Hence, it is necessary to buy the right kind of insurance for your vehicle, based on the purpose for which it is used. The insurance premium for commercial cars will be higher than that for private cars.
Car Insurance - Most of the leading general insurance providers offerįor private and commercial vehicles.General insurance companies in India also offer motor insurance for used vehicles, based on the condition in which they are purchased. Motor insurance can be taken for two-wheelers and cars, including private and commercial vehicles. A motor insurance policy provides relief in such a situation, as it pays a good amount to the family of the policyholder in the unfortunate event of his/her demise. It offers compensation to the policyholder’s family in the event of accidental death - If an individual passes away in a road accident, his/her family will find it hard to sustain the same lifestyle, more so if he/she was the sole breadwinner.It is also possible to pay premiums and renew policies online effortlessly. This is because the company makes substantial profits through online sales, as distribution and processing costs are nullified in such sales. It is available at a lower cost online - Insurance companies offer attractive discounts to customers who purchase motor insurance online.If the motor insurance includes personal accident cover for the policyholder, the expenses will be reimbursed by the motor insurance provider. It offers hospitalisation cover - An accident involving the insured vehicle can result in serious injuries to the owner-driver.So, if your insured vehicle caused damages to a third party’s property or resulted in third-party injuries/death, your insurance company will pay for the damages and rescue you from legal repercussions. This insurance cover protects you from legal issues in the event of an accident in which you were at fault. It brings down your liability - It is necessary for every vehicle on the road to be equipped with third-party liability insurance.If your vehicle was protected with adequate insurance coverage, you would not have to bear these expenses yourself. This includes a careless jaywalker forcing you to hit a sudden brake resulting in a collision or even a stray ball hitting the windshield of your parked car. Even common scenarios can result in serious damages to your vehicle. It pays to repair the damaged vehicle - A road accident can set you back by a sizeable amount of money.Some of the most significant reasons for buying motor insurance in India can be summarised as follows: So, opting for a comprehensive insurance cover with suitable add-ons is highly recommended. The most optimum insurance plan for your vehicle will ensure that you are financially protected in all eventualities. It is advisable to refrain from buying only the minimum level of insurance coverage for your vehicle and assess your insurance needs before settling on a plan.
This is also referred to as a third-party liability insurance plan. In fact, the Motor Vehicles Act, 1988, makes it mandatory for all vehicles on Indian roads to be protected with a minimum insurance cover. However, in India it is found that most vehicle owners tend to buy motor insurance to abide by the law. The protection offered by a motor insurance policy is the main reason to safeguard your vehicle with it. Why Should You Protect Your Vehicle with Motor Insurance? The amount of coverage opted for also determines the amount that one has to pay towards motor insurance.
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Most insurance companies also reward diligent drivers through bonuses and discounts that can bring down the motor insurance premium to a large extent. In return, the policyholder will have to pay premiums towards the policy at regular intervals. As part of a motor insurance policy, an insurance company agrees to pay the policyholder a sum assured at the time of an incident that is covered under the plan. Motor insurance is a safety net that protects the insured from financial losses associated with the vehicle.