While having your motor vehicle insured is mandatory as per law, there are many ways in which an insurance policy can prove to be a blessing in disguise during times of need. As driving and riding are highly unpredictable practices, primarily due to the huge traffic volumes on our roads, an insurance policy is perhaps the most crucial way of enjoying your vehicle ownership experience with minimal hiccups.
Explained below are the five most important benefits of having your motor vehicle insured. These will help in understanding the kind of protection insurance coverage provides and most importantly, it might lead to a change in perspective towards the value of buying car or bike insurance.
1) Insurance takes care of any damage caused in an accident or mishap
No matter how much pride one may take in their driving or riding skills, an accident or mishap can also occur due to someone else’s mistake, something which is seldom foreseen. In such a case, it is always wise to be insured as an insurance policy for your motor vehicle will take care of all the damage caused to your vehicle in such an instance. Also, if you feel the need to protect yourself and your loved ones as well in such an event, motor insurance policies also allow you to add a personal damage cover which will look after any human fatalities/injuries suffered during a mishap. Visit the Coverfox website to find the insurance policies with maximum damage coverage from leading insurance providers across India.
2) Motor insurance also protects you from vehicle theft liabilities
While additional safety features such as GPS trackers, advanced immobilizers and elaborate anti-theft alarm systems have reduced the risk of vehicle theft quite a lot, it is not always possible to have your vehicle equipped with such gadgetry every time due to additional costs involved. However, this does not mean the end of the road. One can always protect themselves in case of vehicle theft by going for an insurance cover which protects them from vehicle theft liabilities. Do keep in mind the fact that the above-mentioned safety features do not provide guaranteed theft protection; If technology has taken a leap to make cars theft-proof, a parallel advancement in technology to overcome those gadgets can’t certainly be ruled out. Therefore, it is best to go for guaranteed protection from vehicle theft via an insurance policy.
3) Motor insurance also takes care of the damage incurred by any third-party in case of a mishap
Road accidents involving a third-party victim tend to be cumbersome due to the legalities involved in resolving the matter and more importantly, due to the liability of paying the third-party victim compensation for the damage incurred. Instead of taking any such liability on your head, it is always advisable to have a third-party damage cover included in the motor insurance so that in any such instance, the third-party can legally obtain a compensation from the insurance company thereby eliminating any kind of obligation on part of the insurance policyholder.
4) Motor insurance is a legal requirement with no workaround for it
On any regional RTO’s website, in the list of documents a vehicle owner is supposed to carry with them at all times while using their vehicle, a ‘valid’ insurance policy is always mentioned. If not produced in front of a traffic policeman during a document check, the vehicle owner is liable to pay a hefty fine for not having a valid insurance certificate. So, while insurance cover protects you in terms of damage cover, it is also a legal necessity for any vehicle plying on the road.
5) Modern motor insurance policies provide numerous other facilities as optional add-on covers, thereby increasing the risk protection
Besides the more common zero-dep and comprehensive add-on covers, there are numerous other car insurance add-on covers which provide protection from the rarest of risks. Some crucial add-on covers available in India include hydrostatic lock cover (engine damage caused by intake of water), No Claim Bonus (NCB) protector, key replacement cover, consumables and invoice cover, RSA (Road Side Assistance), etc. While the insurance premium goes up slightly with the addition of each cover, it will certainly prove to be beneficial in the long run, especially for luxury car owners. Another viable reason for opting for these add-on covers is the fact that cars are becoming increasingly complex due to advanced electronics and consequently, more electronic components mean more expensive replacement spares. Therefore, the higher insurance premium for these covers can potentially protect an owner from spending a fortune in case they have not insured their vehicle appropriately.
Don’t forget to visit www.coverfox.com for your next insurance renewal and enjoy the benefits of hassle-free insurance renewal at the convenience of your home.