What Is Car Insurance.
Car insurance is done to protect your vehicle from unforeseen risks. It basically provides protection against the losses incurred as a result of unavoidable instances.
Car Insurance not only provides financial protection to the car but also provides cover for injuries to driver, passengers or pedestrians, and their property. It pays for damages to your car due to accidents, vandalism, theft, fire, man-made/ natural disasters, and third-party liability. Considering the exorbitant repair costs these days even a minor damage can cost a fortune.
The Motor Vehicles Act also requires every vehicle on the road to at least have a valid third-party liability cover. I.e. cover that pays for bodily injury, loss of life and damage to property of a third person. That was caused by an accident with your car.
Car Shield Key Features
- Protection from loss of car or damage to your car.
- Unlimited Liability for Third Party death/ injury Claims.
- Indemnity for third party property damage up to a limit of Rs. 7.5 lakhs.
- Personal Accident Cover for you, your paid driver and the occupants in the car.
Benefits Of Car Insurance.
- The third party coverage protects your finances in the event of a third party claim. If a third party dies, It might not be possible for every car owner to pay such high compensations from his/her own pockets
- Even in case of damages to the car. The repair costs involved are quite high. A car insurance policy reduces the financial burden you face when paying for such repairs.
- If your car is stolen or damaged. The car insurance plan would pay a lump sum money (the IDV of the policy) which would help you buy a new car or deal with the financial loss you face.
- As the car insurance policy is mandatory. You are protected from legal hassles which would incur in the absence of one.
- No Claim Bonus: If you do not make a claim during the policy period a No Claim Bonus is offered on renewals provided you fulfill certain terms and conditions
End of the line.
Well the article for Benefits Car of Insurance ends here. Still if you have any doubt feel free to ask in the comments section below.