Having car insurance is essential because it covers your expenses in the event of vehicle damage or injuries to other drivers, passengers or pedestrians.
All motorists must be insured against their liability to other people, as stipulated in the Road Traffic Act 1988.
Insurance can also provide financial support if your car is stolen, vandalised or destroyed by fire.
There may be instances in which you don’t need to insure your vehicle, for example, if you have declared your vehicle off the road through a Statutory Off Road Notification (SORN) from the DVLA.
Benefits of Car Insurance:
- All the carModels in India require a minimum amount of insurance. Car insurance can help offset the loss of huge sum in the following manner:
- Provides benefits to survivors when an accident results in death.
- It covers lawsuits, including legal fees brought against you as the result of an accident.
- Covers the bills of vehicle repairs due to damage caused in an accident.
- Covers damage caused by other than an accident for example, theft, fire, etc.
- Additional discounts: Car insurance policies allow premium discounts for theft or for owning more than one policy with the same insurer. It also provides added advantage to extend coverage to others driving your car with your permission.
- No Claim Bonus: If you do not make a claim during the policy period, a No Claim Bonus is offered on renewals provided you fulfill certain terms and conditions