Just like vaccinating yourself with Covishield or Covaxin doesn’t promise you that you will not be affected by the dreadful coronavirus, you are supposed to drive safe and be conscious on-road even after buying the car insurance. Getting your car insured with a comprehensive or a third-party liability policy doesn’t mean that you can do anything to your car because the insurer will help you. In third-party liability insurance, no coverage is provided to the damage caused to your car and yourself. Only in a comprehensive car insurance policy, you can avail of coverage for you, your car, the opposite party and their car.
You might now wonder what else is needed when everything is covered under a comprehensive policy. Here we have a list of items for which your insurance provider is not liable even if you pay your premiums regularly. When you buy policy online/agent/dealers, they will try to highlight and emphasize only the items covered under your insurance to make you fall for the policy. The things that the insurer is not liable for will be written at the end of the document in minute letters under the ‘Terms and Conditions section. Most of us do not have time to read it and the company gains with the time we miss reading. Do spare time in reading your entire document before making the purchase and have a clear cut understanding of what your policy will cover and will not cover and lead a happy and stress-free life.
You are not insured!
Third-party liability insurance is mandatory as per Indian law. It provides coverage only to the damages caused to the opposite driver like bodily injury, death during the accident and physical damages to his/her vehicle. Even if you/your family/your property is injured more than the opposite vehicle, no coverage will be provided from the insurance company to you.
Annual Depreciation:
Losses occurring due to natural wear and tear, damage of tyres, repairs will not be covered by the insurance provider under your car insurance policy. The annual depreciation due to regular use of the car, mechanical repair, monthly repairs, change of engine oil, car wash, damage of electronic or electrical equipment inside the vehicle due to bad weather conditions, breakdowns are some of the expenses for which the insurer is not responsible.
Intentional negligence:
When the accident or damage is caused intentionally by the owner or the driver, no coverage will be provided. For example, if a person is dead or is been injured badly due to drunken driving or any other drugs, the insurance company is not liable to pay for the damages. Also, if you involve in rash driving or racing for fun and meet with an accident, you are not covered under your car insurance.
Post Expiry:
One must understand that car insurance is an annual contract between the policyholder and the policy provider. It must be renewed annually without any break to get the benefits. If the accident occurs post the expiry and before the renewal period, you cannot claim under the policy because the policy is not in force. So, set reminders or ask for automatic renewals at the time of purchase itself.
Voluntary Violations:
The insurance company will not provide the coverage if you violate the rules like driving beyond the speed limit, overloading your car, rash driving in accident-prone areas or hill stations, driving without a legal license, etc. Also, you must adhere to the guidelines provided by the car manufacturer to avoid unwanted breakdowns and accidents.
Theft:
In case your car is broken by robbers, theft of your personal belongings like headphones, tv, laptop, jewellery, wallet, etc. will not be compensated by the insurer as it does not fall under the car insurance policy. However, the insurer will pay for the damages or the Insured Declared Value (IDV) if your property is stolen. The Insured Declared Value will not include the value of any personal belongings you had in your car. So, don’t leave your valuables unattended or place them at a place where one cannot easily find them.
Natural and Man-made Disasters:
Some Insurance policies do not cover natural disasters like earthquakes, floods, tornados, etc. Insurance companies place such natural disasters under ‘Acts Of God’ and do not provide a cover for such losses. They do not provide for man-made disasters like war, fire, or any kind of attack. If you are living in a flood-prone location, and need a cover for natural disasters, you can apply for add-ons to avail of the benefit.
Final Thoughts:
If you wish to get more cover, you will end up paying higher premiums. Like some policies offer coverage even for normal wear and tear, breakdowns on road by taking more premium from the policyholders. So, do read the add-ons that differ from each policy and provider to get more benefits.