Opting for a motor insurance claim, after one’s vehicle gets damaged, is something many car and bike owners often get confused about. At times, the repair cost could be high and there is a set-off as the no-claim bonus gets utilized during the claim process. And, then there is something called ‘Deductible’ in a motor insurance policy. As a policyholder, one needs to pay a part of the claim amount while the rest is paid by the insurance company for repairs.

Typically, there are two kinds of ‘ Deductible’ – Compulsory Deductible and Voluntary Deductible. The former as the name suggests is something which the owner of the vehicle has to bear. Not any longer. Liberty General Insurance Ltd. (LGI), has launched an innovative service ‘Liberty Assure’ as a part of its existing Private Car Package Policy, under the Regulatory Sandbox approval received from IRDAI.

Additional benefits under this feature include the Service Warranty, covering any defects arising from the repair of accidental vehicle. The Company’s preferred provider network (PPN) workshop will make such loss good by providing the required repair or replacement of the defect at no additional cost. The policyholder can visit the same workshop with the service warranty certificate for any further repair/replacement of the defect.

One may even go for Voluntary Deductible but should do after carefully evaluating the option. Opting for it will keep the premium lower but at the time of claim, the out-of-pocket expense could be high.