Myth 2: Auto insurance gives you cover for all damages incurred on the other party by you, only when you are at fault: False
Suppose you have comprehensive auto insurance coverage and a valid driving license. You will be covered for all accidents, mechanical damages, theft and terrorist attack, damages caused due to natural calamities or riots, and other technical faults. Also when you have comprehensive insurance, you are covered in case of damages to your vehicle, injuries, and any third party vehicle, person or property. So, even if it's not your fault, you can still claim the expense for repairs under all the above conditions. However, if you commit an accident under the effect of alcohol or drugs, raising a claim will only lead to further fines for you along with a rejection of your claim.
Myth 3: You cannot change the insurer of your auto insurance policy: False
This statement is far from true because motor insurance policies are available for a tenor of 2 or 3 years, barring multi-year plans. So, you can easily switch from one insurer to another at the time of renewal to reap additional benefits.
Myth 4: You will have to first pay from your pocket and then claim reimbursement via a cumbersome process on your auto insurance policy: Partly false
Settlement of insurance claims has become a quick process today. So, as soon as you call your insurer or raise a claim online, it goes for immediate processing. Moreover, many reputed insurers today are known for their quick resolution and swift customer service. Many insurers also have tie-ups with the garages so that you can opt for cashless claim settlement at the network garage. However, you can choose Car Insurance from trusted insurers like Bajaj Finance Limited. Here you can enjoy a range of benefits like zero depreciation cover, No Claim Bonus protection, key replacement, 24x7 roadside assistance, personal accident cover, renewal benefits, management of motor insurance online and many more, along with the competitive premium comprehensive policy and third party insurance cover.
Myth 5: Your NCB will automatically go to the new owner in case you sell off the vehicle: False
Auto insurance cover insures both you and your car. So, when you sell your vehicle within the existing insurance tenor, the insurance policy gets transferred to the new owner. However, the No Claim Bonus on your existing policy will remain for you to claim. This means that, as the first owner and a privileged policyholder, you can claim the accumulated bonus on your motor insurance policy from your insurer any time, even if you sell off the car.
Myth 6: You need to buy a separate policy to insure the driver if you hire one: False
You can add your driver to your existing motor insurance policy as and when required, provided he has a valid driving license. Adding him to your policy will allow you to raise claims for any accidents while driving your car.
Myth 7: Claim process is very difficult: False
The claim process of an auto insurance policy is not at all difficult. To raise a claim, you can contact Bajaj Finance Limited helpline number or the insurer directly. Further, the customer care team will assist you with the formalities. Additionally, if your vehicle is taken into the network garage, the insurer takes care of the claim directly, and you don’t have to pay anything.
Now that you know the truth behind these popular insurance myths,you can choose an auto insurance policy from Bajaj Finance. To know more, visit www.bajajfinserv.in/insurance
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