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Claims rise 33% in monsoon as most car owners miss engine cover: Report
Claims increased from Rs 30,000 in June to September 2023 to Rs 40,000 this year, said the digital insurance broker about the period of monsoon rains. Companies typically sell two kinds of motor insurance: standard cover for the entire vehicle and partial cover.
Despite being among the most frequent and expensive monsoon-related repairs, only 20 per cent of motor insurance customers opt for the engine protection add-on.
'Engine failure due to waterlogging isn't covered by default in standard insurance. You need the engine protection add-on. Sadly, most people skip it, realising its importance too late,' said Paras Pasricha, business head, motor insurance, Policybazaar.
Smaller towns face bigger risks
Around 75 per cent of all monsoon motor claims are made in Tier-II and Tier-III cities. Poor drainage, potholed roads and rising 'vehicle penetration' in these towns are among reasons for the increase in insurance claims, according to Policybazaar. Rising claims point to a 'wider infrastructure gap and limited disaster resilience in smaller urban centres'.
Roadside assistance
Almost 75 per cent of motor insurance customers have bought roadside assistance (RSA), which is crucial during rain-triggered breakdowns. This cover typically includes towing, jump starts, and minor on-site repairs.
Zero depreciation add-on
However, only half of all customers have a zero depreciation add-on, which reduces out-of-pocket expenses during claims. Without it, policyholders may get only partial reimbursement for parts and repairs.
Hatchbacks, due to their low ground clearance, account for over half (54 per cent) of monsoon claims. Sedans and SUVs follow at 26 per cent and 20 per cent, respectively. But when it comes to costs, SUVs top the list, averaging Rs 60,000 per claim.
With a 13 per cent rise in monsoon-related claims since 2023, insurance experts advise proactive protection. A few hundred rupees more for an engine cover or zero-dep can save tens of thousands later. And with unpredictable weather becoming the new normal, monsoon-proofing your policy is no longer optional, it's essential.
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