In this article, we'll discuss why car insurance is so important and the types of coverage available. By the end, you'll know everything you need to know about car insurance in India.
You need car insurance due to the following reasons:
Protects You Financially: Car accidents can be costly, and without insurance, you could be responsible for covering the expenses. Car insurance provides financial protection and helps you avoid a significant financial burden in case of an accident.
Legal Requirement in India: In India, it's mandatory to have car insurance under the Motor Vehicles Act, of 1988. According to the law, all car owners in India must have at least third-party liability insurance to legally drive on the road.
Covers Damages and Injuries: Car insurance provides coverage for damages and injuries caused by accidents. It covers the damages caused to your car, including repairs or replacements, and damages caused to other people's property or vehicles, which means that you won't have to pay out of pocket for any damages you cause.
Peace of Mind: Car accidents can be stressful and traumatic. By having car insurance, you'll have peace of mind knowing that you're financially protected in case of an accident. With car insurance, you can rest assured that you won't have to worry about covering the expenses, and you can focus on getting back on your feet after an accident.
Here are the different types of car insurance coverage available on the market:
Third-Party Liability Insurance: It covers damages caused to third-party property or vehicles and injuries sustained by third parties in the accident. It does not cover damages to your car or any injuries sustained by you in the accident. It's the minimum requirement by law in India.
Comprehensive Insurance: It covers damages caused to your car, damages caused to third-party property or vehicles, and injuries sustained by third parties in the accident. Additionally, it also covers damages caused by natural disasters, theft, fire, and other man-made disasters.
Personal Accident Cover: It covers medical expenses, loss of income, and disability caused by the accident.
In conclusion, car insurance is an essential aspect of car ownership that you cannot afford to overlook. It safeguards you financially against unforeseen events that could damage your vehicle or cause harm to you or others.
At Park+, we understand the importance of protecting your car, your loved ones, and yourself. That's why we compare a wide range of car insurance options that can be customized to meet your specific needs and budget.
So, download the Park+ app and learn more about how to get your car insured today!
Also, learn more about car loans and interest rates in Park+ Ultimate Car Loans Guide.