Motor Insurance protects the owner of a motor vehicle against financial risk arising out of third-party liability. The insurance company pays for damages incurred to the other car and the driver’s property in an accident. Let us cover the basics of motor insurance.
Comprehensive Motor Insurance
A comprehensive motor insurance policy is a more elaborate version, offering coverage against artificial calamities such as fire, floods, earthquakes, and other perils. It also provides cover for damage caused to your car.
While comprehensive insurance provides the highest level of protection, it is usually more expensive. However, many policies offer a range of add-ons, such as a medical emergency rider that pays for emergency medical expenses after an accident. Alternatively, you may opt for a higher voluntary deductible. This approach may save you money on premiums.
No Claim Bonus
Another way to reduce your motor insurance premium is by accumulating a No Claims Bonus (NCB). The NCB is a form of savings offered by some insurers when a claim arises without the insured’s negligence.
As mentioned, a comprehensive motor insurance policy offers the best overall coverage. Not only does it protect you in an accident, but it is also a good source of financial security in the event of vandalism or theft. You can even use your insurance to repair your vehicle at non-network garages.
Types of Motor Insurance
The motor insurance industry is a significant source of income for non-life insurers. There are several types of motor insurance, and you can choose the motor insurance policy that suits your needs. Some options include Third Party Cover, Comprehensive Motor Insurance, and Medical Emergency Rider.
Benefits of Motor Insurance
The best part about having a motor insurance policy is that you can use it to pay for injuries and property damages incurred by others. The best way to deduce if you are covered is to check with your insurer. You can also find out how to compare and buy a policy online.
An insurance policy is a legal requirement in all countries, including India. The most comprehensive policy will cover your motor car in transit, while a basic policy will only cover damage to your vehicle. If you are unsure which type of insurance is right for you, a quick search on the internet can be the fastest and easiest way to do so.
Can You Buy Motor Insurance Online?
When comparing insurance plans, make sure you read the fine print. The terms and conditions of a policy can vary significantly from insurer to insurer. Also, you should be aware of any exclusions or limitations in the policy. For example, some policies only apply to vehicles less than seven years old. You can visit Elephant.in to find a suitable motor insurance policy. Their website will allow you to browse the best options based on your unique situation.
Conclusion
The motor vehicle insurance industry has become very competitive, and you can find various policies. Although the motor insurance industry is becoming increasingly more complex, getting the right motor insurance policy is possible.
