Motor Insurance policies can literally serve us more than we can ever think. Motor Insurance or Car / Bike insurance is a specific insurance policy that we buy for the protection of our vehicle against any damages due to unfortunate accident. Due to the vast population of vehicles in India car accidents chances are more here in India. No matter how safely we are driving our car or how responsibly we manage our vehicle, accidents can happen just as fast as we blink.
The importance of car insurance in India is directly linked to the Motor Vehicle act imposed by Government of India. As per Motor Vehicles Act, 1988, it is mandatory to have at least the third party motor insurance or Liability only policy for all the owners of the motor vehicles
Car / Bike insurance certainly has lot of benefits to offer. The list of advantages for Car Insurance comprises of the following.
Covers third party damages involving your vehicle.
Compensates vehicle repairing costs due to damage from an accident.
Coverage against damages caused from vandalism, theft, fire, etc
Offers cashless claim assistance system. We can get repair our vehicle form the network garages of our insurer and avail cashless facility.
Offers additional own damage discounts on premium.
No Claim Bonus which is offered by insurance companies to reduce the cost of premium for each claim free years.