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.
Insurance has become an important aspect of living day to day life. The concept of insurance is basically risk sharing and it is well established in the country giving away a feeling of security. Most of the countries have made medical insurance and life insurance to be compulsory but there are some countries where at least
car insurance is compulsory aspect if you own a car. Insurance concept is covering a huge risk which is shared by many. Initially this concept was introduced among the ship owners’ years back. The risks that they had been overcoming were huge and it was certain to face the risk on a yearly basis. On a probability the risk can be faced by anyone in the group but when the risk is shared equally between the groups, the money invested for covering the risk would be minimal but if you get to face the risk, you will be covered completely. This concept of covering own risk is not compulsory in India but when it comes to cars and other automobile, the risk is imposed to other vehicles and person also. This is the reason why the government has made it compulsory to cover that part of the risk.
Great deals for insurance policies:
The normal calculation on the charges levied over the cost of the vehicle would be the same but when it comes to the discounts that can be added on to the package, certain insurance companies come forward with a great deal and pricing. Before you choose to go for the insurance, you should be doing a comparison over the policy pricing these companies have to offer. If you do a small research over the pricing in few companies, you will come to know that there can be a better rate taken for the policy that you want to go for.
Comparison will work best for pricing:
You will only be able to analyze the difference if you do a small market study over insurance companies and the pricing. You should also know what all they cover under their policy. These are few things that you need to take care of while going for insurance policy. Every year the pricing of the insurance policy goes down in case of vehicle insurance as the depreciation of the vehicle keeps increasing on a yearly basis.
Two types of car insurance:
Though you are going to insure your car as it is a compulsory affair, there are two kinds of insurance that you can go for. One is the full cover insurance and the other one is called as third party insurance. Third party insurance
is what that covers damages to others and is the important and compulsory aspect of the entire automobile insurance.
Choose the one for you:
As there are two types insurance you have the authority to choose either of them. You can have a full cover automobile insurance which will cover your entire requirement over car insurance. It will cover self risk and risk over others on related to your vehicle too which will include third party insurance also in it. If you don’t want to cover your risk, according to the government policy third party insurance is compulsory to have.