Over a while from the evolution of motorization, the country has seen growth in the sales of cars. As the number of vehicle increase, there are likely, accidents to happen and even cause damages to the third party. Hence to lower down the liability for a car owner insurance has become a mandatory factory.
Under the Motor Vehicles Act of 1988, it is mandatory to own insurance policy. Every owner who wants to purchase a car or who owns a vehicle needs to be covered by an insurance policy.
Such insurance policy makes the owner of the vehicle legally free from paying any damages to the third party involved in the accident and who has raised a claim. Irrespective of the third party results in any bodily injury, damages to once the property of accidental death.
This gives one the relief to own a vehicle in India and drive cautiously.
Unlike any other insurance coverage, one looks to buy, and car insurance has become quick and readily available. The digitization in India has made it very quick and easy to own vehicle insurance. One may browse through the internet, compare the policies and hold one a few seconds.
Relying on an agent has become a past. It is not a mandate that one should buy a policy from an agent. The agents usually charge you their commission which becomes heavy on the pocket.
Buying of insurance online is cheaper than through an agent. This exterminates the time required in discussion and becomes light on your pocket.
To make it more comfortable for one to understand, most insurance companies begin their tie-up with the car manufacturers for instant quotes on the vehicle. In away car owners can purchase the type of insurance he is looking for.
As we know that the insurance is a mandatory factor in India, one can opt for a Comprehensive Insurance policy to cover up losses to one’s vehicle. The Third Party only covers the third person leaving behind the policy owner from legal hassles.
To make it more suitable, the car Premium is carefully calculated based on the market value of the vehicle. One need not worry as the premium is calculated based on the type of vehicle, location, model and make.
Other reasons for having insurance compulsory.
- Road Accidents: Over the period, road accidents have increased. Owning insurance will safeguard the driver and the third party involved in the accident under the Comprehensive Insurance policy.
- Protection to Third-party or property:Car insurance provides safety to the third party or any claims arising from them. This keeps the driver free from legalities.
- Safeguard to the family: In the event of eventuality, the insurance becomes an aid and provide much-needed help to the family.
- Pay for hospitalization:
Some accidents do lead to significant damages to oneself. These can be compensated under the Insurance Policy.
The competitive market keeps the insurance companies keep their premium low to attract customers. Moreover, there is various offer in terms of No Claim Bonus or discounts provided by the Insurance companies to make the Car owner take precaution while driving.
Unlike protection to the car owner, a pedestrian or a passerby need protection from unforeseen dangers which is covered under the Third Party Insurance. For one to be free from all worries owning a car insurance in India is mandatory.
One must be knowledgeable to understand which policy would be ideal, and one needs to opt for.
Given a fact, Indian citizens are always in a hurry to either get to work, to colleges or functions and such rush causes accidents. Why risk when one can own an Insurance policy while driving.