Things You Need to Know About Mahindra XUV5oo Car Insurance

Things You Need to Know About Mahindra XUV5oo Car Insurance

Driving Mahindra XUV 500 is certainly a pleasure and a SUV is the best vehicle for Indian roads, especially if you have a big family. Mahindra XUV 500 is a home-grown flagship SUV and an all-rounder compact sports utility vehicle which was first launched in 2011. Further, the company decided to upgrade it in the year 2015, whichhas now brought this XUVat par with various luxury sports utilityvehicles. With an automatic transmission and all-wheel drive, it offers several comforts and security features. It is also known for the anti-theft car mechanism, highly secured system and remote control with central door locking.  It has great ground clearance along with features for passenger safety such as side blind zone, parking assist and lane change alert among few others.  In a nutshell, Mahindra XUV 500, apart from being stylish is a perfect fit for on-road adventures.

However, because of the big size, make and the built, this vehicle is prone to cause damage to itself and to others, if it meets with an accident. Therefore, it becomes all the more essential to go for an insurance policy which covers almost all the aspects in the event of an accident.

Why does it need insurance?

While a sports utility vehicle is meant for tough terrains, it will also have to face its own share of damages. Thus, gathering information on various damagesthat the vehicle is likely to incur in case of an accident will help you before you buy the vehicle. To safeguard such a precious asset against unfortunate events, an appropriate car insurance plan is essential. Before you go ahead andbuy the car, it’s important to note the inclusions and exclusions in the car insurance. One of the best options for your Mahindra XUV 500 is to go for an insurance plan that covers it against insurance claims from others on the road as well as from accidental damage. Various insurance companies are offering car insurance these daysand most of them are offering online insurance so that the car owner can skip a lot of hassles.

There are two kinds of insurance policies for Mahindra XUV 500 which currently exist, let’s evaluate them one by one:

Third Party Liability Insurance

This “Third-Party liability coverage” compensates the rider from third-party injuries and property damages. As per the rules, IRDA (Insurance Regulatory & Development Authority of India) revises the rates for this category of insurance eachyear. Primarily, the engine capacity decides the premium to be paid – Engine Capacity less than 1,000cc has a premium of Rs. 2,055,and if the engine capacity is above 1,000cc but less than 1,500cc,the amount of premium to be paid is Rs. 3,132.And in case the engine capacity is more than 1,500cc, Rs 8630 is the premium to be paid.The maximum amount of compensation in third-party property damage is up to Rs. 7.5 lakh. Thus, higher the engine capacity of the vehicle, higher the amount of premium.

Comprehensive Insurance Plan

The other kind of Mahindra XUV 500 insurance plan can be a “Comprehensive Plan” which covers Own Damage (OD) as well asthe third-party damages. The OD premium varies depending on the car’s make-model, age of the car, engine capacity, and geographical zones. Amongst these two existing insurance plans, Comprehensive Insurance Plan is the more preferred one and highly recommended.

Both the third-party liability and comprehensive plans also comprise of the personal accident cover for owners as well as the driver. In this, a sum assured of Rs 2 lakhs is received for a premium of Rs.100.

Other Add On Covers

Zero Depreciation Cover – This means that youcan cover your car’s rubber parts with additional 10-20% over your normal insurance pricing. In case of accidents, these parts are paid off fully bythe insurancecompany without deducting any depreciation. You can save on future expenses and repairs if your car is not more than 5 years old.

Motor Vehicle Users – The car insurancecoverage is claimedonly if the car is driven by the owners. However, if thereare multiple users – drivers, employees, and other members,itmakes sense to take out an insurancepolicy covering damages with them as well. This is an add-on that helps when there are multiple drivers of the same car.

Electronic Accessories Insurance – With high-end stereo systems, GPS navigation, and in-car entertainment, the cost of an equipped car can be certainly on the higher side. You can insure these accessoriesas well with an additional insurancecover. A luxury SUV like Mahindra XUV 500 certainly can make good use of this cover.

Non-electronic accessories – Alloy wheels, leather seating, and in-car finishing can cost a bomb these days. These can also be insured by getting an additionalcover.

As mentioned above, because of its size, make and built, investing in a Mahindra XUV500 can be quite expensive, and hence, you should be mindful about the potential damages and issues that can crop up. It always pays to be well-prepared in advance and pick the right insurance. The best car insurance policies are those which give you affordable plans and allow you to own the vehicle and drive without the fear of liabilities.

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