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Advantages and Disadvantages of Car Insurance Policy

Due to bulk traffic complications, car accidents are often in India. As to the national crime records bureau, there are 4,96,000 traffic accidents in 2015. These statistics reveal that how we are prone to accidents. Accidental claims are costly to bear by individual solely, the best way to avoid the car and personal damage expenses are to get a car insurance policy. An insurance policy is also helpful to claim for medical costs too.

As per Motor Vehicle Act, Third Party insurance is compulsory you must purchase one whether you buy a new car or a used vehicle. You can buy a comprehensive cover as well. The type of insurance protects you against financial and legal liabilities towards a third party. On the other hand, a comprehensive insurance policy covers your vehicle against damage due to accident, fire, theft, natural disasters, etc.

Car Insurance is mandatory by law because IRDA declared that every car owner should buy a car insurance policy. Driving around without valid car insurance is illegal in India. In case of death or bodily injury to a third party or any damage to the car, the car insurance policy provides compensation. Such type of car insurance is known as third-party insurance and it protects not only you but also other people or family members who may be driving your car.

Below are the financial advantages of having a car insurance policy online

  • Assured for financial liability: Are you sound enough to pay for huge accidental damages? If the answer is no, then choosing the best car insurance policy is the right option to get rid of huge colossal damage costs
  • Assured of repairs and replacement: Car insurance authority analyses the severity of damage and concludes whether to repair or replace the spare parts. A car insurance policy saves your vehicle for these denoted car damages. This rainy season might cause more damage to your vehicle due to bumpy and patchy roads. This damaged road impacts the mechanical parts of your vehicle.
  • Legal Requirement: Car owner needs a liability assurance for their new owned car, having a right insurance policy protects you from legal clauses.
  • Assured for medical claims: In case of severe damage to the driver or passenger, an individual cannot bear the heavy medical expenses. Having an insurance policy assures the medical expenses are covered to support financial expenses.
  • Protects driver and passenger liability: If there is any damage to drivers and passengers in case of accidents, your insurance policy covers the damage expenses. Now you can drive on roads without any stress due to the perks involved in the car insurance policy. Never be too reckless driving in back-up with an insurance policy, there are numerous advantages of car insurance premium. Know how insurance helps you from unforeseen damages.

Benefits of Car Insurance Policy

No Claim Bonus: NCB is the No claim bonus which is offered to auto insurance customers at the time of renewal if there is no claim during the previous policy period. The no-claim bonus is a form of discount offered to the customers for not making a claim in the previous policy period.

Personal accident cover: This personal accident cover protects you from death due to accident, permanent disability, and the maximum amount paid under the car insurance policy.

Budget Premiums: Opt for low premiums where the budget values will work for normal people. Go to our portal for comparing different companies and buy low premiums car insurance policies.

Network garages: Car Insurance companies have a large number of network garages the give services in all areas to avail repairs in case of any damage to your vehicle.

Third-Party Liabilities: If an accident happens and damage occurred to the third party vehicle the coverage due to the insurance policy can cover the insured vehicle for bodily injury or death of a third party can be protected from a car insurance policy.

Disadvantages of car insurance policy

People instinctively buy the car insurance policy assuming insurance protects your vehicle. But there are disadvantages of car insurance policy when you opt for the best car insurance policy online. Insurance representatives hide the specific clauses, this, in turn, reflect you at the time of claim settlement.

Coverage failures: Primary and the major disadvantage of car insurance is your policy does not cover the entire vehicle. Only the specific parts of the car are under damage coverage, the policyholder needs to verify hidden clauses in the document keenly before buying the policy.

Time taking Process: Most of the insurance companies take a time frame to settle the claim amount, this is the problem most of the policyholders are facing.

hassle-free claim settlement: A motor insurance plan is mandatory to protect your vehicle from financial burden in case of any damages. Be careful in choosing auto insurance that maximizes the benefits in terms of optimum claim settlement. Check for the ratio of fair claim settlement for every insurance company and get the best insurance policy.

Customer Support: We at PolicyBachat have a dedicated team of agents that will assist you with your claim process of the car insurance policy.

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