What is ‘voluntary excess’?
In addition to the compulsory excess, you can opt for an additional voluntary excess to help reduce your premium. A voluntary excess will only be added to accidental damage claims and only those claims where you are deemed at fault. For example: If you purchase a car insurance policy with a Rs 150 compulsory excess and have selected an additional Rs 250 voluntary excess, in the event of claim for accident damage that is deemed to be your fault, you will pay a Rs 400 total excess. You can set the voluntary excess as low as zero to reduce how much you would have to pay out in the event of a claim, or you can increase it, which may reduce your premium. You would pay the amount you have chosen in the event of any claim. total disability. Hospitalization expenses and temporary disability due to accidents could also be covered.
These are the usual exclusions but the list is not exhaustive: wear and tear of the car, depreciation, mechanical or electrical breakdown of the car, driving without valid driving license, consequential loss, voluntary excess (if opted for), loss due to drunken driving, any contractual liability, deliberate accidental loss, damages due to nuclear weapons material or war, etc.
Add-on Insurance Covers/Rider Benefits
It is a general feeling among us that buying a comprehensive package insurance policy will free us of all the worries once and for all. This is far from the truth, though. There are many exclusions even in a comprehensive policy on which the insurers don’t provide many coverages.