Significance of Car Insurance Policy

1. Significance of Car Insurance Policy Liberty General Insurance

2. Introducation In the present scenario, owning a car has become a necessity. If you rely on public transport system chances of frustration and delay are very high. To avoid such inconveniences, it is better to have a car of your own. There are many online platforms offering accurate information on various car insurance policies. These days, choosing a car policy online has become quite easier. Upcoming slides talk about the significance of car insurance policy in detail.

3. Risks Involved Owning a car has many benefits, but there are some risks as well. Problems crop up, if your vehicle meets with an unfortunate accident or gets stolen or goes missing as a result of a natural calamity or causes an accident, resulting in loss of life or injury to a stranger. These situations can really be disastrous for you, if you don’t have an insurance cover. An insurance policy acts as a shield against the risks posed to your car and protects you against the financial burden arising out of the damages caused by you or by a third-party.

4. Premium Amount Once you buy a policy, you are supposed to pay a premium amount for the same. The premium amount payable towards car insurance is decided by factors such as type of car, age of the vehicle, age of the insured, Insured Declared Value, etc. It is advisable not to select a policy simply because premium amount is on the lower side.

5. Legally Binding Anyone who drives around on Indian roads is bound by the law to have at least a third party insurance. This has a very limited coverage. Over here, neither you nor your car gets insurance cover. It covers your legal liability for the damage you cause to a third party. In case you desire a wide insurance cover, opt for a comprehensive policy.

6. Types of Car Insurance Policies These days, car owners can easily go online and compare various car insurance plans to find an appropriate one. There are 2 types of car insurance plans available in India: comprehensive insurance and third party insurance. The comprehensive insurance policy has provision for third party liabilities as well as damages caused to you and your car. You also get financial protection against liabilities in the event of natural disasters, theft, and accidents. The third party insurance, as said earlier, is mandatory for all vehicles operating on the Indian roads. This type of insurance will only cover damages caused to a third party in the event of a vehicular accident.

7. Choose a Renowned Insurer As mentioned in the previous slides, having a car insurance policy is a crucial thing. However, when you buy car policy online or from the nearest insurance office, make sure you buy it from a renowned insurer which has high claim-settlement ratio and a wide network of garages across the nation.

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