third-party insurance protects against liabilities from damage or injury to others.
Personal Accident Coverage
Personal accident coverage in motor insurance policies provides financial assistance if the policyholder is injured or killed in a motor accident. It benefits the policyholder, driver, and sometimes passengers. This coverage offers a safety net, paying medical costs, lost wages, and family compensation if the policyholder passes away.
Towing And Roadside Assistance
Getting stuck on a deserted road with a flat tyre or car breakdown is terrifying. Towing service or car breakdown assistance is considered an add-on in most motor insurance contracts but is surely a God send. Its services include fuel delivery, towing and battery aid, which may include jump-starting services. When you choose a roadside assistance add-on, it means you are never stranded on the road.
No Claim Bonus (NCB)
No Claim Bonus or NCB is a great incentive to drive safely while being on the road. For every year of the policy, you will be given a premium discount for the next year if no claim has been made during the policy year. The NCB can build up in the long run, which may lead to large monetary benefits. This benefit ensures policyholders keep their vehicles well-maintained, do not make frequent and unnecessary small claims, and are safe on the roads.
Legal Liability Coverage
Legal liability coverage is frequently included in motor insurance policies. This implies that your insurance will pay for any associated legal costs and any potential settlement if you are in an accident that results in harm or property damage to a third party. Doing this can avoid potentially disastrous financial obligations and the anxiety of going to court.
Add-On Covers
Numerous insurance providers provide optional coverage that you can customise to meet your unique requirements. These could include, among other things, return to invoice cover, consumables cover, zero depreciation cover, and engine protection. Your basic policy is enhanced by these add-ons, which offer even more extensive protection.
Motor insurance is more than just a safety net against collisions or a requirement under the law. It’s a complete safety net with many advantages, including increased convenience and financial security. You can maximise the benefits of your insurance policy and ensure you’re entirely protected while driving by being aware of and taking advantage of these extra advantages. Consider comprehensive coverage the next time you renew your motor insurance and drive with assurance, knowing you’re well-protected.
