Since most of us were children, we have dreamed of having our own cars and driving to work, to the theatres, with our friends and even heading on long drives alone or with a special someone. This dream transitioned towards reality the day we got our first learner’s license and then our driving license. As we began working, our dreams of owning a car soon became a reality.
Before you take off on this dream though, remember that there are a few things you will need to be vigilant about before you start driving yourself and your friends around town. One of the mandates of driving on Indian roads is that you must have car insurance in place. While it is compulsory to have third party insurance which protects you against any liability, it is always best to own a bumper-to-bumper insurance policy which ensures that you and your vehicle have adequate protection. If price is a concern for you, it no longer needs to be when you opt for car insurance, available on Finserv MARKETS. Not only do premiums start at only Rs. 2,072 a year, but you also get access to round-the-clock assistance for your car and can have your claims settled quickly by easily registering your claim online in just 4 steps.
What is Bumper to Bumper Car Insurance?
Bumper to bumper car insurance refers to protection for every square inch of your car. This kind of insurance policy is often an add-on with a comprehensive insurance policy and is also known as zero depreciation cover because it ensures that depreciation is not factored in as a cause by the insurer while deciding how much of your claims need to be settled by them.
A bumper-to-bumper car insurance is a boon for new drivers who are not very experienced with driving, and even for owners of luxury supercars which have expensive spare parts. If you are the kind of person who worries about even the tiniest dent on your car, you should probably purchase a bumper-to-bumper car insurance policy.
Benefits of Bumper to Bumper Car Insurance
With any kind of car insurance, you are privy to a certain set of benefits. However, bumper to bumper car insurance brings along a set of additional benefits that are not available with other kinds of policies. Read on to learn more about them.
All car insurance policies pay out only the claim amount after setting aside a certain sum for depreciation. Depreciation refers to the normal wear and tear of a machine that occurs in its daily usage, and its monetary value can thus result in a considerable sum regardless of how well you maintain your car. As a result, you are probably going to end up losing a hefty amount while applying for any kind of claim with your vehicle in case of an accident. However, a bumper to bumper car insurance ensures that your insurer has set aside the depreciation value and settled your claims for the car in terms of its original value.
Since it enhances the coverage that your car is provided with, it significantly decreases your expenses on your car.
A bumper to bumper car insurance policy significantly controls the expenses that would be incurred as a result of the depreciation cost of the insured vehicle.
When you opt for a Motor Insurance, available on Finserv MARKETS, you can get access to a bumper to bumper insurance add-on at a nominal cost. Its premiums start from only Rs. 2,072 a year and you also get access to 24x7 assistance to ensure you experience a smooth car insurance claim process.
What is the difference between comprehensive and bumper to bumper insurance?
A comprehensive insurance policy refers to coverage for practically everything including a cover for the vehicle itself, repair of its parts as well as protection for the driver and others in the car; as well as any third parties who may be affected in case of an accident with the car.
Since bumper to bumper insurance is an add-on, it may or may not be a part of your comprehensive car insurance policy. Read on to learn about the three major differences between a comprehensive and a bumper to bumper car insurance policy.
With a bumper to bumper insurance policy, you get 100% coverage with literally no amount lost to depreciation. This is, however, not the case with a comprehensive policy that does not offer bumper to bumper insurance.
Premiums are a little higher on bumper to bumper car insurance policy as compared to regular comprehensive policies, but you also get additional benefits in line with the higher cost.
It is important to note that you can only buy a bumper to bumper car insurance policy when your car is less than 5 years old, which does not hold true for a comprehensive car insurance policy which can also be purchased for a second hand vehicle.
Consider these factors before choosing a Bumper to Bumper Insurance
There are a few factors you must consider before choosing a bumper to bumper insurance policy. Read on to learn what these are.
Check the number of claims provided by your insurer in a year, as several insurers restrict this so that people don’t file claims for every dent in their car
The premium for a bumper to bumper car insurance is slightly higher than that for other types of car insurance, but its benefits are also significantly higher
Since it is only available for cars that are 5 years or younger, you might need to move fast if you are keen on getting a bumper to bumper car insurance policy.
What is not covered by Bumper to Bumper Insurance
While there are a lot of benefits with a bumper to bumper car insurance policy, there are some situations under which this policy cannot help you.
Claims will not be processed if the car has been reported for any illegal or unethical movement
A private vehicle being used for commercial purposes is not eligible for claims
If the driver was found to be under the influence of drugs or alcohol when the car was damaged, claims will not be settled
Claims cannot be settled unless all the vehicle papers are complete and in place.
FAQs on Bumper To Bumper Car Insurance
Some common FAQs regarding bumper to bumper insurance policies have been answered below.
How soon do I need to report an accident?
An accident needs to be reported as soon as possible, within the time frame as provided by your insurer. Car insurance claims may otherwise be liable to rejection.
Can bumper to bumper insurance claims be raised for damaging my own vehicle?
Yes, all damages to your vehicle can be claimed under the bumper to bumper car insurance policy.
A bumper to bumper car insurance policy offers protection for a number of cases and situations in which your car or even you may sustain damages and harm. For one of the best policies, you can opt for car insurance, available on Finserv MARKETS, which protects you against incurring significant expenses in case of damage. With premiums starting at just Rs. 2,072 per year, you get access to a range of benefits including roadside assistance as well as cashless servicing at more than 4,000 garages across the country.
Finserv MARKETS, from the house of Bajaj Finserv is an exclusive online supermarket for all your personal and financial needs. Loans, Insurance, Investment and exclusive EMI store, all under one roof- anytime, anywhere!