How is IIFL better than ICICI Lombard Third-Party Car Insurance
A car insurance policy is imperative as it can protect you from the financial burden caused by any incidents resulting in a damaged vehicle. It is critical to have car insurance for your safety as well.
If you want to drive your two-wheeler or four-wheeler on the road, it is mandatorily required to have automobile insurance as per the Motors Vehicle Act 1988. It is essential to select a car insurance plan which suits your needs and is reliable at the time of need. IIFL Insurance offers some of the best car insurance policies that come with many benefits and coverage options.
What is a Car Insurance Policy?
A car insurance policy offered by insurance providers such as ICICI Lombard and IIFL Car Insurance covers the financial liabilities that arise when your car gets involved in an accident. If your car is insured, your provider will cover repair, third-party damages, and other costs without any money going out of your own pockets. It is required as per the law for all cars to have insurance cover. As a policyholder, you have to pay a premium for their car insurance every year to continue with the benefits of insurance cover.
Car Insurance Policies Offered By ICICI Lombard and IIFL Car Insurance
There are three types of car insurance policies offered by ICICI Lombard and IIFL Car Insurance –
- Comprehensive Car Insurance Policy – This type of car insurance policy provides you with complete protection. It includes the damages that might occur to a third party and the damage costs of your car as well. A comprehensive car insurance policy also compensates you if your vehicle is stolen or damaged by natural calamities.
- Stand Alone Own Car Damage Insurance –Standalone policy covers the damages to your car that might happen in an accident. This insurance policy covers damages caused by earthquakes, storms, landslides as well. However, a standalone policy can only be bought if you already have an existing third-party insurance cover for your vehicle and that too for a year or more.
- Third-Party Car Insurance –Third-party car insurance has a limited scope, unlike other car insurance policies. It solely addresses two types of third-party liability that an automobile owner can face. To begin with, if the automobile causes harm or death to anybody other than the car owner, third-party liability arises. The automobile owner is responsible for compensating the wounded person or his family (in case of accidental death). The automobile insurance policy covers this financial responsibility. The second type of coverage protects you against responsibility if you cause damage to someone else’s property. As a result, third-party car insurance does not cover damages to the automobile or its owner/driver.
IIFL Third Party Car Insurance
IIFL car insurance lets you find some of the best car insurance policies in the market. Some of the features provided by IIFL car third party insurance cover which makes it better than ICICI Lombard third party insurance is: –
- NCB Cover – With IIFL car insurance, you will earn a no claim discount for every year in which you would not make any insurance claims. This reduction accumulates for each year without a suit and is applied to the Own Damage portion of your insurance rate at renewal time. On the other hand, a single share wipes off the discount you have collected over the years. Even if you file a claim under your insurance, you may preserve the appropriate NCB discount with this add-on. The add-on will not only safeguard your present NCB but will also assist you in moving it to the following slab at renewal, even if a claim has been filed. This NCB coverage can be used for up to three claims.
- Roadside Assistance –IIFL Car Insurance lets you find policies that give you 24×7 roadside assistance if your car has a breakdown in the middle of the road and you cannot reach the nearest garage for car repairs. The insurance company would also pay your car’s transportation charges. Other arrangements such as fuel tank fill, tire change, and battery jumps are also provided, unlike ICICI car insurance.
- Gear Box Protection Cover – Third-party insurance add-ons can include gearbox protection cover as well. In the case of substantial rains or storms, driving a car through flooded roads can lead to transmission and engine damages for the vehicle, and these are very expensive to repair. Gearbox protection offered by IIFL car insurance can save you from this costly repair. This policy plan also covers the damages caused to your engine due to lubricants and coolant damage.
- Accessories Cover – Third Party Insurance covers under IIFL also cover your car’s accessories fitted separately in the vehicle. You need to declare the amount of these accessories separately when buying car insurance for you to make claims on these later.
- Low Premiums –IIFL car insurance provides low premium rates compared to ICICI third-party car insurance with more add-ons and coverage benefits.
- Networks of Garages –IIFL car insurance has a vast network of garages across the country, making it easier for your car to be repaired in case of a breakdown. All the transactions are cashless and paid by the provider; you do not have to worry about anything.
It is essential to purchase a car insurance policy that suits your needs. Third-party insurance cover can be critical in case of an accident involving a third party. If you are having trouble finding insurance policies, you can get the help of an insurance agent and find yourself the best policy type to go for. IIFL Insurance policies have multiple add-ons to choose from, which provide you with a lot of benefits. It is constantly suggested to renew your car insurance policy before expiration to avoid any premium increase and other types of penalties and issues.