When you buy your dream car, it is obvious for you to pay a lot of attention to it, while driving or even when parked. Generally observed for luxury car owners, they tend to drive giving way for the impatient and eager drivers to protect their cars. Are you one of these drivers who prioritize the safety of their vehicles first? If yes, congratulations, you’re a responsible driver.
But there are quite a few ignorant drivers on the streets that create a nuisance for others. Also, the increasing congestion makes it almost impossible to drive without coming close to other vehicles. This no doubt increases the probability of bumping into other vehicles and possible accidents.
These factors have made it mandatory to have vehicle insurance in place. Accidents are unforeseen and can at times have hefty financial costs. Moreover, in some cases, the lives of people are at risk. To cover for these unfortunate events, it is compulsory to have at least third party car insurance cover.
More the number of vehicles, more is the probability of an accident occurring. It is estimated over 50 road accidents take place each hour in the country. Now imagine, what if the cost of repairs is too much to be borne by one person? Who is responsible for such damage?
Here is when a car insurance policy comes into the picture. Those who hold a valid copy of insurance can approach their insurance companies and file a claim. The insurer will then assess the validity of the claim and reimburse for the damages up to the amount of sum assured. Any legal liabilities due to an accident can be avoided if you are at fault.
What are the advantages of buying car insurance?
Two types of car insurance policies are available for purchase – third-party and comprehensive policies. As the name suggests, third-party policies cover for damage or loss to other persons property or life, and comprehensive plans include coverage for own damage too.
Scope of the policy: Depending on the type of policy purchased, the coverage of your plan differs. A third-party cover includes damage or cost of treatment for another person whereas a comprehensive plan extends these benefits to the policyholder too.
No claim bonus: It is not every year you end up in an accident. Understanding this uncertain nature, insurance companies pass on the benefit for not filing a claim in the form of no claim bonus or NCB. It is the concession offered at the time of renewal for every claim-free policy year.
Mental Peace: Buying an insurance policy ensures you have complete peace of mind. You need not worry about unexpected financial costs that may arise due to any damage or theft of your car.
Bottom line, a car insurance policy is synonymous to saving your hard-earned money on repairs and damages. Instead, make use of car insurance policy and tackle the uncertainties of road accidents. While you shop for suitable insurance plans, make use of a car insurance calculator to get the best deals with maximum coverage.