Motor Insurance document is one of the most vital documents for your vehicle, as it is compulsory to have a motor insurance under Motor Vehicles Act. In India if you have any vehicle, then it is obvious that you must be carrying a vehicle insurance plan, mostly the third party insurance coverage which is compulsory.
Nowadays, everyone has a busy schedule. People have to complete several tasks in a single day. The growing responsibilities related to work, family and society as well has left no time for them. For saving their time, people are purchasing a car. Car helps them in saving much time and they enjoy the comfort of the car while traveling on the road. Just as purchasing car is unavoidable, a motor insurance plan too is a requirement.
With the rapid growth in the number of accidents on the road and theft of cars, it has become an obligation for vehicle owners to buy a car insurance plan.
Motor insurance is mandatory on purchase of a new vehicle, whether it is a two wheeler or four wheeler acquired for private or commercial use under Motor Vehicle Act. A person is liable to pay penalty if he is found without a valid cover. An accident can take place at any time and this may result in severe damages to the car or two wheeler and cause harm to the person as well.
In such cases, a motor insurance plays a beneficial role. If the driver is responsible for the accident which results in heavy damages to the third party, the owner has to pay all such expenses. In this case a third party liability coverage acts like a savior and protects the owner from financial losses.
Your vehicle may be an expensive investment for you, and an accident can turn it into a huge loss, hence it is vital to have a motor insurance. It will provide coverage against accidents like theft, fire etc.
The car insurance plan offers the following benefits:-
Coverage against loss or damage to the insured vehicle.
Coverage against loss or damage to your vehicle caused by accident, theft, fire, explosion, self-ignition, lightning, riots, strikes or act of terrorism, natural calamities.
Coverage against financial liability caused by the injury/death of a third party or damage to the property.
Personal accidental insurance cover.
Basically, in India we can categorize vehicle insurance into two categories:
Car insurance is an arrangement between the insured and insurer. After purchasing a car with your hard earned money, you also need to pay for its repairs and damages with the same money, which can be quite painful on your pocket and affects your savings as well.
There are many online car insurance companies that you can consider for your purchase
In India, it is mandatory to have an insurance policy for your vehicle as it provides financial coverage for any damages or theft of the vehicle and provides you peace of mind in case of a mishap which might include you or a third party.
What It Covers?
Car insurance is compulsory to have by law. It is a legal necessity to have a minimum level of insurance before driving a car in India. The coverage depends upon the type of plan and the insurer. However, following are the basic coverage, which you will get with a car insurance policy.
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