A motor insurance policy is a broad category that provides coverage for cars, motorcycles, trucks, and other commercial vehicles. In India, purchasing motor insurance is required, and for a good reason. A motor insurance policy guards you against any monetary loss brought on by theft, unintentional damage, terrorist attack, routine maintenance, or third-party responsibility.
Why would you want to purchase motor insurance?
The purchase of motor insurance coverage is mandated by law, according to the Motor Vehicle Act of 1988. Driving a car without third-party motor insurance is against the law.
Nowadays, traffic accidents happen often. If you have motor insurance, dealing with accident claims will be less stressful. After accidents, there are a lot of legalities to deal with, and motor insurance firms are skilled at doing so.
You will not only receive monetary compensation, but you will also feel comforted because the legal process will go smoothly.
Your motor would be secured if you get comprehensive motor insurance, and you would also receive accident coverage. You would also receive protection against any bodily injuries brought on by accidents. This option is also available as an add-on cover. *
If you own a vehicle, there could be a plethora of problems with it. Accidents, routine maintenance, theft, and other tragic occurrences are all possible. If you have motor insurance, you may rest easy, knowing that everything is covered. It is also very important that the motor insurance renewal process is done timely as an expired policy is useless.
How to get the most benefit from your motor insurance coverage
Do the following to get the most out of your motor insurance policy:
1) Before purchasing, compare your policy: There are many businesses today that sell motor insurance products. The sheer number of policies and the way they are written could easily make someone feel overwhelmed and confused.
So it makes sense to select a policy only after conducting adequate research and careful comparison. The ideal policy will provide you with the ideal balance of advantages and cost-effectiveness. You must evaluate car insurance options according to the following criteria:
- Cost: This is the most crucial consideration when selecting a policy. Before choosing the policy that best fits your budget, you must compare the premium costs of the available options. Online motor insurance quotes comparison is available. *
- Benefits and features: The advantages of the insurance policy differ depending on the product. Every feature or advantage that the insurance company has promised must be verified. The advantages must outweigh the premium cost you are paying. *
- Insurance provider: Additionally, you must conduct in-depth research on each insurance service provider. The provider must have a solid reputation in the industry, an excellent history, and a straightforward claim settlement process. Additionally, the insurance provider must be financially sound. *
2) Use the calculator for online motor insurance premiums: Before deciding on a certain motor insurance coverage, you must be aware of your premium. Today, all the top insurance service providers have a car insurance rate estimator available online on their websites. You have to provide the proper information, and you may quickly see how much the premium is.
Your vehicle’s model, state of registration, name of the manufacturer, year of manufacture, and many other facts must be provided. You must also submit your personal information. After receiving all of this data, the motor insurance calculator may estimate your motor insurance premium.
The benefit of having motor insurance in India is that it protects you from suffering financial loss. In the event of an accident, the insurance provider covers your losses, medical costs, and other costs.
* Standard T&C Apply
** Currently, there are 2 tax regimes in India – new and old. To get the tax benefit you desire, choose the correct one after consulting an expert. You can opt for a regime change during the next financial year.
# Visit the official website of IRDAI for further details.
## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.