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Car Insurance

Car insurance is a type of insurance that provides coverage to the car and its owner against unforeseen accidents resulting in monetary loss. A vehicle insurance policy is the contract in which the insurer covers on-road liabilities and damages to the insured motorist’s property due to third-party claims and own damage.

It is a type of policy that protects you and your car against liability in the event of an accident, theft, fire, calamity, or third-party person or property damage. It also covers the owner-driver’s accident damages or hospitalization expenses.

Why Do You Need A Car Insurance?

Investing in a car insurance policy is a crucial step for several reasons –

Legal Requirement

According to the Motor Vehicles Act, driving a vehicle without insurance in a public place is an offence that can result in significant penalties. Based on this, a first violation incurs a Rs. 2000 fine, escalating to Rs. 4000 for subsequent offences. Additionally, imprisonment for up to 3 months may be imposed, subject to legal discretion.

Covers a Wide Range of Risks

A car insurance policy covers a wide array of risks, such as theft, accidents, man made disasters, natural calamities, etc. It not only safeguards your vehicle; it also extends protection to you against legal liabilities arising from damages or financial losses inflicted upon a third party or their property.

Offers Financial Protection

Buying a vehicle already comes with a hefty price tag, and dealing with the repair costs after significant damage can be a real financial hurdle. And this is why a car insurance policy serves as a financial safety net that protects you from unforeseen events such as accidents, theft, or substantial damage to your vehicle.

Key Features of CarInsurance Policies

Own Damage Coverage

It protects your vehicle from damages caused by accidents, natural disasters, theft, vandalism, etc.

Personal Accident Cover

It provides coverage for injuries or death of the owner/driver of the insured vehicle.

No Claim Bonus (NCB)

A No Claim Bonus is a reward offered by the insurance company if you go claim-free during a policy year. It is provided as a discount on your renewal premium for responsible driving.

Zero Depreciation Cover

With this cover, you will receive the full value for replaced car parts without factoring in depreciation.

Roadside Assistance Cover

With this cover, you can enjoy various services like towing, battery jump-start, tire assistance, emergency fuel delivery, etc. in case your vehicle faces any breakdowns.