Opting for finance to purchase a new vehicle is commonplace. Thousands fulfil their dreams to own a car or bike with the help of a loan every year. It’s no surprise actually because lenders today offer borrowing options that make the purchase of a vehicle extremely easy. What’s more is that the extent of financing, the interest rates and the flexible tenures they offer make it a very sensible decision too!
This is exactly why Mr. Kumar decided to take a car loan and buy that set of wheels he always wanted. He knew he could steadily repay the loan with ease, and that he had enough funds to cover the down payment. After a detailed comparison of the finance solutions, he finalized on a lender and made things happen. In a few days, Mr. Kumar drove home his brand new car.
One smart insurance choice.
While purchasing car insurance online, Mr. Kumar was faced with the task of buying himself a car insurance plan for his new car. After carefully reviewing his options, he opted for a long term comprehensive car insurance policy. It provided great cover, saved him from yearly prices hikes & came with a wide range of add-on options. Being a person who doesn’t leave anything to chance, Mr. Kumar decided to include a couple of add-ons to his policy; one of them was the ‘EMI Protector’ add-on.
What is the EMI protector add-on?
To put it in as little words as possible – it’s a safety net. It catches your fall after an accident and ensures your life isn’t derailed because of one. Because roads are perilous and driving exposes you to the risk of an accident – it’s a truth we all live it. If there are injuries, you’ll need medical care and that’s expensive. You might also be away from work because of your injuries, translating into potentially turbulent times, financially.
During such a time, covering your loan’s monthly instalments is a burden the ‘EMI protector’ add-on will handle for you. Pay a little extra to include it in your car insurance policy, and your insurance provider will cover the EMIs of your vehicle loan for up to 3 months in case you are not able to do so yourself after an accident. If you didn’t purchase this add-on before, do enquire if it is possible to add it upon car insurance renewal.
How it helped Mr. Kumar.
Mr. Kumar is a very safe driver. He keeps within the speed limit and follows traffic regulations. He is the kind of customer any car insurance company would love to have. However, even such drivers are susceptible to incidents due to someone else’s rash driving. That’s exactly what happened to Mr. Kumar.
He was driving back from work and bang, when he woke up he was in the hospital with fractured hands and legs. Though his injuries were not very serious, he was restricted to his bed for weeks and could not get back to work until 2 couple of months later. However, the absence of an income for those two months did not pinch him because he didn’t have to worry about repaying his debt; his car insurance company did that for him!
So if you too have purchased a vehicle with a loan, it makes sense to purchase the EMI protector add-on and include it in your car insurance policy. It will come handy when you least expect it and make it easier to handle things after an accident.