8 Reasons Why Buying a Car Insurance is Beneficial
If you own a car, you surely need a car insurance with it not just because it is mandatory but because it offers a host of benefits too. 8 such vital benefits of motor insurance are mentioned in this post.
With the increasing income of people in India, buying a four-wheeler is now within reach of a lot of people. An important outcome of the increasing sales of motor vehicles is the steady rise in traffic which ultimately leads to more accidents. The financial losses during such accidents can be vast. It is with the help of an insurance policy that car owners can protect themselves from such losses. And with the easy availability of car insurance online, buying an insurance policy is now like a walk in the park.
The policy offers a host of benefits which every owner should surely take advantage of. Let us have a look at 8 such benefits.
It is Mandatory
The most important reason for buying a car insurance is because it is mandatory as per the Motor Vehicles Act of 1988. If found without valid insurance, you’ll have to pay the penalty, and it can also lead to cancellation of your driving license.
Covers Car and Property Damage
Accidents can cause damages to other vehicle and even property of a 3rd party. With a good insurance, you can be rest assured that the policy will pay for the expenses and you’ll not be required to pay from your pocket. Thus, next time when you make car insurance comparison, make sure you check the amount of damage covered by your policy.
Covers Personal Injury
Apart from vehicle and property damage, accidents can also cause personal injury which can be very severe at times. Some policies also cover personal injury so that you don’t have to pay for the treatment of a person who has suffered injuries due to an accident involving you and your vehicle.
Number of Riders Available
You can also find a host of riders which you can buy along with a car insurance policy online or offline. Some popular riders include zero depreciation, engine cover, roadside assistance, and personal accident. These riders do an excellent job of expanding the scope and benefits of the policy.
Replacing Car if Stolen
If your car is stolen or is totalled, the insurance would pay the expense of buying a replacement car. Every policy has an IDV (Insured Declared Value) which is the amount that the insurer will pay in case of total loss or theft.
Coverage for Damage Due to Fire or Weather
A number of comprehensive policies for the motor vehicle also offer coverage in case if your car is damaged due to weather or fire. If you do live in areas with uncertain weather, such policies are a must for the safety of your vehicle.
Covers the Legal Fees
A car insurance not only covers the damages caused to the car, property, or the person involved, but it also covers the legal fees if a case is filed in court. Be it you who has filed the case or someone has filed it against you; it helps you cover all the legal expenses like hiring a lawyer, filing a case, etc.
Affects the Re-sale Value of the Car
While you may like to pay the least amount of premium or even do away with some covers especially when buying online car insurance, however, a comprehensive policy also plays a vital role in increasing the resale value of your cover. A higher IDV or a zero-depreciation policy just ensures the next buyer that the car is taken care of well and is in good condition.
Don’t just think of a vehicle insurance as a compulsion but rather something that is created to offer several benefits to the car owners like the ones mentioned above. Start searching for the best car insurance online today to start experiencing these benefits as quickly as possible.