Why is it necessary protect your vehicle with a motor insurance policy?
Posted on: 09/Jul/2018 4:34:31 PM
Of the many reasons to choose a vehicle insurance policy, safeguarding the vehicle is most important. However, most vehicle owners in India tend to insure their vehicle just for the sake of laws and rules! According to the Motor Vehicles Act, 1998, all the Indian vehicles need to be insured at least with the least amount of insurance package! The vehicle insurance plan is often also called third-party liability insurance plan.
It is important that you understand the insurance needs of your own vehicle before opting for an insurance plan. Remember not to simply go with the least plan just for economy reasons. Note that a wisely chosen insurance plan will certainly make sure that you are financially safe with any kind of consequence. So, it is better that you go for an extensive insurance plan.
Below are some of the common reasons to choose a motor insurance in our country
Helps in case of damage
In any case of unfortunate event like road accident, the insurance can help you with lump sum money for protecting the vehicle. There may be heavy vehicle damage even in case of minor accidents. The unforeseen expenses can be easily met with the insurance cover rather than spending from your pocket.
Reduce liability
Each and every vehicle on Indian roads need to be insured. If there are legal issues raised against you in any road accident, the insurance cover can easily protect you from the fault made. If the road accident has caused damage to the opponent’s property or caused injury to the third party, you will not have to pay for rescuing from the damage caused, rather the insurance company would do.
Hospitalization expenses
In case of serious injuries to the owner/driver, the motor insurance can help you with the hospitalization expenses as it would also cover personal accidents met by the policy holder. The motor insurance provider shall reimburse the money spent in such cases.
Available online at cheap rates
For buying motor insurance online, there are a lot of offers and discounts provided by the insurance companies. The main reasons for such huge sales online is that the companies reap a lot of profit out of it as they don’t have to spend on distribution or processing. Furthermore, the premiums and policy renewals can be effortlessly paid.
In any case of mishap, the family would get compensation so that they can continue living in the same lifestyle. In such situations, the motor insurance policy gives a relief!
