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Car Insurance Plans

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Car Insurance Benefits

If you’re seeking to get a new car, you will unavoidably invest hours in your study into the most recent models on the market, the ideal colour, and the greatest safety feature. But like many others, you can neglect to consider purchasing a car insurance coverage, which is a crucial part of purchasing a vehicle.

The majority of people have little to no awareness about car insurance policies, and they typically get a plan primarily to comply with the law. But if you do your homework, you’ll be aware of the many advantages of car insurance and how crucial it is to protect you financially in the event of an accident.

What Are The Benefits Of Having A Car Insurance Policy?

Here are 10 major car insurance benefits:

  • Minimizes Liability

If you didn’t know, third-party car insurance is at the very least required in India. If you cause an accident, this insurance will protect you. Your third-party car insurance coverage will cover the cost of the other person’s injuries or vehicle damage as well as shield you from any potential legal penalties in the event that you cause damage to another person’s vehicle or injure a bystander.

  • Cashless Garage Network 

Car insurance companies typically maintain a network of garages where a covered vehicle is repaired. The costs associated with an insured car are immediately handled by the insurance company in a cashless garage network. The owner is thus released from any problems that may develop in relation to the payment of costs for the vehicle damage. Reducing the burden on the car owner and the numerous formalities that a claim process entails is the main advantage of having a cashless garage network.

  • Personal Accident Cover

The provision of personal accident coverage for a predetermined sum is another benefit of car insurance. It provides protection against death and total and permanent disability due to an accident. Additionally, under the terms of the car insurance contract, this coverage can be added for nameless passengers.

According to the tariff, the car insurance policy effectively includes owner-driver personal accident coverage, for which no additional premium is required. Personal accident insurance must be obtained separately and at an additional cost for anyone other than the owner and the driver. The level of coverage chosen will determine how much is paid in compensation.

  • Towing Facility

A car insurance policy also offers suitable towing services to the closest garage (within a radius of 50 km from the breakdown/accident location) in the event that the insured’s vehicle became immobilized or is deemed unfit for use while operating on the road. This facility helps the owner-driver to take his/her car to the nearest network garage and avoid any inconvenience of waiting for help to come. 

The no-claim bonus is a significant benefit of having car insurance. This benefit is available to the customer for every claim-free year. This might be offered as a discount on the rate, which would further lower the cost of auto insurance. If the person wishes to change his car at any point in the future, NCB is also transferable to a new vehicle. Depending on the number of claim-free years, this may result in a reduction in the renewal premium.

  • Saves Time & Hassles

The aftermath of a car accident can be immensely tiresome and time-consuming. With the right car insurance, you may avoid haggling with other motorists and property owners who were also involved in the collision and managing the expense of fixing or replacing your car.

A reliable car insurance plan can assist with towing, repairs, and replacements as well as paying for injuries to other drivers. The insurance provider can assist with managing the procedure and supporting you once you file a car insurance claim.

  • Financial Assistance 

Even if you have two cars, you likely already know that investing in just one may prove costly. Therefore, you will have to spend a lot of money to get your car fixed if anything goes wrong with it. It frequently happens that your car sustains damage as a result of someone else’s negligence or carelessness. You never have to worry about paying for repairs when you have car insurance that is best suited to your needs because the policy will cover the expense.

  • Third-Party Liabilities 

Your car is covered by car insurance if it is involved in an accident that causes loss or damage to the property of any third parties. Additionally, your car insurance shields you from any legal obligations you could have in the event of a third party’s death or physical injury.

You are insured against death/injury (caused by your vehicle) to pedestrians, occupants of other vehicles, outsiders other than passengers, and any damage caused to the property other than property belonging to the insured or held in trust or the insured’s custody or control. 

  • Covers Natural & Man-Made Calamities 

Natural disasters like floods, earthquakes, landslides, lightning, intense storms, etc. are unavoidable, and they have the potential to ruin your finances and harm your car. All mishaps caused by carelessness or willful malice are considered man-made catastrophes. These comprise terrorism, mishaps, theft, etc. 

By covering your car with comprehensive car insurance coverage, you can combat both natural and man-made disasters. A car insurance coverage guarantees protection against any personal accident costs, legal liabilities, and even third-party damages, as well as protection from any form of natural or man-made disaster.

  • Protects You Legally

According to the Motor Vehicle Act, car insurance is mandatory in India. If you are found driving on the road without any valid car insurance, you are liable for a hefty fine by the traffic police. You should purchase car insurance coverage to prevent this fine and abide by the rules. 

Additionally, it is crucial to carry insurance because driving can be dangerous and result in fatalities. Even if you drive defensively, someone else’s careless driving could result in a collision.

To Sum Up

With so many advantages, buying car insurance is something you should do right away. Keep in mind that the cost of car insurance will be lower if you purchase it online because there won’t be any intermediaries. Moreover, whether you have a zero depreciation or third-party car insurance policy, you are very likely to receive an even greater benefit at the time of car insurance renewal. You can get online quotes for car insurance before making a final selection.