People who have a car insurance plan set up or are looking for one must understand the significant features and benefits of a car insurance policy in its full depth. With the surge in demand for automobiles in the country, there is also growth in the car insurance industry.
The bare minimum criterion for car owners in most states is to at least have third-party liability insurance. However, one must not go in for just about any car insurance plan. One must make sure that the car insurance policy he/she chooses has the following benefits at a competitive rate.
Must-Have Benefits Of A Car Insurance Policy
1. Financial Coverage
A car insurance policy has been designed to protect the policyholder from financial obligations which may arise from future incidents. A car insurance policy must provide financial coverage in case of property damage or bodily injuries that result from a car accident.
A good motor insurance policy will offer protection against natural and man-made calamities such as storms, riots, floods, thefts, and earthquakes.
2. Cashless Garage Network
It is one of the most crucial clauses that every car insurance agency San Antonio tx must provide. In a cashless garage network, one does not have to make out-of-pocket expenses towards the repair of his vehicle.
Many insurance companies have a chain of automobile repair shops that they are connected to. Hence, a policyholder can get his car repaired at any of those garages. The insurance company settles the bills with the repair shop directly on his behalf. However, the policyholder will be expected to pay the amount that exceeds the insurance limit stated in his policy to the mechanic or garage.
It is an out-of-pocket expense that is paid during the filing of a motor insurance claim. So, if someone opts for a deductible of $100 and the car repair comes to $500, then he will only need to pay $100 while the motor insurance company will pay the remaining $400 on his behalf. Deductibles reduce insurance premiums considerably.
4. No Claim Bonus
Reputed car insurance providers offer the benefit of no claim bonus (NCB). It is a discount offered by an insurance company over the premium. It is offered if a policyholder does not make any claim during the policy period.
It serves as a reward for the initial policy period and can be enjoyed once the motor insurance policy is renewed.
5. Add-on features
A good car insurance plan allows for the customization of a policy through riders. Riders are also known as add-ons and provide additional coverage over the basic insurance features at an additional cost. Hence, it enhances a motor insurance policy through useful value-added features. Some of the common rider options include engine protection, zero depreciation, enhanced owner personal accident, NCB protect, and roadside assistance.
A vehicle is a high-utility asset and a major investment. Hence, one must choose a good car insurance agency san Antonio tx to stay protected against any risks associated with his automobile. So, follow these guidelines and invest in a car insurance policy, wisely!