We all know the importance of protecting our valuables with insurance. If you are planning on buying an SUV, it is even more important to do your research well and pick an insurance plan that will protect you financially in the event of the vehicle being damaged in any way, because most SUVs are quiet expensive. In fact, it is advisable for you to pick a plan with additional covers since the maintenance of SUVs are particularly expensive.
Some Of The Key Benefits Of Buying Car Insurance For Your SUV Are:
- Cover in the event of the SUV being damaged or lost
- Cover in the event of the SUV being damaged in an accident, fire, self-ignition, theft, natural disasters, human acts of violence such as riot, terrorism etc.
- The cover will take care of financial liability due to damage to third party’s property or death/injury of third party.
- Personal accident cover.
There Are 3 Different Types Of Car Insurance That You Can Choose For Your SUV:
- Third Party Liability Coverage: According to the Motor Vehicles Act in India, all vehicles must have this cover. It provides protection against any legal liability you will have to face if you are in the unfortunate position of being responsible an accident and has caused damage to third party or their property.
- Collision Coverage: This cover protects you financially if you are in an accident, and your own vehicle has been damaged. However, this cover does not include damage or loss due to theft or vandalism.
- Comprehensive Coverage: As the name suggests, this cover is extensive and includes cover if your car is damaged, stolen, third party legal liability and for personal accident. For those who want more protection, you can opt for add-ons like engine protector, accessories cover, medical expenses, zero depreciation cover, etc. This type of coverage is very popular since it offers end-to-end coverage, and more over complete peace of mind when your vehicle is on the road.
You never know when bad luck will fall upon you and your car, so be prepared and pick an insurance plan that suits you best. You will need to do a lot of research before picking an insurance because each one has different advantages as well as disadvantages.
Once you have found the perfect insurance and bought it, you might find that you haven't made a claim the entire year. Don’t think that it was a waste to spend on the premium because you will get a discount when you renew your policy. The No Claim Bonus (NCB) is cumulative and increases yearly. The percentage of discount can range from 10% to 50%. This amount can be a substantial amount when the time comes for you to pay the next year’s premium.
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GST Update: GST of 18% is applicable on car insurance effective from the 1st of July, 2017