Purchasing a vehicle comes with a lot of peripheral expenses. Taxes, insurance, accessories, etc. While third party insurance cover is mandatory, you should also have a Motor insurance to avoid getting financially ripped in case of a mishap.
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What Is A Motor Insurance
Motor insurance is an insurance policy that covers the policyholder in case of financial losses – resulting from an accident or other damages – sustained by the insured vehicle. A comprehensive motor insurance policy covers damages to third-party and third-party property along with compensating for own losses as well.
According to Sec 146 of the Motor Vehicles Act, 1988, it is imperative that you purchase motor insurance prior to taking your vehicle out on the roads. Should you not want to buy a comprehensive insurance plan, getting third-party policy coverage is the bare minimum that you are mandated to acquire for your vehicle to ply.
What does Motor Insurance cover?
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Coverage against accident: A motor insurance can give you a coverage against damage happened to your vehicle due to some accidents. You can claim the expenses and save more money.
Coverage against natural disaster: A sudden huge flood can damage your vehicle which will cause you to incur a huge expense. With the motor insurance, you can save few bucks on vehicle repairs.
Legal protection: As having no motor insurance is a violation of traffic laws, it can lead to paying penalties. Hence, it’s important you renew your insurance once it gets expired.
Death Benefits: As third-party insurance is mandatory, the motor insurance can benefit the survivors when an accident results in death.
No Claim Bonus: If you have not made any claims during the policy term, you are eligible for No Claim Bonus upon renewal of the policy. However, you may need to fulfil certain terms and conditions.
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Importance of Motor Insurance
As evident, vehicle insurance has many benefits on offer. Not only it compensates for the damages suffered by your vehicle but also takes of liabilities due to losses suffered by a third-party. It prevents out-of-expenses in getting your vehicle back into shape and gives your family a financial cushion in case of your untimely demise due to an accident. Contact us to get the right insurance cover for your vehicle.
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