The monsoon season can be particularly challenging for vehicle owners due to the increased risks associated with heavy rainfall, waterlogging, and road accidents. To mitigate these risks, it is essential to have a comprehensive motor insurance plan in place for your vehicle.
By understanding the options available for motor insurance and taking proactive measures, you can have peace of mind while safeguarding your vehicles against these risks. The Motor Insurance Act 1988 makes insurance of motor vehicles mandatory for covering Third Party Liability. This is a necessary step to ensure the safety of others while you are driving a vehicle.
It is vital to buy a comprehensive insurance policy that covers damages caused by accidents and natural disasters. Additionally, this policy insures you against third-party liabilities, thereby making your drive stress-free. By investing in the right insurance policy, you can transfer the financial risks associated with monsoon-related damages to the insurance provider.
Types of Motor Insurance
Private Car Insurance Policy: Any privately-owned car must have motor insurance. It provides coverage for damage caused by accidents, fires, natural disasters, theft, and more. Additionally, it offers protection for injuries sustained by the car owner and covers damages and injuries caused to third parties.
Two-Wheeler Insurance Policy
This insurance policy provides coverage to two-wheelers and offers protection against damages caused by accidents, fire, disasters, theft, and third-party damages. It includes a mandatory personal accident cover for the owner rider and can also be extended to cover passengers.
Commercial Vehicle Insurance
This insurance policy covers a wide range of vehicles used for non-personal purposes, which include goods-carrying vehicles, passenger-carrying vehicles, and special types of vehicles used for specific purposes (trucks, buses, agricultural vehicles, etc.). It offers protection against losses and damages incurred by the insured vehicle, its owner-driver, or both. Whilst third-party liability insurance (which is mandatory by law) provides coverage against liabilities arising from death or bodily injuries or third-party property damage, comprehensive insurance covers the vehicle against losses due to fire, burglary or theft, natural calamities, man-made disasters like riots, terrorism, and the like.
Boosting your motor insurance coverage:
Consider additional insurance add-ons or riders to enhance your coverage, especially during the monsoon season. Some of the most sought add-ons include engine protection cover, zero depreciation cover, and roadside assistance. Engine protection cover provides financial coverage for engine damage due to waterlogging or hydrostatic lock. Zero depreciation cover ensures you receive the full claim amount without accounting for depreciation. Roadside assistance can be beneficial if your vehicle breaks down during heavy rains or floods.
Protecting your vehicles during the monsoon is easy if you have motor insurance. However, remember that to minimize risks, it is essential to regularly check the vehicle before taking it out during rain. Inspecting wiper blades to ensure clear visibility during heavy rain and maintaining the water level in the windshield washer fluid tank ensures effective windshield cleaning. Additionally, replacing worn-out tyres provides a better grip on slippery roads. A thorough vehicle service before the monsoon guarantees optimal performance and reduces breakdown risks. Also, ensure the air conditioner properly functions to prevent mist formation inside the car.
As a precautionary measure, avoid driving your vehicle in flooded areas. Also, one should not start the engine before consulting a technician if the vehicle is submerged. If necessary, arrange for it to be towed to the nearest workshop, as the engine, electrical circuits, etc., may be at risk. With these measures and reliable insurance coverage, you can enjoy a worry-free monsoon season while ensuring the safety of your vehicles.
The author is the head of the underwriting division of SBI General Insurance.
