Why do we need an insurance for your vehicle - What is Car Insurance


Why do we need insurance for your vehicle in India -
 
Driving is not a luxury but it is a big responsibility. Many people consider driving as a status symbol, especially in a country like India, where people believe it will be displayed. With the growing revenue slab, owning a vehicle is no big deal and people can easily own bikes and cars. It not only reflects the state of society but also raises awareness and therefore saves time. Driving is also eliminating dependence on public transport.

Why do we need an insurance for your vehicle - What is Car Insurance

It is true that driving has made our life comfortable, but at the same time, it also pushes us towards a dangerous life. As some have rightly said, "Speedway ends at the cemetery". In the name of show-offs, people not only risked their lives but also speeded up their vehicles and injured others. 

Daily reports of accidents and deaths are common in the newspaper. People are losing their lives in road accidents by violating traffic rules and they are also risking the lives of others by not following driving ethics. Also, the high repair costs, as well as the price of spare parts, will crush your pocket, proving that a good motor insurance policy is essential these days.

Motor insurance is primarily purchased for vehicles traveling on the roads with the primary goal of protecting the vehicle and driver from any physical damage in an accident. The Most Important Things When Buying Motor Insurance:

Mandatory by law: The most important reason to buy motor insurance is that it is mandatory by law. According to the Motor Vehicle Act, liability insurance is mandatory. The police have the right to inspect your vehicle documents such as PUC, license, the insurance policy at any time. If you do not provide the documents, you will get in trouble. Therefore, it is advisable to buy motor insurance before getting on the road.

Vehicle Damage and Damage: We all know that people in our country do not understand driving and traffic management, it is very rare today that you cause damage to vehicles without causing damage. The main reason to have motor insurance is that it covers the costs due to any damage or loss to your vehicle. So it is always advisable to get your bike or car safe and get motor insurance before traveling on the roads.

Reduces your liability: Third party liability (TPL) motor insurance is mandatory in India, which protects you from the legal impact of an accident. TPL means that if you damage another person and their property in an accident, insurance will pay for their treatment and protect you from legal bearings.

Hospitalization: Not every vehicle owner is lucky enough to have some cuts and injuries in an accident. Some accidents put you in a difficult situation and you need to be hospitalized. In that case, your motor insurance company will pay your hospital bills, instead of paying high hospital and treatment costs out of your own pocket.

Compensates your family after your death: Some accidents are so terrible that it can lead to the death of the car owner, which is the most unfortunate outcome of a road accident. After the bread holder policyholder dies, it becomes difficult for his / her family to meet their daily needs. Therefore, a motor insurance policy can help the family to bear the costs after any unfortunate event.

Why do we need an insurance for your vehicle - What is Car Insurance

5 add-on covers will increase your car insurance coverage

People generally do not like to spend a lot of time buying a car insurance policy. He believes that there are only two options on the market and that third party liability and the other comprehensive insurance, which is mandatory by motor vehicle law. The reality is that there are many add-on covers that can increase your car insurance coverage by spending a minimum amount during your car purchase or renewal policy.

Your Car Insurance Policy Coverage To choose the right add-on cover to improve your car, it is important that you understand the important role of add-on cover.

Zero Depreciation: Even if you have a car insurance policy, no one wants you to be in a state of shock knowing that you will have to lose your pocket to repair your damaged car. But, no insurance policy gives full coverage to your car in case of loss or damage in an accident. 

No Depot should be selected to avoid such a situation. Or zero amount. Add-on, which gives you a complete claim on value, repair, or replacement parts after the accident. Ideally, for new cars only, companies usually do not offer such add-on cars older than 5 years.

No-Claim Bonus Retention (NCB): Named NCB Retention, this add-on acts as a shield for your NCB. NCB reward for not making any claims against the insurance policy in the previous year. Normally, people get no claim but renew their insurance every year. The insurance company offers a rebate of up to 50% on the cost of the premium, which will be withdrawn after the company takes the claim. Therefore, even if you sue, there is a provision for NCB withholding.

Road Assistance: Imagine that you are coming back home and for some reason, your car got stuck somewhere in the middle of the night, some technical problem or battery is dead, now what? As the name suggests, this ad can help you get home in such emergencies and take care of your car. If you opt for this add-on and standard car insurance policy, you will not have to worry about assistance when driving to a remote location or at night.

Personal Accident Cover: With this add-on cover, the insurance company provides protection to the owner as well as any paid driver. You can choose to combine personal accident cover with a comprehensive car insurance policy. This add-on gives you the same amount of benefit in case of permanent disability or accidental death.

Daily Cash Allowance: In the event of a major accident, the process of repairing your car can be very lengthy and your car should be in the garage for days or weeks or more than a month depending on the condition of the car. In that case, you would have to travel by public transport or rent a cab, which is a particularly expensive option if you have budget constraints. Therefore, under this add-on, the insurance company will bear the cost of such daily living expenses.

Apart from this, there are many other add-ons available in the market along with your standard insurance policy including invoice return, engine cover, key replacement. Therefore, choose wisely to suit your needs to increase your policy coverage.

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