Vehicle Insurance

VEHICLE INSURANCE

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Motor insurance is a vehicle insurance policy that is mandatory for vehicles like trucks, cars, jeeps, bikes, scooters, etc. This policy offers coverage to the vehicle owner/driver against financial losses that may occur due to accidents or other kinds of damages.

Having valid motor insurance is compulsory in India to protect vehicle owners from potential financial risks. It is the best form of security that you can acquire to prevent significant expenses that result after an accident. The Government poses the compulsion for the safety of the individuals who travel via motor vehicles daily.

No one can deny that buying a vehicle is the second most expensive investment in a person’s life after home. Thus, protecting the investment against unforeseen events is crucial. Considering the hike in the vehicle repair charges and the risks involved in driving, an unfortunate accident can put a big hole in your pocket.

The yearly premiums that you pay for the motor insurance policy are meagre as compared to the advantages and protection the coverage will offer you in case of mishaps. Though there are many misconceptions regarding the policy, it will most certainly compensate you against the physical damage that arises under different circumstances.

WHY SHOULD YOU BUY A VEHICLE INSURANCE POLICY?

Legal Requirement-The first reason is, of course, to follow the laws and regulations of the Government. A person should oblige to buy a motor insurance policy with minimum coverage before taking the vehicle out on the road.
Third-party Damage Coverage-With sufficient coverage, you can pay for the damages that occurred after a collision with a third-party. Without motor insurance, you’ll have to pay from your pocket, and an appropriate amount of coverage can take care of such expenses.
Security Against Theft is one of the most significant threats on a vehicle. But with a vehicle insurance policy, you are protected against theft, vandalism, and all man-made harmful activities.
Damage Expense Coverage-Paying outright for vehicle damage repairs will affect your financial condition. However, you can pay for such damages with the insurance even though the amount is hefty as long as you have enough coverage.

FAQ on Vehicle Insurance

What is the meaning of vehicle insurance?

Auto insurance in India covers the loss of or damage caused to the automobile or its parts due to natural and man-made calamities. It provides accident cover for individual owners of the vehicle while driving and also for passengers and third party legal liability.
Why do we need vehicle insurance?

If your car is involved in an accident that results in damage or loss to the property of any third parties, it is covered under the car insurance. Furthermore, if you face any legal liabilities in case of any bodily injury or death of a third party, your car insurance protects you against the same.
How does Vehicle Insurance Policy work?

The vehicle insurance is provided against the damage that may occur due to accidents, third-party damage, traffic collisions, and collisions with other objects. Vehicle insurance sometimes also provides coverage for damage due to weather conditions or natural disasters. Vehicle insurance includes car insurance, bike insurance, and commercial vehicle insurance that are not for personal use.
How Car Insurance Works in India?

Car insurance is an agreement between the insurance company and the car owner wherein, the car owner will pay premiums and the insurance company covers for loss or damage caused to the car. Car Insurance is mandatory in India regardless of whether it is a commercial vehicle or a personal vehicle. Most of the insurance companies in India have tie-ups with car manufacturers and they offer car owners instant quotes.