Know your motor insurance benefits

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Know your motor insurance benefits
Motor insurance is an important tool that can
save your hard earned money and your beloved
vehicle in case of theft or damage due to any
unwanted situation. Though you may consider
taking motor insurance as an additional cost on
your wallet, but keeping a few things in mind can
save you a lot of money. You should take
correct information of the chosen plan to get
more out of it. You can easily get the best motor
insurance policy by comparing plans offered by
different companies online. Here are some
features that you must know about a motor
insurance policy.
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Types of policies Basically, there are two types
of policies namely comprehensive insurance and
third party liability. Third Party (or liability
only policy) This plan offers the desired
coverage to the third party on account of any
accident caused by your vehicle. It also provides
coverage on personal accident to the owner or
driver. It does not provide coverage for any
damage to your vehicle. As per the law under the
Motor Insurance Act, it is mandatory to have this
insurance policy. To get the coverage on the
loss incurred on your vehicle, you need to buy
the comprehensive insurance policy. A
comprehensive insurance policy is designed in a
way that can provide coverage to a third party
and own damage as well.
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In India, taking cover for own damages is not
mandatory. But it is advisable to buy the
comprehensive cover that can offer complete
protection. Covered risk A good motor insurance
policy covers your vehicle against damage on
account of natural disasters such as earthquake,
flood, storm, etc. and man-made disasters such as
accident, theft, fire, riots, malicious act
etc. Premium of your vehicle will be set on the
basis of a few factors that include the type of
vehicle you have, where you stay, your age, claim
experience and much more. Premium saving
options One of the popular ways to save premium
is through the feature of no-claim bonus (NCB),
under which you get a discount on your premium
for a claim-less year.
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Other ways to reduce your premium comprise
installing safety devices having a membership of
an automobile association, or opting for higher
deductibles.
Portability The insurance policy is portable. It
means that you can change your insurance company
without losing the benefit of any no-claim
bonus  that you may be entitled to. Add-ons You
can improve the coverage by choosing the add-on
covers to insure against risks that are not
covered under a normal policy. Some of the
ordinary add-on covers include zero depreciation,
no claim bonus protection, accidental
hospitalisation, etc.
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Points to note The injured party has to prove
negligence on the part of the motor vehicle owner
to claim damages from him and his
insurer. Compensation for the harm cannot be
claimed more than once. Hence, the injured party
cannot expect his/her insurance company to make
up for any deficit in the recompense that has
been decided by the court. Search online to get
free motor insurance quotes to get the best
insurance policy for your vehicle and get covered
against any unforeseen event. Source
https//carinsuranceinindia.quora.com/Know-your-mo
tor-insurance-benefits
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