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Buy or Renew Your Vehicle Insurance

When you purchase a new car or a bike, a lot of importance is given to the mileage, color, design, and the main focus is on the price. But we often fail to understand that vehicle insurance is a prerequisite owing to the legal liability involved along with other factors like bottle-neck traffic, infrastructure etc. in India. A Vehicle Insurance works as a protection shield for your prized possession as well as other people.

Investing in a two wheeler or a car insurance assures protection against a possible eventuality, thereby, safeguarding the vehicle along with the insured. Not only is it handy during accidents, but also looks into other areas of protection like man-made and natural calamities like thefts, riots, flood, and earthquake.

However, to enjoy all the benefits of vehicle insurance, it is imperative to renew your vehicle insurance policy on time. Read this article to know more.

Importance of Vehicle Insurance

  • Expenses- Having a vehicle insurance is important as it covers your expenses in the event of vehicle damage or in case of injuries to other third parties involved like drivers of other vehicle, passengers or pedestrians.
  • Mandated- It is mandated as per the Indian Motor Vehicles Act, 1988 that all vehicles plying on the Indian roads must have an insurance.
  • Financial support- Vehicle Insurance guarantees to provide financial support in case your car or bike is stolen, destroyed or vandalized.
  • Accident cover- You are bound to get a personal accident cover up to a sum of Rs. 1 lakh, which is payable if the policyholder suffers permanent disability or in case of an accidental death.
  • Have peace of mind- Having a vehicle insurance handy will always keep you protected and help you to pay for accidental damage costs. Thus, providing you peace of mind.
Importance of Vehicle Renewal

With internet advancement, getting your vehicle insured is as easy as a pie. The online process of buying and renewing your vehicle insurance is a hassle-free and extremely swift. When our vehicle is new, we tend to take a lot of care of the vehicle and with passing years the excitement for our vehicle fades away. But, renewing your vehicle online is as easy as drinking a glass of water, plus it is loaded with benefits like:
  • No inspection is required to renew your vehicle insurance unless it is expired.
  • It does not require paperwork at all.
  • If not claimed, you get NCB discount, which helps in reducing your premium to some extent.
  • Online claim and service assistance
How to Choose the Right Insurance for Your Vehicle?
 
Buying a vehicle insurance online isn’t  a big deal these days. However, choosing the right one can surely be a cumbersome process. It is observed that most people miss the crucial step of researching and comparing and directly jump on the premium.

They, therefore, end up finalizing the selection of their vehicle insurance policy on basis of premium and end up buying a third-part liability only policy instead of a comprehensive insurance policy which is loaded with features and benefits. Although one can choose the right comprehensive insurance by considering the following points:
  • Compare-This is the most essential aspect of buying vehicle insurance online. Comparing the benefits, features, plan, and coverage will help you in shortlisting your vehicle insurance. Remember, your vehicle insurance must have all the key inclusions like own-damage cover, personal accident cover and third party liability cover as well. 
  • Consider Reviews of your vehicle insurance-Online reviews are useful to a great extent to help you analyze plans offered by various insurance companies. Apart from the online reviews, asking your friends and family regarding their experiences will also give you a hint and thus, help you make a good choice.
  •  Review add-on covers for your vehicle insurance online-It is essential to pay attention to all the add-on covers available with the insurer and pick the ones that suit your vehicle. For Instance: Add-on covers like Road side assistance, Zero Depreciation and Engine Protectors are must haves for a car insurance. Whereas add-on covers like a zero depreciation and engine protector are crucial for a bike insurance policy.
  • Check for Network Garages-An insurance company with an extensive list of network garages is one of the most important factors you should consider while choosing your vehicle insurance. In case of an emergency you can select a network garage near your and get assistance in no time.
Benefits of Getting Your Vehicle Insured
  • It will benefit the survivors in case an accident results in death
  • It pays for your vehicle repairs or damages caused by an accident
  • Covers for third party damaged caused by your vehicle
  • In case you have accumulated bonus, it will provide an additional discount on your overall premium.
Thus, buying or renewing your vehicle insurance is a blessing in disguise. Because it only helps in protecting you financially and legally both 24x7.
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