Maruti Suzuki is the prime and leading player in the passenger car segment, with a total market share of more than 46%. It went on to fulfil the wishes of most Indian families of owning a car. Insurance is mandated by the law and necessary to protect you from financial strain in case of any mishap.
Here, we will discuss 12 ways to make the best use of your Maruti Insurance across three categories:
- types of coverage,
- types of insurance, and
- riders and add-ons.
Types of Coverage
Following are the areas that need to be covered by your Maruti Insurance policy:
1. Liability coverage
This coverage protects you in case of an accident, whether or not due to fault/negligence. Following are the benefits of liability coverage:
- It includes injury or death of the third party, as well as damage to its property.
- It covers the third party’s medical bills in case of hospitalisation.
- It covers the repair and replacement cost of damage.
- Mandatory as per Motor Vehicle Act, 1988.
2. Personal injury coverage
It covers the medical expenses of the driver and other passengers in case of an accident. It covers all the costs associated with the accident.
3. Comprehensive coverage
As the name suggests, it covers almost everything that includes your vehicle, driver, passenger, and also third-party vehicle, property, driver, and passenger. Apart from accidents, it also covers the risk of natural calamities like certain disasters, fires, floods, and even thefts.
4. Collision coverage
It primarily covers the repair expenses of your Maruti in case of an accident or collision.
5. Uninsured motorist
There might be a situation where an insurance policy does not protect the other party in case of collision or accident. In such cases, you may have to bear the brunt of such parties’ medical and repair bills. Here, uninsured motorist protection protects you against such expenses, as the insurance companies provide additional amounts to cover such uninsured motorists’ medical bills and damage expenses.
Types of Insurance
Your Maruti Insurance policy needs to cover the areas mentioned above to protect you against any future uncertainty. Two different types of policies cover these risks:
6. Third-party insurance policy
It covers the obligations towards third parties in terms of damage and injury. The features of third-party insurance are as follows:
- Covers entire expenses towards third parties: In case of an accident, third party insurance will provide coverage for any damage caused to the vehicle or property of the third party, as well as the medical expenses for injuries and death of the third party.
- Affordable: It is the most affordable insurance available and fulfils the requirement of mandatory insurance under the Motor Vehicle Act, 1988. In case you have an old vehicle, then you can prefer third-party insurance instead of comprehensive coverage.
Usually, where the repair and damage cost of the vehicle exceeds its market value, the insurance company tends to pay the vehicle’s market value in the full and final settlement. As an old vehicle does not have much value, you can save your insurance expenses here.
- No cover for own vehicle: Third-party insurance protects against the liability towards the third party only. It will not provide any coverage towards any damage caused to your Maruti. Also, it does not provide coverage for medical expenses for injuries suffered by you and death in case of an accident.
7. Comprehensive insurance policy
A comprehensive policy provides broad coverage and protection if you want to make the most out of your Maruti Insurance. A comprehensive policy provides –
- Accidental damages and medical expenses, including death, cover for you;
- Accidental damages and medical expenses, including death, cover for third parties;
- Cover against natural as well as man-made disasters;
- Theft protection, etc.
Riders & Add-ons
Even though comprehensive coverage provides most of the protection and coverage, still certain things are left uncovered that you might feel necessary to be a part of your insurance policy, i.e.,
- Damage to tyres and tubes of the vehicle;
- Damage due to accident of a vehicle driven by a non-license holder;
- Damage due to accident of a vehicle driven under alcohol or drug influence;
- Damage due to a nuclear attack or war;
- Breakdown of certain parts, etc.
Therefore, specific riders are available that enhance the protection provided by your Maruti Insurance and suit your specific needs.
8. Engine protection
The mechanical or electrical breakdown of engines due to water ingression or oil spill is covered here. If required, the entire engine can be replaced if the damage becomes irreparable.
Normal Maruti Insurance might not cover the expenses related to products consumed by the vehicles like lubricants, bearings, oil, filters, clips, nuts, bolts, etc. Consumable add-ons can cover all these expenses.
10. Key loss
Through this cover, you can be compensated by the insurance company for the loss of keys.
11. Roadside assistance
Suppose your Maruti gets stuck between your journey due to a mechanical breakdown, flat tyre, or any other reason. In that case, this cover ensures on-site repair services, towing your vehicle to the nearest garage, refuelling, changing tyres, etc.
12. Zero depreciation
While settling the claim, the insurer deducts the depreciation from the claim amount, which reduces the compensation that shall be given to you. This add-on eliminates the reduction of depreciation from the claim amount thus, increasing your compensation.
If you have just fulfilled your dream of purchasing your Maruti, Maruti Insurance will ensure that you can enjoy your car to the fullest. It not only protects your car but ensures the protection of you and your family as well.