In exchange for a premium, car insurance is a policy that protects your car from various unforeseen damages.
Is Car Insurance Required?
The Motor Vehicles Act mandates third-party auto insurance in India. In addition, insurance can provide financial security in the event of an accident.
Car Insurance Types
Third-Party Car Insurance
This auto insurance plan offers financial security if an accident damages another vehicle or injures a third party. This kind of motor insurance does not protect against damage or injury to you or your car. Third-party auto insurance, however, has relatively low premiums and is less expensive than other options.
Standalone Own-Damage Car Insurance
A standalone policy protects you from losses or damages to your car from collisions, fires, theft, natural disasters, etc. Therefore, if you already have third-party insurance but need to insure your vehicle, you can do so by purchasing standalone own damage insurance. This type of insurance can offer you personal accident cover for injuries sustained by the owner or driver in an accident.
Comprehensive Car Insurance
Comprehensive insurance is the third category of auto insurance. As the name implies, this insurance covers you and your car against various damages. Along with coverage for injuries to the owner or driver or damage to the insured vehicle, it offers a defence in the event of third-party liability.
Advantages Of Auto Insurance
The following is a list of the car insurance benefits of each of the three types of auto insurance:
- Auto Insurance Serves As A Defense Against Harm Or Accidents
As previously mentioned, a car insurance policy protects you from injury to a third party. Comprehensive auto insurance offers protection against theft, riots, natural disasters, and other risks.
- Helps You Deal Stress-Free With Legal Repercussions
Legal disputes can result in accidents and add unnecessary stress. The associated legal costs could be an unexpected burden. The right auto insurance can save you if you face legal repercussions after an accident.
- Advantageous When Purchasing A New Car
When you purchase a new vehicle, auto insurance is beneficial. It might offer a bumper-to-bumper cover that aids in restoring the value of your car. Comprehensive auto insurance is another name for bumper-to-bumper coverage. The benefits of comprehensive auto insurance are most useful for luxury and sports cars because their repair costs are high.
- Provides Additional Coverage For Your Car
You can upgrade your policy to increase the benefits of motor insurance further. You can choose the road assistance option, which entails the insurance provider helping you if your car breaks down in the middle of the road. Other add-ons to car insurance are also available, such as engine replacement coverage, which will replace your car’s engine in the event of damage.
- Comprises A Vast Network Of Cashless Garages
The network of insurance companies’ garages allows your car to receive cashless repairs when necessary.
Make sure you renew your car insurance on time.
Standard T&C Apply
All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.