Buying A Car This Diwali? Don’t Forget To Buy Insurance For It.

Written by Sharad Bajaj

Updated On Oct 14, 20232 min read

Festive season is a good time to purchase a car, it is both auspicious and has exclusive offers from carmakers. But don’t forget to buy insurance for the car. Here is why.

The festive season brings a lot of excitement for us Indians. This is also a time when we make our significant purchases. But Why? The festive season is considered auspicious for such purchases. Additionally, this also the time that carmakers offer attractive deals. Our cars are important assets for us, they are crucial for our everyday life but we also become things we are emotionally attached to. Thus, keeping a car well is on everyone’s priority list and what better way to do it than having insurance for your car. Moreover, it also protects the car owner in times of a crisis from the financial instability that it brings.

What are the Benefits of Purchasing Car Insurance?

The following are the benefits of having car insurance:

Legal Compliance: Having a third-party car insurance policy at least is compulsory according to the Indian Motor Tariff. Without it, you can be fined Rs. 2,000 the first time and Rs 4,000 and/or be imprisoned for up to 3 months.
Freedom From Third-Party Financial Liabilities: Even though it is compulsory, the third-party insurance will also free the policyholder from the anxieties of having to fulfil the financial liabilities of the third part in the event of a mishap.
Safety of the Car: In case of an accident the insurance will provide a layer of protection for your car from physical damages such as fire, natural calamities, theft etc.
Peace of Mind: Life is full of uncertainties, more so when it comes to driving on the road. Having car insurance can bring some financial stability in the face of such a crisis.

What are the Kinds of Car Insurance Policies in India?

The following are the types of car insurance policies available in India, based on the coverage they provide:

Third Party Insurance Policy: This type of insurance is also called a liability cover and is mandatory for every vehicle driving on Indian roads. It offers coverage against third party financial liabilities with a limit of Rs. 7.5 lakh for property damage.
Standalone Own-Damage Insurance Policy: The standalone own-damage cover offers coverage for damage to the policyholder’s car in case of an unfortunate incident. It will cover accidental damages, fire and/or explosion, total loss due to theft, natural and manmade calamities.
Comprehensive Insurance Policy: This plan offers coverage for both third party liabilities and own-damage costs in the event of a mishap. Moreover, it takes care of all your car insurance needs in one premium making it a hassle-free option for those looking for convenience. Click here to read more.

Conclusion

If you are buying a car this Diwali, make sure you also purchase insurance for it as well. An insurance policy is a protection plan and will help you in times of crisis. Moreover, with insurance available online it is easier than ever before to compare and buy new insurance or even renew existing ones. Click here to buy car insurance.

Disclaimer: This article is issued in general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

Disclaimer

This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

Written by Sharad Bajaj

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Sharad is an insurance industry veteran who has managed motor insurance products for over a decade. He helped set up and scale the motor insurance vertical for a leading insurance company in his previous stint. In his spare time, Sharad likes to read and be in tune with nature.