Key Benefits of Car Insurance Policy
Car insurance policy is immensely beneficial to hedge your vehicle financially against the unforeseen losses caused due to reasons like accident, natural calamity, theft etc. Car insurance policies are of various types and different policies offer different coverage. You need to first know your requirements right and then sign up for the ideal policy. A policy that fulfills your requirements will prove to be a great asset at the time of need. Having car insurance policy will help you ease out the financial burden, whenever such an event occurs or when the time comes. A car insurance policy can give you the sign of relief at the point of the mishap.
We spend a lot of time finalizing the right color and features for our next car purchase but we generally tend to overlook the fact that the same car needs proper care and protection from any potential damages. You have spent your hard-earn money on this lifetime asset and you would want to keep it in the right condition till the end. But at times even after proper care things might not turn out the way you always want. Uncertainties are a part of life and you need to confront them and be prepared to bear the losses the right way. The least you can do is limit the possible financial expenses with the help of car insurance policy.
Car insurance is a type of insurance policy that safeguards you against the financial expenses caused due to any unforeseen incidents like- burglary, theft, accidents and also against natural calamities like- flood, storm, lightning, earthquake, landslide, etc. Car insurance is a worthwhile investment and considering that there are a lot of entities providing such car insurance policies with different benefits, it’s important that you choose the best policy with the right benefits, according to your requirement.
Let us discuss the benefits of car insurance policy in details:
Provides legal liabilityfor any third party injury/death or property damage
Third party liability is a type of insurance that is bought by the owner of the vehicle, with this policy the first party will be settling the claims of the third party financially in case any unforeseen incident happens and due to which the vehicle/person gets damage/injury. It is also mandatory to have third party liability insurance, as per the Motor Vehicles Act, 1988.
Personal accidentcover for the individual owner and compensation payable for death or types of permanent disability
Accident cover will help the car owner with medical treatment while his/her family will be compensated in case of casualty or any permanent disability, which will help the deceased financially to overcome this rough time.
Reimbursement of expenses in case of accident or towing of the insured vehicle
The reimbursement of expenses is ensured, if the insured car meets an accident, and even for removal/towing and redelivery of the car. Accident is generally the most common mishaps that can damage your vehicle badly. It can’t be avoided completely but you can surely get the right financial support if you own a car insurance policy. The expenses caused by such damages can be reimbursed which will help you economically.
Additional benefits of some car insurance policies:
- Coverage for CNG/LPG fuel kit,
- 24X7 On Road side assistance coverage,
- And Coverage against damage to electrical or non-electrical accessories.
The above mentioned insurance cover will help you cope up with the expenses of some of the most common vehicle accidental damages. This makes it important for a car owner to sign up for car insurance in order to stay protected. We understand that your car is your prized possession and signing up to car insurance policy will help you adore your vehicle for a longer period of time.