Compare & Renew Car Insurance Online

angel may

Car insurance, also known as motor or vehicle insurance is insurance for cars, trucks, cabs, and other four wheeler plus vehicles. The primary purpose of car insurance is to provide financial protection against physical damage arising from road accidents and against liability resulting from incidents involving third party vehicles/property/person. Importance […]

Car insurance, also known as motor or vehicle insurance is insurance for cars, trucks, cabs, and other four wheeler plus vehicles. The primary purpose of car insurance is to provide financial protection against physical damage arising from road accidents and against liability resulting from incidents involving third party vehicles/property/person.

Importance of Car Insurance in India

Car Insurance is created to protect you from unexpected and unlikely events. Here are some scenarios where a four wheeler insurance can act as a life saver.

Let’s say you own a 1-year-old standard hatchback with an Insured Declared Value (IDV) of Rs. 4,00,000, but sadly, don’t have four-wheeler insurance. Following are the approximate expenses that you might incur if your car was to meet with an accident:

Damages Expenses
Frontal Damages Rs. 25,000
Windshield Damages Rs. 6,000
Bumper Damages Rs. 5,000
Bonnet Rs. 6,000
Fender Rs. 5,000
Headlight Rs. 3,000
Total Rs. 50,000

In short, no Car Insurance = Financial Expenses + Emotional Distress + Inconvenience. In addition, any third party property damage covered up to Rs. 7.5 lakhs and in case of physical injuries/death of third party, the compensation amount will be taken decided by the court tribunal.

In order to prevent such a disaster, you can avail a Personal Accident Cover at premium of Rs. 100. This cover provides compensation up to a maximum Sum Insured of Rs. 2 Lakh in case of:

Nature of injury Scale of compensation
Death 100%
Loss of two limbs or sight of two eyes or one limb and sight of one eye. 100%
Loss of one limb or sight of one eye 50%
Permanent total disablement from injuries other than named above. 100%

Note: The above figures will vary as per the intensity of the accident or loss, car make model, and engine capacity.

Source Article

Next Post

80+ Slang Words for Money: List of Slang Terms for Money

Few things get more attention it seems than money. People use it every day—sometimes multiple times a day. People plan where they live around money, where they travel around money, where they work around money, and where they retire around money. Since money is an essential tool that most people […]