At the time of buying vehicle insurance, buyers are mostly focused on third-party damage or own-damage but there are only handful of people who think about the damage that can happen from natural disasters like floods, Rain, landslide etc. Loss due to Natural disasters is one of the most last thoughts to cross our minds when it comes to thinking as to what can create losses for our prized assets. Car is one of the most valuable assets that any person buys during his/her lifetime. To make sure that this prized asset is not affected by means which are out of human control is also a very important task. A high percentage of cars are damaged when the branches of tree fall on them. Therefore at the Time of buying vehicle insurance one needs to check thoroughly that whether damages due to natural disasters are covered under the vehicle insurance policy.
Third Party Insurance:
A third party motor insurance policy is the most basic coverage mandated under the Motor Vehicles Act of 1988. A third party motor insurance policy provides cover to the policyholder against legal liabilities from loss or damage to the third party. A Comprehensive Insurance policy covers a wide range of events including natural disasters and thereby offers a greater scope of protection.
Comprehensive Car Insurance
A Comprehensive Car Insurance policy offers cover in event of losses and damages from most of the natural disasters and damage suffered due to falling branches or trees poles of electricity. Some vehicle Insurance companies cover collateral damages which occur from natural calamities. To cite some examples Theft, Vandalism and damages done by animals. People who reside in areas that are naturally prone to
Natural calamities like flood, rain, Earthquake, it’s imperative that one makes sure that the vehicle insurance policy he/she is going to choose has the needed covers against losses due to these natural calamities. Without Comprehensive Insurance policy, the risk associated with losses that arise from natural disasters would have to be borne by the policyholder.
Vehicle owners carry a mindset that their car insurance policy will guard their vehicle against all sorts of damages including engine damage. However, damage caused to the Engine through water ingression due to cranking or repeated starting referred to as “Hydrostatic Lock” and it is not covered under a comprehensive motor insurance policy. This is because the damage is a consequence of cranking the engine and hence not a probability event.
Engine Protection Cover
An Engine Protection Cover is Add-On to the Comprehensive Car Insurance Policy which offers cover for any damage to the engine and reimburses losses to its parts including pistons, connecting rods caused due to natural disasters.
Features of Engine Protection Add-On
Loss due to oil leakage
Loss from Water Ingression
Loss to gearbox
Scope of this Add-On differs from one car insurance company to another. Reading the related subject matter in policy document would be a wise thing to do. The cover is available at one-tenth cost to the overall motor insurance policy but its importance at limiting the loss from the natural disasters is paramount. The most vulnerable to engine damage are diesel variant car models which come with high compression engines that are more prone to damages in case of the car getting submerged or driving through accumulated water.
The steps one needs to follow at the time of raising insurance claim due to natural disasters
One needs to gather as much evidence as possible. You can click the photographs of the damages to your car and not make any changes to it, the damage caused needs to be clearly reflected.
You need to have good idea of the damage that has been caused to the vehicle, you can ask for the calculation from a local mechanic.
You would needs to constantly follow up with vehicle insurance companies as vehicle insurance company receive lot of claims due to natural disaster.
Approach the vehicle insurer if you feel you have not got requisite compensation.