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Insurance Article

Car insurance & Its need and importance

October 14 2012

This insurance promises to cover the costs of damage repairs to the car in case of unforeseen events like accidents, theft and natural calamities.

An insurance policy offers a number of benefits to the policy holder so that there is no room for panic if an accident occurs. With the right insurance policy, you can get cashless claims in a network of over garages across the country. The payment of all repairs required for your automobile are according to the policy you choose and generally involve the sharing of the total cost between the insured and insurance company. This further reduces the stress of arranging for finances on a short notice.

You may get full claim coverage on the value of the damaged car parts replaced without deductions with your policy. Also, there may be times when one does not need to pay even for the towing charges. This further enhances the convenience a policy holder can get with the right motor car insurance policy.

Another benefit is the optional personal accident cover. Generally, when you purchase insurance it covers the person driving the car in case of a mishap when travelling. Now, it is possible to get an insurance coverage for your co-passenger as well. With this feature, you can get treatment for injuries up to the amount stated in the policy document.

Under the Motor Vehicles Act, at least Third Party Insurance is compulsory when you want to insure cars. i.e. this policy is the minimum coverage level which any car must compulsorily have. In the absence of this coverage, a car owner can be fined if caught driving without it or with an elapsed policy. This kind of insurance offers coverage against any legal liabilities which are likely to arise due to permanent injury or death of a person. It also provides legal cover if legal action is initiated against the car owner involved in an accident.

Now, it is possible to get an insurance policy that takes into account all your requirements to provide the right coverage. A comprehensive policy offers a wider umbrella as it cushions the policy holder from facing the eventualities of an accident and reduces the legal and financial setbacks to the bare minimum. Considering this, it is evident that car insurance is not only important, but indispensable.

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