Types of Car Insurance Policies You Should Know About

The main aim of a car insurance policy is to provide you protection against the damage to the vehicle. It also gives you protection from third-party liability. As per Indian law, you must have minimum third-party insurance to drive a car on Indian roads legally. However, if you buy only third-party insurance, it will not provide any cover for the damage or theft of your vehicle. Also, insurance policies are different for personal and commercial vehicles. This it is important to understand different types of insurance policies available in the Indian market before you choose one for yourself.

When you start to explore more about car insurance policies available in the market, the process can become overwhelming. There are so many questions that you have to answer before you can buy or renew your policy. Such as how are you going to assess the cover that you require so that you do not have to pay from your pocket, what kind of policy with or without add-ons you should buy to keep it affordable, and more.

You can differentiate the car insurance policies based on coverage types and purposes. Let’s discuss the policies based on coverage first.

Third-party liability insurance

As per the law, you must have a third-party liability insurance policy to drive a car on Indian roads. Such an insurance policy provides you protection from third-party damages in case of an accident. The insurance policy will cover the damage to the other vehicle, property, and injuries, as well. This policy will provide you financial cover where you are responsible for the accident and save you from legal proceedings. Such policies do not offer any protection for the damage to your vehicle or for the injuries that you have suffered during the accident.

Comprehensive car insurance policy

This type of insurance policy covers both third-party liability and the damage to your vehicle and injuries sustained by you during the accident. With a comprehensive Car Insurance Policy, you also get personal accident cover, which will provide you compensation in case of disability or provide financial help to your family in case of your unfortunate demise. Please keep in mind that some factors are not covered even under comprehensive insurance plans. For additional benefits or cover, you will need add-on covers.

Add-on covers

Any insurance policy cannot cover everything. You should opt for additional add-ons in case you feel you are not getting enough protection. Here are some add-ons that you can choose.

  • Zero Depreciation Add-on: It is one of the most favored add-ons. It ensures that you get a full claim on the receipt value of replaced parts in case of an accident. It is available only after three years of the original purchase date of the vehicle.
  • Roadside assistance Add-on: In case of a breakdown, empty fuel tank, flat tire, or engine problem, you can call your insurance’s customer care and ask for roadside assistance with this add-on. It comes in handy, especially when you are in remote areas. The insurance company will provide you cab services, fuel assistance, tire replacement, and in some cases, accommodation as well.
  • NCB Protection Add-on: When you do not make any claim during the year, you get a discount on premium known as No Claim Bonus. It gets nullify as soon as you claim in any subsequent year. This cover will not let NCB get nullified. It only reduces the percentage of NCB and brings it to the previous bonus percentage. For example, the maximum NCB that you can get is 50%. In case you file a claim, NCB will come down to 20% without this add-on. However, with this add-on in case of a claim, it will reduce to the previous slab, which can be 45% or lesser.
  • Key Replacement Add-on: Nowadays, car keys are quite expensive. In case you lose the ignition key, this add-on will cover the cost of an additional key without affecting your policy.

Let’s discuss the policies based on the purpose

There are two different categories of car insurance policies available based on the purpose.

Private Car Insurance: This type of policy is available for those who are going to use the vehicle for personal use only. This insurance policy will provide third-party liability protection, damage to your car, and financial support for medical attention for the injuries sustained during the accident.

Commercial Car Insurance: If you are planning to use the vehicle for commercial purposes, you have to declare it while buying an insurance policy. This type of insurance policy is on the expensive side. It provides financial support to cover damages to a commercial vehicle. It also protects from third-party liability and covers for medical expenses of the driver. With this policy, you will also get an accident cover for the driver of the vehicle.

You should choose the insurance policy wisely and compare the options available before you buy or renew it. In case of a commercial vehicle, you should inform the insurance company that you are going to use it for commercial purposes so that in case of an accident, you can get proper cover.

How Important Conversation Bot Marketing for Business in 2020

If appropriately used, chatbots can be an unstoppable force in the marketing industry. A lot of experts predicted in ten years ago that by 2020, more or less 85% of the interaction between businesses and their target market will be handled by Artificial Intelligence or non-human technical support unit like chatbots. 

This artificial intelligence software is more than just a customer service bot. Chatbot marketing can be used to find leads (or lead generation), improve customer engagements and do market research.

To find out more about this topic, you can visit websites like https://smartbotmarketers.com for more information.

Why do we need this artificial intelligence software?

The need for bots comes from a lot of factors like the lower cost of the services provided by the companies, create corporate messaging consistencies, as well as non-stop marketing efforts to design and create brand awareness. One of the primary factors why the industry needs chatbots is that customer service on the Internet is 24 hours a day, seven days a week support operation that never closes. 

The cost of providing services using human operators only is prohibitive. These human operators can be used together with bot software to help lower the overall operational costs. For example, if the consumer request can’t be handled by the chatbot properly, customers can request human-operator assistance in systems like this for immediate support. 

The need for human assistance will become less and less as artificial intelligence chatbot programs are starting to improve, as well as their ability to recognize different language significantly improves dramatically. 

Advantages of using artificial intelligence bots for customer service marketing

The advantages of using bots are well proven in the customer service industry. But a lot of these come from extending its interface and customer contact to include the marketing effort. This software is widely used in the financial and banking industry. 

To know more about customer service as a marketing method, visit this site for more information.

These platforms are also used heavily in the travel and automotive industry for customer service support. One of the trends these days and should not be missed by business owners is that most customer service support incidences are a potential marketing opportunity. 

For example, offering discount coupons at every bot session to thank the clients or customers is an effective way to create new sales revenue from the process. It is a sales revenue that would otherwise be missed by a lot of business owners.

Bots start the sales cycle

The artificial intelligence may start the conversation with customers before they talk with a salesperson. There’s a natural defense mechanism that operates when a customer has an uncomfortable feeling of being sold things that they don’t want. It is intuitive for a human being, not to be manipulated with high-pressure tactics from salespeople. 

With artificial intelligence, a customer can get their queries answered, hear any essential suggestions in a non-threatening and friendly way, as well as feels less intimidated. The power to end the chat at any given moment can give customers full control over the process, which is for them is very comforting.

AI and chatbots

AI or artificial intelligence is an advantageous computer system when supporting chatbots since the algorithms can be designed to improve with the machine learning automatically. Patterns in the information are not that obvious and counterintuitive can be discovered by the artificial intelligence programming. 

Artificial intelligence is used to analyze customer profiles and interact with the firm or company that come from using chatbots. It allows virtual consumer profiles to be developed that can be used to help predict consumer needs. Using AI programs this way will allow a company to make a sales pitch to potential clients that are most likely to buy or use their products or services and will become the best clients in the next future.

Data mining of data collected by AI bots

The information collected by the bot is interesting to analyze. Not only that, these data are not limited to just one institution. A considerable amount of data is available from other firms that they collect by their AI bots and other systems. 

A practical application of the process is using a firm’s bot history, as well as client accounts data to help generate a virtual client profile of the type of people who represent the firm’s best customer. Then by using data mining of these vast data from other systems, the firm can know, locate or market the company’s services or products to acquire new consumers that match their virtual consumer profiles.

The dominant trend in the marketing world is to use all the features of these bots for all the advantages described and to target consumers more effectively in ways that can increase sales with less human intervention. Most companies, no matter how small or big, should focus their efforts on using these platforms for marketing their products and services.