Lesser Known Benefits of Car Insurance Plans

Purchasing a car in India comes with a lot of responsibility and once you have purchased a car you would want to insure the car from any losses that might occur under unforeseen circumstances. Driving a car in India without a valid car insurance policy or without car insurance policy is illegal according to the Motor Vehicles Act. There are different types of car insurance policies available in India. Car insurance can be very useful in times of crisis. A car insurance policy can help you provide financial aid for the losses that may occur during an accident. 

A car insurance policy provides coverage for different losses that may occur and lead to expenses or liabilities. You can easily purchase a car insurance policy and choose the type of coverage that is best according to vehicle, requirements and budget. 

Lesser Known Benefits Of Car Insurance Plans 

Below mentioned are some lesser known facts about car insurance which justifies that car insurance can be really helpful:

1. Helps In Complying with Laws

It is mandatory to have a valid car insurance policy while driving in India as per the Motor Vehicles Act. There are several car insurance policies available in India, one being a third party insurance policy which is compulsory for every vehicle owner in India. Other types of car insurance policies available in India are comprehensive and stand-alone own damage car insurance policies. All of these policies have different benefits. If you choose to purchase a third party or comprehensive car insurance policy, you will comply with the laws set by the government and if you choose to purchase a stand-alone damage policy, you will have to purchase a third party insurance policy to comply with the law. A car insurance policy will definitely help you comply with the laws set by the government.

2. Can be Customised with Add-on Covers

One advantage of purchasing a car insurance policy is that you can choose to customize your car insurance policy by ption for add-on covers to enhance your car insurance policy. Some commonly opted car insurance add-on covers are Zero Depreciation cover, Consumables cover, Roadside Assistance cover, Engine Protection add-on cover etc. These add-on covers give you an opportunity to choose the type of additional coverage you require. 

3. Financial Coverage

Car insurance policy provides coverage for the losses that may occur during unforeseen circumstances such as an accident. In case of an accident a car insurance policy can provide financial coverage for the damages to the third party and their own vehicles. It depends on the type of car insurance policy that you chose for your car. A third party car insurance policy will provide financial coverage for third party liabilities that may occur in an accident and a comprehensive car insurance policy will provide coverage for own damages along with third party liabilities. 

4. Sense of Security

Being involved in an accident is not an ideal situation in which one would like to be in, but keeping the uncertainty of life, one could be stuck in such a situation unwillingly. Under such circumstances a car insurance policy can be very useful and provide a sense of security to the owner of the vehicle involved in an accident. You can ensure financial protection from the expenses that may arise because of the damages caused to the vehicle in an accident. 

To Conclude

If you do not have a car insurance policy while driving a car in India, you could be penalised for the same and the authorities may take actions against you. Additionally you will not be able to avail coverage for damages or expenses that may arise during an accident. Remember that the cost of repairing a car can be high and may even drain your savings. To avoid this you must purchase a car insurance policy. A car insurance policy provides a sense of security and financial coverage from expenses for the damages arising out of an accident. 

Also read - Does Scrapping Your Car Impacts Insurance Policy?

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.