A vehicle is one of the prized possessions that a person owns, not just because of the aesthetics but also the utility. A car or a bike holds equal importance to the person who uses it on a daily basis. It is needless to say that the vehicle holds a precious space in your life and you have put in your hard earned money to get this utility piece. But your vehicle is exposed to a number of threats even if you are driving it or not. All these threats come unannounced which makes it important for you to consider an insurance policy for your vehicle.
Some of the causes that can damage your vehicle badly are:
- Natural calamities such as landslide or bad weather
- Accident such as engine failures or breakdown
- Planned damage such as sabotage, theft, or assault on vehicle
As these damages can occur anytime and you should always be financially prepared to fight back this situation and register in a vehicle insurance policy. In addition, an insurance policy also benefits the policyholder in the form of tax deductions, health insurance coverage, third party liability, etc. This makes it mandatory for a vehicle owner to get an insurance policy and safeguard their automobile from any potential damage and overcome a certain amount of financial loss caused due to any unforeseen incident.
If you are looking for a motor insurance policy, here are some points that you need to consider:
1. Third Party Liability
It is obligatory for all the motor vehicle owners in India to have the third party liability insurance. This provides shield against all legal consequences, in case any damage to another vehicle/person is caused by the policy holder’s vehicle while driving. Make sure that the insurance policy you are about to roll in contains this to avoid any future trouble.
2. Coverage
Typically, the things covered by an insurance policy are health damage cost coverage, on-site road repairs, etc. It is extremely important to know the full extent coverage of the insurance policy you are about to buy.
3. Claiming Process
Usually, the insurance policy supplier sends a group to investigate the amount of damage after the accident in order to calculate the worth for repairing the vehicle. If the accident is severe and meets the terms and conditions of the policy contract, full coverage of damage is provided. But sometimes this process can take time, so you need to be sure that the insurance policy you buy conducts the claiming process at a faster pace.
These are some of the most important things one should keep in mind while taking up an insurance policy. Once all these points are considered and fulfilled, you are now ready to buy vehicle insurance policy. As we are stepping towards digital India, one can also avail car and bike insurance online from the comfort of your home. You will be able to get a lot of motor insurance policy online, all you need to know is the kind of policy suits your requirements the best. For this you need to compare different types of insurance policies on the basis of the above factors as well as their affordability. Once you know that a certain policy is ideal for your needs and would not burn a hole in your pocket, you may sign up and avail all the above mentioned benefits.
