Don't be a miser-Invest in a comprehensive motor insurance

Published: May 30, 2018

Don't be a miser-Invest in a comprehensive motor insurance
Buying a vehicle, be it a bike or a car is a dream most of us harbour right from childhood. Having seen them on TV or on the roads, we have all imagined ourselves driving/riding them. While a number of our other childhood dreams might be dusted under the carpet, the dream of owning a vehicle of our own is something which is not easy to kill. We all work hard towards turning achieving it, spending our hard-earned money for the same. Find more detail on https://www.bankbazaarinsurance.com/

Purchasing a car or a bike can change our lives. The commute which we dreaded now becomes a breeze, we look forward to excuses to head out, we wait for long weekends to go on road trips, we even start thinking of ways to make our ride better. While all this typically exhibits our love for our vehicle, we do tend to become miserly when it comes to motor insurance.

For the uninitiated, using a bike or a car without a valid motor insurance policy is a punishable offence which can land one behind bars. While the fear of a fine or jail term is sufficient to push us towards buying a policy, we tend to skimp on it, choosing the cheapest policy rather than the best for our vehicle. The feeling of having saved a few hundred rupees might give us a momentary high, but taking the narrow lane with respect to motor insurance can be an expensive affair.

Why it pays to buy a comprehensive motor insurance policy
Motor insurance policies, in India, can be split into two categories, namely comprehensive motor insurance and third-party liability insurance. While a third-party liability cover is the mandated minimum cover required, a comprehensive plan is optional. A majority of the population chooses a third-party liability cover over a comprehensive plan on account of its affordability, but there could be instances where it pays to pay more for comprehensive cover.

● Protects against wide array of incidents – We all know how it is to drive on Indian roads. Accidents are a daily occurrence. When you own a comprehensive car insurance policy or bike insurance policy, your vehicle is protected against a number of scenarios. For instance, any damage caused to the car/bike due to fire, vandalism, rain, thunderstorms, flood, etc. is covered. Additionally, imagine any damage to your treasured vehicle due to falling tree branches. A third-party liability cover would not cover these incidents at all.
● Provides protection to vehicle against self-damage – What would happen if you were involved in an accident which damaged your own car? A basic policy would not provide you any financial cover in such cases, which would eventually result in you spending the money for repairs from your own pocket.  However, if you had a comprehensive car/bike policy, the damages would be taken care off by the policy itself.
A comprehensive cover also provides protection if the accident was due to your own negligence.
● Legal cover – Your policy will provide legal cover in case of lawsuits arising due to an accident involving the insured vehicle.
● Financial protection in case of total damage – In case your car/bike has been damaged beyond repair, your policy will pay a certain amount to you. One can choose to opt for extra riders like the Return to Invoice Cover which will result in payment of the invoice value of the car/bike in such cases.
● Peace of mind – The biggest benefit of owning a comprehensive policy is the peace of mind it offers. You know that regardless of what happens on the road, your vehicle is protected financially. This can eliminate any negative thoughts which can arise after an untoward incident. This is similar to the protective feeling which comes when you have a life insurance policy. You know that this policy will provide financial support to your loved ones after your demise.  A good comprehensive policy will offer the same comfort when it comes to your vehicle.

Given the number of general insurance companies in the market it is easy to find a policy which is affordable. A smart thing to do would be to compare car insurance quotes online and select a policy after this research.

A vehicle is not merely a mode of transportation for us. For many it is a part of their family. And just like we purchase the best health insurance plan to protect our family, it pays to invest in a comprehensive policy for our vehicle as well.

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