A good car insurance policy is a must. In today’s age, the usual lifestyle of people demands traveling in and out of town. Most people own a car. However, with the increase in the number of vehicles on the road, the risk of accidents and mishaps increases, leaving you anxious about the security of your car. Accidents can disrupt your financial plans, especially when bodily damage is involved.
Hence, that’s where having your vehicle insured comes into play. The main benefit of having a car insurance plan is the peace of mind that comes along with it. However, there are several other benefits of having yourself and your car protected. Let’s take a glance into the importance of car insurance and its timely renewal:
1. Car Insurance Reduces Stress & Worry
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Possessing a car is a dream come true, but with the same, there are many concerns as well. Factors like speeding, road rage, and more can cause unlikely mishaps, which makes you stressful. However, with a car insurance policy on your table, you can lead a stress-free life. Car insurance acts like a friend in time of a crisis like theft or accident. You get insured from losses and thus saves you from paying out a massive amount of money from your pocket. You are just one stride away from a worry-free driving experience.
2. Car Insurance Provides Financial Liability Protection
A road accident is the most embarrassing thing to happen to a car driver, though they happen quite often. An accident can leave even the seasoned driver frazzled. With the help of a car insurance policy, you can get your car repaired quickly and smoothly. Car insurance compensates for any damage done to the vehicle. There are many cases when the third party involved in the accidents demand money. Having car insurance gets you third party insurance as well. Third-Party Insurance covers: personal injury liability for accidental damage to the third party, i.e., you are insured against death/ injury (caused by your vehicle) to pedestrians or the occupants of other vehicles.
3. Stay Clear of Any Calamities
Crime is widespread. Keeping your car safe is of critical importance whether you are on the road or not. Though some calamities are natural or human-made. However, with the help of a comprehensive car insurance policy, you can protect your car from any man-made or natural disasters like earthquakes, cyclones, terrorist attacks, theft, riots, hurricane, and so much more in supplement to third party’s claims/damages.
4. Preserve the Value of Your Car
With time the value of everything diminishes due to factors such as age, tear, wear, and obsolescence. For example, if you buy a shirt, and after a couple of months, it is of no value to you. Likewise, when it comes to a car, it also loses its value with time. However, you need not be worried since some insurance companies offer zero depreciation car insurance plans. This type of policy means that the insurance coverage does not depend upon the depreciation of the value of the car over the years. A general insurance company might pay for the repair of the parts of the vehicle after deducting the depreciation value. Therefore, you should look for a reputed insurance company like Tata AIG, that offers zero depreciation car insurance plans to help you get maximum reimbursement during the time of the claim and get the most out of your car insurance.
Other than these advantages, a car insurance policy is also mandated by law as per the Motor Vehicle Act, 1988. So, have car insurance to be stress-free and drive better!