Almost every household in the neighborhood owns a car. Purchasing a car has become mandatory to aid people to move around with comfort. However, comfort comes at a cost. In the case of purchasing a car, it comes at a great cost. Lakhs of rupees are shelled out by car owners to ensure that they buy a car. However, as important as it is to purchase a car, it is equally important to protect the car. In 2019, the government of India passed the Motor Vehicle Act that made third-party car insurance mandatory for every car owner. Since then, car insurance papers have been considered to be mandatory documents such as the License and RC Book.
Benefits of having a car insurance
The 3 key benefits of getting car insurance are that:
- Financial protection and no penalty
Car insurance helps you avoid financial expenses in case of unforeseen accidents and also protects you from penalties by the law as car insurance has been made mandatory.
- Personal accidents, car, property, and calamities will be covered
Purchasing a car insurance policy will cover injuries from a personal accident and cover treatment expenses. In addition, it also covers damages to the car due to third-party, theft, and calamities.
- The high number of network garages
This enables immediate repairs for your car no matter your location. In addition, the process is seamless and also supports cashless transactions.
Types of car insurance plans
There are primarily 2 types of car insurance plans.
- Comprehensive car insurance
This insurance provides a complete cover that includes damages by a third party, damages from a personal accident, and also own damages. With this whole-rounded protection, you can steer away from legal complications and reduce your financial expenditure. However, the only catch is that this comprehensive cover comes with a higher premium amount to be paid. Besides, damages from natural and man-made calamities and damages from theft or burglary are also covered under this plan.
- Third-party car insurance
This is a basic car insurance plan that covers damage caused by third parties and injuries caused to third parties. This cover has been made mandatory by the New Motor Vehicle Act. Also, this plan also covers personal accidents to the person driving the car.
How to calculate car insurance premium
You can now easily calculate the car insurance premium with this car insurance calculator. The car insurance calculator requires a few inputs such as:
- Your car’s registration number
- Your mobile number
- Confirmation about the expiration of your policy
- Your car’s make, model, fuel type, and more
- A car insurance plan that suits your needs
- Personal information like address, date of birth, and more
Once you enter all these details, the car insurance calculator calculates the premium and displays the same on the website.
How to apply for a car insurance
The process of applying for car insurance is a simple 4 step process.
Step 1: Fill up your details such as the registration number of your car and your mobile number.
Step 2: Complete the application form by entering more details about your car.
Step 3: Now, pick from the 2 car insurance plans as per your needs.
Step 4: The final step is to pay the premium amount online through any of the available banking methods.
Once you’ve completed these 4 steps, you will receive the policy on the email address that you had entered.
Conclusion
Now that the importance of car insurance has been established, go ahead with immediately purchasing one. Finserv MARKETS provides 2 types of car insurance policies that can prevent you from financial burden while also ensuring that you abide by the law. Stay prepared and secure with benefits such as swift claim settlement and round-the-clock assistance.
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