In the buzzing streets of India, where every road brings a new adventure, owning a private vehicle is not just a convenience but a basic necessity. With the road expansion also occurring in the major rural areas of India, motor vehicles have become a vital companion in our day-to-day life commutes. However, the excitement of owning a vehicle also brings the responsibility to safeguard it against unforeseen risks.
This is where a motor insurance plan comes into play. To answer the same, Aapka Policywala – the leading online insurance company in India – decided to write a comprehensive guide explaining the benefits of buying motor insurance plans in India in order to safeguard your vehicle from unforeseen risks. Read on!
Financial Protection
One of the major factors that contribute to buying a motor insurance plan in India is the financial protection that it offers against unforeseen circumstances. Whether it’s a minor crash or a major collision, the cost associated with the vehicle repair after the accident can be recovered. Most of the motor insurance policies in India provide coverage for damages caused to your vehicle due to accidents, natural disasters, or theft. In addition to this, motor insurance plans also offer third-party insurance, under which the individuals also get the claims for the damage caused to the third party involved in the accident.
Note: Under the Motor Vehicle Act, it is mandatory for everyone to have at least third-party insurance for their vehicle.
Coverage Against Theft and Damage
Vehicle theft is quite common in India, especially in urban areas where the population is very dense. To overcome the same, a motor insurance plan provides coverage against theft, ensuring that you can remain financially safe in case your vehicle is stolen. Additionally, these insurance plans also provide coverage to the damage caused during the theft attempts.
Whether it’s a broken side mirror or a damaged indicator, your insurance policy will provide you with a claim about the destruction and provide you peace of mind regarding your investment.
Personal Accident Cover
In addition to protecting your vehicle, motor vehicle insurance also provides financial compensation if the event of accident death or permanent disability occurs during the vehicle accident. The benefits of motor vehicle insurance make sure that the well-being of you and your loved ones is secure in the unfortunate event of a serious accident.
Here are other key aspects of personal accident under motor insurance:
Passenger coverage: Motor vehicle insurance offered by online insurance companies like Aapka Policywala also provides coverage to passengers traveling in the insured vehicle at the time of the accident.
Medical Expenses coverage: Personal accidents also provide coverage to medical expenses for the treatment of injuries. This includes hospitalization costs, doctor’s fees, medication expenses, and other necessary medical services.
No Claim Bonus
We can’t complete our guide without talking about the no-claim bonus feature that most motor insurance plans offer to the policyholder. For those who don’t know, a no-claim bonus means that the policyholder will be rewarded with an increase in the sum insured after the policy matures or a reduction in the premiums for every claim-free year.
This type of bonus motivates individuals to practice safe driving and reduce the premium amount for the subsequent policy period. It is a type of appreciation from the insurance companies that eventually leads to significant savings on insurance premiums over time.
Want to take a break from the motor insurance guide? Explore popular insurance policies from Aapka Policywala:
Individual Travel Insurance Plan
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Add-On Covers
Other than standard coverage options, motor insurance plans also provide various perks and additional benefits that policyholders can choose based on their specific requirements. Some common benefits include engine protection covers, kep replacement cover, consumable expense cover, and zero depreciation covers. These add-on covers improve the coverage provided by the basic insurance policy, offering tailored solutions to suit individual needs.
Legal Compliance
Motor insurance plans in India are not just a matter of choice, they are a legal requirement. As per the Motor Vehicle Act, of 1988, it is mandatory for all motor vehicles plying on Indian roads to have at least a third-party liability insurance cover. Failure to comply with these mandatory legal requirements can result in fines and penalties.
Therefore, having valid motor insurance ensures that you are in compliance with the law, avoiding any legal liabilities that may arise from driving uninsured.
Peace of Mind and Security
Perhaps the most important benefit of buying motor insurance in India is the peace of mind and security that individuals seek in terms of financial condition. Knowing that one is financially protected against potential risks and liabilities allows individuals to focus on the road ahead without worrying about the financial implications.
Whether it’s a minor mishap or a major accident, having insurance coverage ensures that you can navigate through any situation with confidence.
Benefits of Buy Motor Insurance in India: Endnotes
There you go! We have explained all the major benefits of buying motor insurance plans in India. Remember, the decision is ultimately yours along with the many advantages it brings.
For those searching for a motor insurance plan at an affordable rate to avail of all the above-mentioned benefits, consider exploring AapkaPolicywala’s motor insurance plans. We offer a vast range of motor policies to meet all your insurance goals and also bring an opportunity to customize your motor insurance plan. No wonder, we are the best online motor insurance policy provider in India.
Still have questions to ask, send us to info@aapkapolicywala.com and get a quick reply from experts.