As per the Motor Vehicles Act, 1988, a valid motor insurance providing third-party liability cover is mandatory for all vehicles on public space in India. The number of deaths as a result of vehicular accidents is high in the country. Accidents can’t be predicted but we can be prepared for such an eventuality. No matter how good a driver you are or how well you maintain your car, accidents can happen as a result of bad road conditions or a natural calamity.
A car insurance policy can protect you against any financial crisis arising out of unfortunate events like motor theft, third-party liability damage, accidents, natural calamities, etc. There are 2 main types of car insurance plans available in India:
Third-party liability coverage: This type of insurance policy offers coverage against any damage caused by you to a third-party which includes damages to the person and the vehicle. Third-party liability cover doesn’t include damage to you or your car. Comprehensive coverage: In addition to third-party liability, this type of policy offers coverage against damages to you and your vehicle, theft, fire, in-transit damage, or damage caused by a natural calamity.
Now that you are aware of the importance of having a valid motor insurance policy, here are some tips to help save money on your car insurance. How can you lower your car insurance costs? Insuring an old car is cheaper than insuring a brand new car. Since having a motor insurance coverage is mandatory, it helps to find out ways to save on your car insurance costs. When it comes to car loan and car insurance, it is always beneficial to shop around, do your research in order to get a good deal.
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