Getting your car insured is a legal requirement, but also helps in saving money. how it helps you financially.Car Insurance, Renew Car Insurance, Car Policy
The moment someone talks about getting the car insured, most people have a tendency to consider it as yet another cost. It is like an expense that should be kept at a minimum. People scramble to buy policies that offer really low premiums as car insurance is never a priority, but an unwanted liability. The truth is so very different though! A car is a valuable a-set and despite losing its value every year due to depreciation, getting it insured can still help you save money, as long as you own it.
Whether one likes it or not, it is legally mandatory to have your car insured in India. If you are caught driving your car without insurance, you’ll be liable to pay fines and penalties and repeated offenses can lead to bigger punishments under the law. That’s why every car company sells their product with insurance coverage of at least a year after which the onus lies on the owner to renew car insurance.
No matter how safely you drive your vehicle, an accident can happen anytime, anywhere, if not by your mistake then may be due to some other driver’s. In such a scenario, having comprehensive insurance coverage can help you get your car repaired without incurring expenses from your pocket. A car is a costly a-set and maintaining it or repairing it can be a costly affair. Insurance helps you to keep such expenses in check.
If the accident happens due to your fault, not only will you have to take care of your car, but also pay damages to the affected party that may run into a few lacs. This is where a car policy can come to your rescue. It will provide for the repair of the affected person’s car as well as pay compensation in case of bodily damage to the affected person in terms of hospitalization expenses, doctor’s cost, surgery expenses, etc. Whether there is a loss of limb or death, the car policy covers such third-party claims relieving you from incurring such back-breaking expenses. In short, it shields you from all third-party liabilities and expenses while at the same time ensuring that your damages are also equally provided for.
Rains, floods, earthquakes, fire, etc. are some disasters over which no one has any control. Imagine you bought a brand new car and within a month it got submerged in flood waters. Scary thought, right? With car insurance, you don’t have to worry about paying expenses to get your car back in a brand new shape.
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