So before you assume that you know everything about your car insurance policy, do check out our list of 6 things that a car insurance company may not tell you about your insurance policy.
Case in point –  recently, a friend of mine, met with an accident. By God’s grace, he was safe but his car sustained significant damages. When he filed for the car repairs claim with the insurance company, he still had to pay a significant amount from his pocket.
Why did this happen?
Because my friend hadn’t read the terms and conditions of the policy carefully. He had relied on the verbal commitments given by an agent of the car insurance company.
Often car insurance companies and their agents fail to give you complete information about the insurance plan. They just inform you about the premium amount and some basic coverage details. The why and how of the matter are left to the insurance document.

Things Car Insurance Companies Fail to Tell

1) Voluntary deductible

Each time you make an insurance claim, a ‘deductible’ is deducted from your settlement amount. But if it is voluntary, why would anyone want it in their insurance policy? The reason is simple, the higher the voluntary deductible you choose while buying an insurance policy, the lower will be your premium. A lot of people fall for the lower premium bait, without realising how much more they would be liable to pay in case of claim.

2) Engine damages

The cost of engine repairs is massive. Engine is the most important organ of your car. You should ensure that engine repairs are included in your Car insurance. If you stay in a place like Mumbai where water logging is common, you should also make sure that engine repairs for non-accident related damages are also covered. Do ask your car insurance company about how your car engine could also be added under the insurance cover. Usually, they’ll ask you to purchase an engine protection add-on cover.

3) Depreciation factor

When you purchased your car, you knew that your car will depreciate with time. But, how much will it depreciate, you and the insurance company might differ in the calculations. When you buy the insurance policy, you are usually not told about the depreciation factor. I suggest you to enquire about the rate so that you are not in for a rude shock in the future.

4) Roadside assistance

If you like to travel to distant locations, you might need roadside assistance in your policy. You should also read all the details to know all the inclusions in the policy. The things that are usually covered include battery jump start, spare key arrangement, emergency fuel, minor repairs, towing service etc. Note that these policies may be a value added service offered by your insurance company, or available at a cost over and above your premium. Each insurance company will have a different package on offer. Some might have limits on towing distance or services included in minor repairs.

5) Accessories cover

If you have installed a lot of accessories in your car, you should ensure that your insurance policy covers all those accessories. This is especially recommended if you stay in a theft prone area. You should ask your car insurance company about the accessories covered in the policy. At times, you might have to cover your individual accessories under an accessories add-on cover. Always, inform your insurance company about the accessories installed in the car, so that there’s no miscommunication.

6) Personal Accident Cover

You should not only worry about the damage to your car while purchasing your car. Personal accident cover protects you against any unforeseen event. In India, accidents cause a loss of deaths. Car insurance companies might lure you into a lower premium by not providing accident cover [especially for passengers] but you should ensure that you have it in your policy.
Despite your best efforts, it is possible that your car insurance company fails to furnish you complete details, simply because their agents had their own interest in mind when selling you the policy.
Therefore, use an online car insurance broking portal which provides you complete details about the different insurance companies. These portals make the Car insurance companies compete to woo you. Thus, you as a customer get complete information and lower rates.