Significance of Car Insurance Policy

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Significance of Car Insurance Policy

• Liberty General Insurance

2
Introducation

• In the present scenario, owning a car has become
  a necessity. If you rely on public transport
  system chances of frustration and delay are very
  high. To avoid such inconveniences, it is better
  to have a car of your own. There are many online
  platforms offering accurate information on
  various car insurance policies. These days,
  choosing a car policy online has become quite
  easier. Upcoming slides talk about the
  significance of car insurance policy in detail.

3
Risks Involved

• Owning a car has many benefits, but there are
  some risks as well. Problems crop up, if your
  vehicle meets with an unfortunate accident or
  gets stolen or goes missing as a result of a
  natural calamity or causes an accident, resulting
  in loss of life or injury to a stranger. These
  situations can really be disastrous for you, if
  you dont have an insurance cover. An insurance
  policy acts as a shield against the risks posed
  to your car and protects you against the
  financial burden arising out of the damages
  caused by you or by a third-party.

4
Premium Amount

• Once you buy a policy, you are supposed to pay a
  premium amount for the same. The premium amount
  payable towards car insurance is decided by
  factors such as type of car, age of the vehicle,
  age of the insured, Insured Declared Value, etc.
  It is advisable not to select a policy simply
  because premium amount is on the lower side.

5
Legally Binding

• Anyone who drives around on Indian roads is bound
  by the law to have at least a third party
  insurance. This has a very limited coverage. Over
  here, neither you nor your car gets insurance
  cover. It covers your legal liability for the
  damage you cause to a third party. In case you
  desire a wide insurance cover, opt for a
  comprehensive policy.

6
Types of Car Insurance Policies

• These days, car owners can easily go online and
  compare various car insurance plans to find an
  appropriate one. There are 2 types of car
  insurance plans available in India comprehensive
  insurance and third party insurance. The
  comprehensive insurance policy has provision for
  third party liabilities as well as damages caused
  to you and your car. You also get financial
  protection against liabilities in the event of
  natural disasters, theft, and accidents. The
  third party insurance, as said earlier, is
  mandatory for all vehicles operating on the
  Indian roads. This type of insurance will only
  cover damages caused to a third party in the
  event of a vehicular accident.

7
Choose a Renowned Insurer

• As mentioned in the previous slides, having a car
  insurance policy is a crucial thing. However,
  when you buy car policy online or from the
  nearest insurance office, make sure you buy it
  from a renowned insurer which has high
  claim-settlement ratio and a wide network of
  garages across the nation.

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