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Motor insurance is a vehicle insurance policy that is mandatory for vehicles like trucks, cars, jeeps, bikes, scooters, etc. This policy offers coverage to the vehicle owner/driver against financial losses that may occur due to accidents or other kinds of damages.
Having valid motor insurance is compulsory in India to protect vehicle owners from potential financial risks. It is the best form of security that you can acquire to prevent significant expenses that result after an accident. The Government poses the compulsion for the safety of the individuals who travel via motor vehicles daily.
No one can deny that buying a vehicle is the second most expensive investment in a person’s life after home. Thus, protecting the investment against unforeseen events is crucial. Considering the hike in the vehicle repair charges and the risks involved in driving, an unfortunate accident can put a big hole in your pocket.
The yearly premiums that you pay for the motor insurance policy are meagre as compared to the advantages and protection the coverage will offer you in case of mishaps. Though there are many misconceptions regarding the policy, it will most certainly compensate you against the physical damage that arises under different circumstances.
Believe it or not, driving in India has many associated risks. Millions of people own a driving license, and there is at least one vehicle in the household. Vehicles have become a crucial means of transportation, eliminating people’s need to travel via public transport. At the same time, we also know that an increased number of private vehicles also increases the risk of road accidents and rule-breaking. Accounting for such factors, it becomes critical to own a vehicle insurance policy. Besides that, let’s review the primary reasons to buy a comprehensive motor insurance policy
The first reason is, of course, to follow the laws and regulations of the Government. A person should oblige to buy a motor insurance policy with minimum coverage before taking the vehicle out on the road.
With sufficient coverage, you can pay for the damages that occurred after a collision with a third-party. Without motor insurance, you’ll have to pay from your pocket, and an appropriate amount of coverage can take care of such expenses.
Theft is one of the most significant threats on a vehicle. But with a vehicle insurance policy, you are protected against theft, vandalism, and all man-made harmful activities.
Paying outright for vehicle damage repairs will affect your financial condition. However, you can pay for such damages with the insurance even though the amount is hefty as long as you have enough coverage.
Not every vehicle owner is lucky to get out of accidents without suffering from injuries. The motor insurance policy will pay for all the minor and major injuries that might occur due to accidents.
Features of a Motor Insurance Policy
Whether you are buying a private car, two-wheeler, or a commercial one, the types of motor insurance plans are broadly classified into two:
The types of vehicle insurance are categorized as below :
The ideal choice to secure your private four-wheeler is getting car insurance. It is a contract that is drawn between the vehicle owner and the insurance company that covers both comprehensive policy and third-party liability. With this plan, you will get benefits like:
As the name suggests, two-wheeler insurance or bike insurance is meant for scooters, bikes and other two wheelers. It is a type of vehicle insurance that will ensure a safe ride as two-wheelers have slightly more risks of personal injuries. The benefits included in the plan are:
The risks of damage to commercial vehicles are more than private vehicles. Hence, commercial vehicle insurance allows drivers to reduce the losses that incur in unfortunate events. It involves vehicles like tractors, cranes, taxies, goods carrying vehicles, passenger-carrying vehicles, etc. The benefits will include:
Not long ago, people had to visit the stores to learn about insurance policies. But with the digitisation of all services, customers can now avail the benefits of buying motor insurance online. It is far better than the traditional method of getting insurance and also presents the simplest way to compare and finalise your decision.
Here are some key benefits of getting motor vehicle insurance online.
Instead of visiting multiple stores, you can get quotes from as many motor insurance providers as possible and compare their services and rates without any interference. Most companies provide a detailed explanation for their plans, which further makes it possible for customers to contrast the features and benefits in a hassle-free manner.
Offline purchase of motor insurance policies involves a lot of paperwork that contains confidential data. Online processing removes that risk, and transactions are done without documentation making it secure.
No more wasting time to go through the extensive paperwork! The vehicle insurance online services work by collecting fewer details and make the entire process less hectic. The information is processed smoothly, and issuance is provided without further delay.
Most companies offer multiple payment modes to avail cashless transactions and premium payments for the insurance policy. You can even renew the policy online now.
Customers can opt for any coverage plan and get add-ons on the policy as you want. Moreover, you can learn all about the features and policies of different companies to figure out the best plan.
Unlike the conventional searches that were confusing and dealing with motor insurance agents is not necessary now. The agents used to leave out many specifications to convince potential buyers. But with vehicle insurance online covers, the process is transparent now
As stated above, the motor insurance agents or third-parties won’t clarify every aspect, rule, and regulation of the policy. But the online process removes the middleman and eliminates the uncertainty from choosing the best plan.
If you buy vehicle insurance online, the time taken for processing all documents is reduced to a few minutes. You can get the policy instantly, and the details you submit will be saved to the insurers
Whether you are out of the city or have a busy schedule, purchasing the desired motor insurance coverage can be done while you are sitting at home or office anytime.
One appreciable benefit of motor insurance online is that you will stay updated with the policy status and renew the plan on time before it expires.