2 Prime Reasons to Invest In a Car Insurance Policy

In the 21^st century, cars are no longer a luxury item that can be afforded by only a selected few belonging to the upper strata of the society. In fact, they have almost become a necessity in this highly urbanized and modernized society. Your car is one of the items that you use on a daily basis, whether for going on road trips with friends or for every day commutation to your workplace.

However, your joys of owning a car could be short lived in case it meets with an unfortunate accident, gets stolen, or gets damaged owing to a natural calamity. Apart from causing a great deal of stress, these disastrous events can incur a significant sum of expenses for you. In order to protect yourself from such financial risks, it is imperative that you invest in a comprehensive 4 wheeler insurance policy. This policy would essentially help you to mitigate the costs incurred due to an accident that damages your vehicle and also provide you with the monetary protection against car theft.

Need for a car insurance policy

There are a number of reasons as to why you should invest in a 4 wheeler insurance policy. Two of the prime reasons are as follows:

Ø Under the provisions of the Motor Vehicles Act of India, all vehicles operating inside the public areas of the country need to have a car insurance policy as an obligatory document. This policy should provide coverage at least for the third-party liabilities, which may include any injury or property damage suffered by them.

Ø A major accident involving your car can result in severe injuries and even death; it may also lead to massive losses in terms of repairs and replacements for your vehicle. The expenses incurred due to these losses might range from several thousand to lakh of rupees. These expenses can put a huge burden on the finances of a person. However, after investing in a 4 wheeler insurance policy, you would not have to worry about these expenses, as all the relevant compensation would be provided by the insurance service provider.

While investing in a car insurance policy, you should ensure that your insurance service provider is associated with garages and hospitals all over the country, so that you can get the benefit of availing swift services in the times of need.

Things to Know about Two Wheeler Insurance Policies

When you purchase a two wheeler, it is essential that you procure a suitable two wheeler insurance policy package. Two wheeler Insurance policies provide coverage for the expenses you may incur in case your bike or scooter is damaged, stolen, or lost. Similarly, if while driving your two wheeler you lose control of the vehicle and meet with an accident, which leads to a public property getting damaged, then the insurance company will provide coverage for the expenses incurred as  ‘third  party coverage’. However, there will be certain terms and conditions that need to be fulfilled before you can claim the benefits. Hence, before you purchase a two wheeler insurance policy, there are certain factors that you must know, to ensure that the policy you purchase meets your requirements.

Evaluating Two Wheeler Insurance Policy Packages

While purchasing an insurance policy for your bike, the first thing that you must take into consideration is the premium payable. Sometimes it is financially beneficial to purchase a multiyear two wheeler insurance policy. Such policy packages require the insurer to pay the premium once for an extended coverage of two or three years, as per the tenure mentioned in the policy package. Listed below are some other factors that you must take into consideration while purchasing a two wheeler insurance policy:

· While purchasing the policy, ensure that the insurance company is a reputed one and is known for quick claim settlements. Ideally, claims should be settled within seven working days.

· When you put in a claim, the insurance company usually sends over technicians to inspect the vehicle. The inspection and claim service itself should be hassle free and cashless.

· If you purchase a long term two wheeler insurance policy then check the Non Claim Benefits (NCB) carefully, for increased savings. Such a policy can also provide you with an annual protection against third party premiums.

Thus, while purchasing a two wheeler insurance policy, read the policy documents carefully and ensure that the terms and conditions mentioned are as per your requirements. Also, purchase the policy only from a reputed insurance company, for better assistance and quick settlement of claims.