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Insurance Article

Is Your Safety Gear in Place?

July 18 2018
Insurance

According to the reports submitted by Supreme Court Committee on road safety, a total of 1,46,377 lives were lost in road accidents last year. The more staggering fact is that India has the highest number of deaths in road accidents across the globe. One in every 10 deaths is reported from our country.

Our roads have always had a bad track record to say the least. Even if one takes a look at the statistics from the latest ‘Road Accidents in India’ report of 2016 from the Ministry of Road Transport and Highways, the figures don’t do anything to inspire confidence. There were a total of 4,80,652 road accidents, which resulted in 1,50,785 people losing their lives.

These are huge figures, which translate to 1,317 accidents taking place on a daily basis. Now to put that into perspective on an hourly basis, it comes to 55 accidents and 17 persons getting killed on the roads; in about the same time it takes for a working man to finish his lunch break. Out of all vehicles plying on the roads, two wheelers were the most involved in acidents accounting for 33.8% of the total, followed by motorcars at 23.6%.

A study conducted by United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) revealed that India loses 3 percent of its GDP every year due to road accidents. It also expressed concern over high rate of road accidents in the country and called for better policies and stricter regulations to promote road safety of cars and two-wheelers.

While there can be no substitute to responsible and safe driving, a comprehensive motor insurance policy can cover your car and the driver against unforeseen circumstances. It also covers liability against damages to third party or property. As per The Motor Vehicle Act of 1988, a minimum third party insurance is mandatory for all the vehicles plying on Indian roads.

Why Do You Need Comprehensive Motor Insurance?

Paying for repair of your car when it takes a hit can be a costly affair. Whether it is because of your own negligence or someone else’s, it can set you back by a considerable amount of money. However, if you have insured your car with a comprehensive motor insurance policy, you don’t have to pay for these repairs from your pocket. In cases where your car is damaged beyond repair, you are compensated with insured declared value (IDV) of the vehicle.

Apart from the damages to your vehicle, the motor insurance also covers hospitalisation and treatment charges for the driver. Not everyone escapes with minor cuts and bruises in an accident. You can end up paying hefty medical charges from your pocket in case of serious injuries. Your car insurance policy will act as your financial bodyguard and pay your hospital bills.

Other Features and Benefits

Financial prudence lies in covering your drive with a comprehensive car insurance policy. Besides covering third party liability, it also covers damage to your vehicle due to accidents, riots, earthquakes, strikes, floods, storm or any malicious acts.

You have to declare an Insured Declared Value (IDV) of your vehicle while insuring it. Compare and check premium with various insurance companies before buying one. Here are few factors which you should look out for before selecting a motor insurance policy:

  • Cashless service at network garages
    With a comprehensive car insurance policy, you can get cashless repairs and other services at network garages of the insurance company. For example, ICICI Lombard’s car insurance makes you eligible for cashless services at more than 3,500 network garages across the country.

  • Road side assistance in case of breakdown
    If you are secured with a car insurance policy, you don’t have to panic when your car breaks down in middle of the road. Most of the insurers provides road side assistance in case of breakdowns. Just give a call and you will be helped in repairs, accommodation and more till your car is fit to run again.

  • Online purchase facilitates affordability:
    Buying a motor insurance policy online results in lower premiums. The insurer passes the benefit of lower operating costs on online transactions to the customers. Not only that, the online policies are paperless, convenient and come into effect almost immediately. When the time comes for renewal, that can also be taken care of online and without any hassles.

So, it’s imperative to get your vehicle and yourself covered with a comprehensive motor insurance policy to ensure a worry-free and safe drive. Whether you own a car or a two-wheeler, make sure your vehicle is insured against any loss or damage. A nominal insurance premium may safeguard your dream vehicle from getting ruined.

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