4 Ways Car Insurance Can Prove Beneficial to You

Everything comes with its own set of positives, negatives and also risks; while some risks are out of one’s control, there are others that can be taken care of. While driving on the roads today is as challenging as cracking a tough test, it is even way riskier and prone to the real world physical damage in accidents or collisions. And thus, even if one may not be able to control the inevitable risk of occurring physical damage at some point, car insurance is something that one can be availed to help safeguard the risk of damage to the vehicle in all unanticipated circumstances. Car Insurance can be of great use and gives an individual a good financial relief at the time of otherwise already stressful circumstances. It usually covers for any monetary loss that occurs in the case of a road accident, car theft, unknowing damage caused by any third party to the vehicle when stationary and any other consequent liabilities. Thanks to the ‘world of options’ that we dwell in today, there are several insurance companies in the market offering different car insurance, plans suitable for the varied requirements of the customers. Moreover, the premium of the insurance policy may also vary among the different companies and the multiple plans being offered as it factors in a number of significant elements such as the car type, range and cost, the level of coverage required, classification of the vehicle etc. Nonetheless, it does, even the cheap car insurance, guarantee a certain degree of mental peace to the driver/ policy holder and most importantly, since a long time now, it has been made compulsory by the Government that driving without one is considered unlawful in India. Now, while there are many vital benefits, here, we have a few basic ways in which you can avail the advantage of taking adequate insurance for your vehicle.

1. Aside from providing economic relief to the insured in an accident by covering the damages caused to the vehicle, it also covers the litigations, if any. This includes any legal expense amount paid owing to the accident.

2. It provides ample benefits to the ones who are left alive (and injured) in a fatal accident, resulting in the death of one or more.

3. Even if one doesn’t have the need to claim any amount during the period of the policy taken, there’s a ‘no claim bonus’ provided by most companies at the time of next policy renewal, with certain terms and conditions.

4. There is also the advantage of getting premium discounts, if you happen to own more than one policy with a single insurer or even in case of theft. In certain cases, there is provision to extend your coverage to other parties driving the vehicle with the owner’s consent.