Deductibles in car insurance, as the name suggests, are the part of the claim amount that you are responsible for paying. It can be understood as a cost-sharing arrangement between you and your insurer, where a portion of the car insurance claim must be paid by you.
Also, the deductible amount is already set by IRDAI and is based on the car’s engine cubic capacity.
One major complaint that has always hit us is that insurance companies are not always transparent or upfront about the terms. Customers feel that they are only told half the truth about claims, and when the time comes not everything is taken care of by the insurer, as promised. However, your insurer will probably tell you that your policy document has a term called deductibles, which explains this part of the bargain.
But, oh boy, the pain of going through a 50 pager! 😔 And hence we thought of making the meaning of deductibles and the difference between Compulsory & Voluntary deductibles simple for you.