In a bid to provide relief to customers, Liberty General Insurance recently launched ‘Liberty Assure’ service as a part its existing Private Car Package Policy. The auto insurance customer who avail this service, will no longer need to pay the 'compulsory deductible' for every claim. No extra premium will be charged from the buyers to provide this unique cost-effective feature, the company said in a statement.
Compulsory deductible is a mandatory component of every auto insurance that you purchase for your private car. It is a fixed amount set by car insurance company, which is deducted at the time of claims. It is determined based on the engine capacity of an one’s car.
At present, the compulsory deductible amount for private cars of 1500 cc and above is Rs.2,000 and for private cars of 1499 cc and below is Rs.1,000.
For example, if the compulsory deductible for a private car is Rs.2,000 and the customer incurs a total assessed claim expense of Rs.2500, then the customer’s insurance company will pay Rs.500, after deducting the compulsory deductible of Rs.2,000. Now, with 'Liberty Assure', this Rs.2000 will also be paid by the insurance company.
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