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Motor Blog
28 Nov 2024
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Today owning a vehicle is a necessity and not a luxury. Having a motor vehicle enhances mobility. It also reduces the dependency on public transportation. Yet, we cannot deny the fact that driving on Indian roads has its share of perils. Any unfortunate accident may lead to damage to the vehicle and also cause bodily injury that sometimes could lead to death. To financially secure yourself from any such incidents or accidents, it is a wise decision to have a motor insurance policy in place. It is also referred to as vehicle insurance. To avail of the motor insurance benefits, the premiums need to be paid timely. The motor insurance premium depends on various important factors such as the car model, age, and so forth. In this article, we will broadly cover the importance of motor vehicle insurance and touch upon its importance.
Motor insurance safeguards you financially when a two-wheeler or car gets damaged in an accident or a mishap. A motor insurance policy offers various benefits like the compensation paid in case the vehicle is damaged due to an accident, riots, etc. It offers coverage in case the vehicle falls prey to theft.
In India, the following are the types of motor insurance available:
This type of motor insurance provides coverage against the liabilities that may arise due to damage suffered by the third party all because of the insured vehicle. In simple words, it provides compensation to a third party because of an injury/demised caused incurred by the vehicle. To ply on the Indian roads, third-party insurance is mandatory.
A comprehensive motor insurance policy includes the benefit of own damage cover and third-party insurance. It offers 360-degree protection to the motor vehicle. Avail the motor insurance coverage against a host of risks like theft, fire, mishap, and so forth. It is recommended to buy a motor insurance plan for end-to-end protection. Also Read: Importance of Anti-Lock Brakes in Car
Whether you have a two wheeler insurance or car insurance policy you are protected financially against vehicle damage or bodily injury. Let us have a look at the following key reasons for having a motor insurance plan in place:
Also Read: Role Of Anti-Theft Device And Its Impact On Car Insurance Premium
Buying vehicle insurance online is beneficial as you can easily compare different plans, their features, and quotes. It would help to make the right and informed decision. Regardless of whether you buy it online or offline, before signing below the dotted lines ensure to read and re-read the policy documents carefully. Choose a comprehensive motor insurance coverage and have that peace of mind for a lifetime. Also, don't forget to renew car insurance on time as otherwise, it can lapse. Also Read: Are Your Vehicle’s Airbags Covered By Insurance? *Standard T&C apply Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
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