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Importance of Motor Insurance in India

With the update in the Motor Vehicle Act 2019, it has become even more essential to know about the various aspects that affect you as an owner of a vehicle. Motor insurance is a major aspect that you need to know about.​​​​​​​

Nowadays a car has become very much more important than a luxury. Going or planning for long-distance traveling, most of the people prefer to travel in the ease and comfort of their cars instead of using other forms of transport. Whenever you buy a car, a motor insurance policy is equally valuable & important.

Purchasing a decent policy is becoming an overall responsibility for people everywhere as a motor insurance​ policy is actually mandatory in most countries. Because of the high premium rates today, many buyers believe that it's a waste of money. However motor insurance policy, over the long run in future, becomes a very important & valuable investment. Motor insurance is becoming necessary for everyone who owns a car no matter how perfect they drive a car or how super driver they are .

Accidents may be caused by anyone, and a motor insurance policy helps to ensure that you as well as your car to stay safe. Lots of insurance providers do not merely buy insurance policies for destroying & damages to the car but in addition, also go for medical insurance as a part of the policy. In this way, if anything at all happens to you in your vehicle, your insurance policy will take care of all the expenses for that as well. Nowadays an additional advantage to motor insurance is a third-party liability. Because of this benefit, anyone that gets injured due to any sort of accident he is involved in could also be covered under your insurance policy.

The best perfect motor insurance policy is available for you will help you to decide that depending on whatever your needs and requirements are. Due to the vast market of insurances, you can find lots of competitors in the market today, lots of insurance companies provide you with customized insurance policies. If in case more than one person drives the car in your family, be ensure your insurance policy protects them as well. The best motor insurance policy includes damage or loss to your car because of burglary and theft, natural disasters, riots and malicious acts, fire, explosions, etc. A number of motor insurance policies include a feature which is known as the no-claim bonus – this is applicable during the time when you don't claim insurance in quite a long time, so in this case, the motor insurance provider will provide you with a discount on your premium rates.

A motor insurance policy have to match the size of your pocket without being a strain on your expenses. With the ideal amount of insurance coverage and exclusions, your insurance policy is going to be effective for your vehicle and situation. Even if you are planning to purchase a motor insurance policy for your child's car, it's advisable to purchase it in your own name, as younger drivers get extra expensive insurance rates. Many insurance companies in India include loyalty discounts, therefore if you've bought some other insurance policy from them, they may give you a price reduction or discount on your motor insurance premium.