What to Consider When Buying Mahindra Car Insurance Policy Online?

Posted on: Nov 3, 2023 | | Written by:

What to Consider When Buying Mahindra Car Insurance Policy Online?

Published on November 03, 2023. EST READ TIME: 3 minutes

About Mahindra in India

Mahindra is a well-known Indian company that makes cars, especially SUVs (sports utility vehicles) and tractors. Famous for their tough and durable vehicles, they also have a prominent presence in other countries. These cars are favoured for their durability and strong engines, contributing to higher resale values. Mahindra's vehicles are prevalent in smaller cities and towns, as they are well-suited to the challenging conditions of Indian roads.

Mahindra isn't just about cars and tractors; they're into aerospace, defence, and finance. They also care about doing good things for society, like helping the environment and supporting education.

Importance of Car Insurance in India

Car insurance is an important aspect of owning a four-wheeler in India. On Indian roads, it's a legal requirement under the Motor Vehicle Act, of 1988, to have insurance for your car. Many first-time car buyers may wonder about its necessity, especially if accidents seem unlikely.

Here's why car insurance is essential.

1. Reduces liability

If you're involved in an accident on the road, your new car insurance helps manage your responsibility. In India, having third-party liability coverage is mandatory. For example, if you cause an accident that damages another person's car or results in injuries, third party car insurance covers the costs and shields you from legal consequences.

2. Compensates for damages

Cars are expensive, and accidents can happen even when you drive cautiously. Whether it's a collision, bump, or dent caused by another driver's mistake, you need insurance to cover the repair costs. Paying for damages from your pocket can be prohibitively expensive, whereas an insurance company can help ease the financial burden.

3. Pays for serious injuries

Not all accidents result in minor injuries. Despite taking precautions, serious accidents can lead to critical injuries and hospitalisation. This can be emotionally distressing and financially draining. Car insurance ensures you can cover hospitalisation expenses without depleting your savings.

4. Safeguards your family

Car insurance isn't just for your benefit; it also protects your family. In case of untimely passing, your car insurance provides a personal accident cover. This helps your family's expenses, particularly if you're the primary breadwinner.

Things to Consider When Buying Mahindra Car Insurance

When buying car insurance for your Mahindra car for the first time, you must be cautious and understand your options. As a buyer, making the right choice to protect your car is crucial.

Check out the essential factors below to help you navigate the world of car insurance and select the best policy for your needs.

1. Understand the types of car insurance and buy what you need

When purchasing Mahindra car insurance, it's crucial to comprehend the two primary types of insurance - third-party and comprehensive.

a. Third-party insurance

This is the primary and mandatory form of coverage in India. It protects against liabilities towards third parties, such as damages to other vehicles or injuries to other people involved in an accident caused by your vehicle.

b. Comprehensive insurance

It includes third-party coverage and protects your vehicle from a broader range of risks, including theft, accidents, natural disasters, etc. It provides comprehensive protection for your Mahindra car.

2. Look for coverage rather than going for the lowest premium

While it's tempting to opt for the cheapest premium, it's essential to prioritise the coverage provided. A slightly higher premium may offer significantly better protection and benefits, ensuring your peace of mind in case of unexpected events.

3. The add-ons wisely

Insurance add-ons or riders can enhance your policy. Select add-ons that align with your specific requirements. For instance, zero depreciation cover can protect you from the effects of depreciation on car parts in case of damage. At the same time, engine protection can be vital in areas prone to waterlogging or flooding. Add-ons can only be purchased with comprehensive car insurance policy.

4. Make the most of your No Claim Bonus (NCB)

NCB is a reward for safe driving, as it offers a discount on your premium for each claim-free year. Accumulating NCB can lead to substantial savings and incentivise responsible driving. You can get up to 50% discount on your upcoming premium.

5. Buy/renew on time

Timely renewal of your Mahindra car insurance policy is crucial to maintain continuous coverage. Letting your policy lapse can lead to legal and financial consequences and a loss of protection for your vehicle.

6. Choose the right insured declared value (IDV) for your Mahindra car

The IDV shows the market value of your vehicle and plays a vital role in determining the claim amount in case of theft or total loss. Ensure that your IDV is accurately calculated to avoid being underinsured or overinsured.

7. Check for discounts online

Many insurance providers offer discounts for policies purchased online. Exploring these options can lead to potential cost savings on your premium.

8. Read the policy documents carefully

Review and understand your insurance policy documents thoroughly, including the terms, conditions, and what is covered and excluded. This ensures you are well informed about your coverage, making the claims process smoother and avoiding any surprises in case of an incident.

9. Try to lower your premium

You must do something to lower your insurance premium. Consider increasing your voluntary deductible (the amount you agree to pay during a claim) or installing safety features in your Mahindra car, as these efforts can lower your insurance costs.

a. Invest in multi-year plans

Opting for multi-year insurance plans simplifies the renewal process, eliminates the need for annual renewals, and may come with discounts. It offers convenience and potential cost savings.

b. Opt for voluntary deductible

Selecting a higher voluntary deductible implies you're willing to pay more out of pocket in case of a claim. While this increases your immediate financial responsibility, it can reduce premiums.

c. Drive carefully

Safe and responsible driving reduces the risk of accidents and helps maintain a clean claims history, potentially leading to lower insurance premiums over time.

10. Choose the right insurer

With the right insurer, all your insurance-related procedures become simple and easy. With a popular and reliable company such as HDFC ERGO, you can sail through the claim process. With a wide network of garages, you can ensure that our claims are settled cashless and easily.

Conclusion

When it comes to Mahindra car insurance, it's essential to find the right coverage for your needs rather than simply going for the lowest price. Take advantage of discounts and consider options like multi-year plans to save. Safe driving suits your well-being and can help keep your insurance costs down. While reading your policy documents, you must be careful to know what's covered.

If you're ready to secure your Mahindra car, explore your Mahindra insurance options online with HDFC ERGO. It's not only convenient but also cost-effective.

Disclaimer: The above information is for illustrative purposes only. For more details, please refer to the policy wordings and prospectus before concluding the sales.

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