With the update in the Motor Vehicle Act 2019 it has become even more essential to know about the various aspects that affect you as an owner of a vehicle. Motor insurance is a major aspect that you need to know about.
There are many first time car owners or people who desire to buy a first hand or used car. Such people might come up with a question as to why there is a need to have the vehicle safeguarded like taking up
car insurance. The reason is many, with the most obvious one being it is a mandatory to have one, without which the owner is liable to be punished by the concerned authorities. According to law, car insurance is a must for every private car holders.
Why automobile insurance is a compulsion?
One could generally witness plenty of street setbacks that harm both travelers and vehicles alike. Having an appropriate insurance for the vehicle can help the owner to be protected from all types of liabilities that could emerge from accidents, which might cause harm to the car, property or for that matter any individual.
Benefits of having the car insured
There are several benefits of having the car well insured by a reputed insurance provider.
• It is the insurance provider who would pay up all the expenses for the repair to be undertaken, in case, the car meets an unfortunate crash. Repayment sum generally is a percentage of aggregate repair expenses and is liable towards the insurance policy term.
• The second benefit is that it does provide the owner or driver with personal accident insurance, in case, of permanent total disability or even death. If the person has life insurance policy, it is not likely to cover total permanent disability.
• The third benefit is that it helps to take care of all types of 3rd party liability that may arise out of the crash. Property/injury/death harm of involved 3rd party in the mishap might place lawfully place the person under dilemma for having to pay off for the misfortune caused to them. It is something that would be dealt with by the insurance provider.
• Besides fundamental coverage plans the insurance policy also is likely to offer, the person may also decide upon extra coverage such as loss of use, downtime insurance, zero deprecation guarantee, no claim rewards, etc.
Definite policy terms, premium charged, add-on covers, claim settlement procedure are likely to differ from one company to the other. Almost every general insurance or Hyundai car insurance provider these days provide ample information on the policies on motor vehicle available easily on the web. People interested can compute premium of car insurance online and avail instant figures as to how much premium they are required to pay. Moreover, using the web based calculation procedures is not a tough task and is child’s play. The individual simply has to enter the car make, model, year of manufacturing and the like that is required by the site for computing the actual insurance premium required. There are plenty of insurance providers, who do offer discounted rates on the insurance premium. Hence, doing a thorough research is likely to help them to find out a good one, which would meet their specific requirements and help them to be happy when taking out their family for a drive.