Cars may still be a luxury for many people, but there is no dearth of people owning one. Roads are jam-packed with cars and this increases traffic on the roads, which in turn increases the chances of a road accident. And worse yet, the road conditions and driving habits of citizens add to the woes. In such a scenario, the only logical and of course, essential thing that every car-owner should do is buy car insurance (if you already don’t have one).
Having car insurance is not only advisable and a sensible thing to do, but the Motor Act of 1988 has made it mandatory. Car insurance is something that you will get with every top insurance company. However, the important part of the process is to understand the need of it. There are many components covered in the motor insurance and knowing about them can help you save money.
Premiums and covers
The first benefit that you are entitled to when you buy a motor insurance plan is the cover against any damage. However, third party cover/liability cover is equally important and you get this in any motor insurance plan. If you are at fault in any accident, then the claims filed by the third party will be dealt by your insurance company.
This cover differs on the engine capacity and the rates for this cover are fixed by the Insurance Regulatory and Development Authority of India (IRDAI).
When you are looking for a motor insurance plan, ensure that you go through the terms and conditions of every company. Before going to every company individually, it is essential that you get your facts cleared by sitting at home. To do this, you can always buy motor insurance Online plans. Or at least use the internet for your search.
Along with the third party liability, you also get your own damage cover and cover against personal accident. Both of these covers are the important components of any insurance plan. You need to look for the premiums that the company asks you for the motor insurance plan.
The cover ensures that you don’t face any financial problems in case your car is damaged in an accident. The medical expenses are also taken care of by the insurance company. The insurance plan should also cover you against any other man-made or natural calamity. Before Going to buy a Insurance Plan first Compare by Motor Insurance Premium Calculator.
Motor insurance plans can get tricky as there are tons of options, but if you do your research and take expert advice on the matter, you will at advantage.
