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Motor insurance: Tips for car and bike owners

Hence making it the most prudent form of motor insurance. A comprehensive policy also has add-on options that will provide coverage for electrical parts, 24×7 roadside assistance etc.<br>

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Motor insurance: Tips for car and bike owners

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  1. MOTOR INSURANCE

  2. Motor insurance: Tips for car and bike owners Buying your first car or bike no doubt changes life forever. That tremendous amount of freedom, pride, joy and self-accomplishment of owning a new set of wheels also comes punctuated with some responsibility. Aside from cleaning and general maintenance, one of the most important care factors is getting the vehicle adequately insured. Motor Insurance provides protection against physical damage resulting from collisions, natural and man-made calamities. Essentially, if your vehicle is insured, you stand to recover the financial costs that arise from accidents, damage, theft, and injury to self and others. And that’s simply why it makes financial sense to keep your vehicle insured as long as it’s in use.

  3. Not many know that driving a motor vehicle in a public place in India without insurance is a punishable offence. While the first year of motor insurance is made available on purchase of the vehicle, it’s the subsequent years that require deliberation and action. Facts and terms Whether you got to choose your first policy or got handed one by the vehicle dealer, for your second and subsequent years you have the option to get a policy that best suits your requirements. Before that, let’s break down the basics:

  4. There are broadly two kinds of Motor Insurance – Third Party Liability Insurance and Comprehensive Insurance. Third Party Liability Insurance covers the risks that arise from damage caused by the insured vehicle to other people, property and vehicles (third party). All motor vehicles in India are legally liable to own this insurance. Comprehensive Insurance covers the risk of ‘Own damage’ – self, other passengers (under Personal accident cover) and insured vehicle (battery and tire exempt) and also the affected third party. Bodily injuries and resulting death are covered in this policy. Hence making it the most prudent form of motor insurance. A comprehensive policy also has add-on options that will provide coverage for electrical parts, 24×7 roadside assistance etc.

  5. Like any buying decision, purchasing a motor insurance policy requires some time, effort and application of smart-spending strategies. Here are three ways you can save on motor insurance: Buying and renewing policies online can result in lower premiums. By not claiming smaller expenses (like scratches and minor dents), you could have a claim-free year, leading to a no-claim bonus. Recently, three-year insurance policies for two-wheelers were introduced. With this you can get coverage for three years at today’s rate and a no-claim bonus of up to 20 % (accrued up front). With a little thought and care, you can get the best motor insurance deals and keep your set of wheels protected against possible financial losses.

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