Why Owning a Vehicle Insurance Is Important In India?

In India, it is a mandatory rule to own an insurance if you have a vehicle. Vehicle insurances are purchased with some additional money from the wallet to avoid getting chastened in the future. In a case of any theft or damage happened to your vehicle the insurance can help you compensate the loss. Buying an insurance for your beloved car will help to save huge money and supports you at the financial crisis. 

Insurance is mandatory

The Indian law made it a mandatory to any vehicle owners to own an insurance and get it at first place along with the purchase of a vehicle. Driving around without insurance in any state of India is a crime and the owner will be penalised for the same.

Benefit at the time of accident

Indian cities with busy traffic are dangerous and cannot guarantee safety even with all the precautions. You can easily get involved in a road-mishap when you are not at fault. At the avoidable situations like this, you can claim the insurance to compensate the damage for vehicle and any injury. You can also claim the insurance for others not only the owners. This helps when any of the family members or friends who drives your car with a valid license.

Cost of the vehicle Insurance

Every vehicle in India should at least have the minimum amount insurance. The more the value of insurance the more will be the benefits in the claim scenarios. The online vehicle insurance providers provide additional benefits with the added charges in the premium. The value of the vehicle will be included in the insurance for the claims by the providers. And the value will be reduced every year significantly on considering the condition of the vehicle in an account.

Validity of Insurance

Vehicle insurance taken in any state of India is valid throughout the country. You can claim to compensate the damages even if the accident happens in some other state.

Intimating to the Insurance Company

At the first place of accident, you should inform your insurance company to expect a claim. As soon as you inform the insurer about the situation they will be aware of the condition and it will ease up the claim settlement process.

Filing an FIR

Secondly, filing an FIR is a necessary step has to be taken earliest in the case of accident or the vehicle got stolen. First Information Report is an essential document to get the claim process happen.

Types of Insurance Policies

Basically, there are two types of policies that are Comprehensive insurance and third party liability.

1. Third Party Insurance

There will be not any coverage for the vehicle’s damage in a third party insurance but to the owner or driver and to the suffered the third party in the accident caused by your vehicle.

2. Comprehensive Insurance Policy

The comprehensive insurance policy aids to cover both the vehicle and person’s injury for own damage and to a third party damage.

It's best to have the insurance on the date by paying a yearly premium fee on time. You can compare the coverage policies with the best policies and buy vehicle insurance online in India from the insurance providers.