3 minsMay 02, 2017
There is no better feeling than taking the wheel of your car and whizzing on a long, winding road! However, as a car owner, you have a responsibility towards ensuring safety - not just your own but also that of others on the road. So as per the Motor Vehicles Act in India, availing of a policy to cover certain risks is compulsory.
Motor insurance has come a long way, and now offers more comprehensive coverage that includes roadside assistance (if your vehicle breaks down), protection for your car engine, as well as covering elements such as anti-rust coating and paint touch-ups that are often required. Some products even offer quality assurance, to ensure that the customer is assured of the best service delivery in the event of a claim. It even covers legal liabilities that may arise owing to an injury or the death of a third party, on account of an accident that the insured vehicle was in. Further, you can opt for personal accident cover for the owner-driver, which covers accidental death and permanent total disability, as well as provides cover for the number of passengers conforming to the seating capacity of the car. When it comes to filing a claim, most insurers offer a cashless facility, if the car is repaired at an authorised service centre.
So many of my friends had trouble with their cars. One’s car was hit by a truck and was damaged so badly that it was unrecognizable. Luckily, he had it insured and it was covered. He recommended it to me and since then even I have got my car insured!
Ryan Rozario, 30, Digital Planner, Mumbai, Axis Bank Customer
However, when you are looking to buy a car insurance policy, you might come across a number of myths, such as the fact that in case of an accident, the driver is liable to pay for any loss or damage, and not you as the owner. Or that in the event of damage or loss of personal belongings on account of theft or an accident, your car insurance policy does not cover this contingency. However, these do not hold true, and as a car owner you are indeed liable, which makes having adequate cover even more critical. Further, you can choose to insure your personal belongings as well.
Before you buy a policy though, it is important that you do your homework. Research thoroughly the various car insurance plans available, and determine what works best for you as knowing precisely what you want will help you narrow down the right choices. With several options jostling for shelf space in the market, it has never been easier to purchase a policy, with most insurers allowing you to make an instant online purchase using one of several convenient payment options. Compare policies, use car insurance calculators that allow you to estimate the premium you would need to pay, and get the most reasonable deal. Finally, remember that you can change your insurer without losing the no-claim bonus that you may be eligible for.
Keeping these tips in mind, make your car insurance work for you!