Why it?s important to buy a vehicle protection cover?

Posted by sanjay on June 12th, 2017

In India, it is mandatory to have vehicle insurance at least a third party cover if you wish to drive any form of motor on road. The face of motor insurance cover has changed a lot in today’s time from traditional agent-based insurance purchase to online direct response approach.  Thus, it has helped to build a positive view on the entire concept of vehicle insurance and the way to cover your motor during emergencies like an accident, fire, theft or any form of natural disasters.

Today, motor insurance industry have introduced some of the best and customized insurance products for people at affordable costs.  While earlier it was hoarding or television commercial people used to rely upon for company assurances and insurance quotes these days it’s far more convenient to search quotes online. With internet based facilities you can buy vehicle insurance at the comfort of sitting at your house or offices. At the touch of the buttons on your computers, laptops or smartphones the policy could be purchased and reach your inbox within a couple of minutes.

What’s exciting is that you don’t even have to meet anyone in person or run pillars to posts for documentation, filing, attestation, etc. All you have to do is visit any insurance provider website, fill up the form, upload a scanned copy of your documents and wait for a day or two for the policy approval. Once it’s approved an SMS or email will be sent to your mail id along with the commencement details and premium costs.

Besides, one of the major benefits on online purchase is that it helps to compare quotes online of different service providers under a single umbrella. You can compare prices between multiple sources and be able to do so at the same time.

When companies sell insurance products they focus on different areas of the business such as price, profit bookings, reliability, etc. Let’s understand vehicle insurance is a contract between the insured person and the insurance company. The insurer takes the responsibility for any loss or damaged the insured may occur. It is important to read your policy carefully in terms of benefits & features, discounts, terms & conditions, exclusions, and inclusions, claim settlement ratio, etc. and then go for your purchase.

When your motor gets damaged the insurance company will first establish whether the claim for the repairs is right or not. Once evaluated the damage will be repaired. If the costs of repairs to your damage vehicle exceed 70% of the car’s value, the insured may decide to pay out the market value of the vehicle instead.

Maintaining good credit score helps to yield lower car insurance quotes. Loyal clients are also considered as profitable for an insurance company. You get loyalty discounts during renewals every three years around 5-10% on the policy. For other discounts, you can figure out No Claim Bonuses or install security alarms, trackers or immobilizers. Being a member of any motor association will also attract an additional discount of around 5 – 7 %. Insurance companies who type up with particular credit/debit card will help you yield discounts. So, these are some of the ways get discounts on your motor insurance policies.

Choosing any motor insurance policy as a mandate to fulfill the requirements of the law is not correct. It’s important to understand the value of vehicle insurance and then go for suitable purchase. Uncertainties never come knocking at your door. Even if you drive carefully and have complete faith in your driving skills, at times a collision on the road may lead to serious damage to third property or health, else your own vehicle and health. 

“Prevention is better than cure,” is the best way an insurance policy can be judged upon. Road accidents happen every now and then. In case your vehicle, get involved in an accident, the cost of repairing your vehicle, medical expenses, third party compensation can make a big hole in your pockets. Therefore, a proper vehicle insurance in place will prevent you from shelling a large amount of money in car repair. A motor insurance will shield you from the unnecessary financial burden.