What Is The Importance Of Car Insurance and Its Features?
Posted on February 20,2023
Car insurance is a type of motor insurance that can be bought to pay for the expense of any damage or injuries that an accident causes to the driver or other people in the car.
It is meant to safeguard against third-party liability, car crash and complete vehicle damage. four-wheeler insurance also covers theft and damage to your car caused by fire, riots or a natural disaster.
What is the importance of Shriram Car Insurance policy?
Most people don't know how important it is to have four-wheeler insurance. It is a protective measure that is meant to cover unpredictable accidents.
It's important to note that car insurance covers losses from any kind of danger, such as natural disasters, accidents, fire, theft and many others. It's essential to know that this kind of policy also comes with some additional protections that are meant to help people in case of emergencies or sudden changes in their lives.
Features of Shriram Car Insurance
The key features of four-wheeler insurance are as follows:
Types of Insurance –There are two different kinds of car insurance. One is mandatory third-party insurance coverage. The other is a comprehensive policy that covers a wider range of aspects.
IDV – Four-wheeler insurance plans have something called the "Insured Declared Value," or IDV, which is the sum insured of the policy. The IDV is determined by subtracting the depreciation from the car's market price
Premium - The premium is determined by the kind of insurance, make, model, variant, registered city and the add-ons chosen.
Tenure – Majorly, these plans are valid for one year and should be renewed.
Claim Settlement — Two types of claims settlements are available: Reimbursement and Cashless Claims
Pros of Buying Shriram Car Insurance Online
One of the best things about buying four-wheeler insurance online is that you can compare policies and buy them at ease. You can also file a claim, pay premiums and change policy coverage all over the internet. Policy information is available round the clock and other documentation can be accessed from any location and at any time. It's no longer required for you to wait for an executive to mail you the documents
Purchasing four-wheeler insurance online gives you honest, unbiased reviews of the insurance companies, including their reputation, how they treat customers, how often they pay out claims and so on. This makes it easier for you to choose an insurance company.
Moreover, buying car insurance online is affordable. There are two major reasons to purchase four-wheeler insurance online. Firstly, you don't have to pay the agent’s commission, which is always added to the premium. Secondly, the idea of online insurance has made the insurance market very competitive, with every insurance company trying to show relatively reasonable prices to attract customers.
So, to summarise, we can say that purchasing online car insurance has made it easier for people to choose a good four-wheeler insurance plan and file a claim.
Benefits of Having a Shriram Car Insurance Policy
Guaranteed against financial distress: Are you ready to pay for big damages caused by accidents? If the answer seems to be no, getting the most suitable four-wheeler insurance policy is the best way to avoid paying for huge amounts of damage.
Guarantee for fixed or replaced spare parts: The insurance company looks at the damages and decides if the spare parts should be fixed or replaced. A four-wheeler insurance policy will pay for these damages to your car.
Network garages: The insurance companies have a significant number of network garages that offer repair services in all locations in the event of accidental damages
Third-Party liabilities: A four-wheeler insurance policy can provide financial protection against legal responsibility for death or injuries sustained by third-parties in the event of an accident
Legal requirement: A car owner needs liability protection. The right insurance policy will safeguard you from legal clauses.
No-Claim-Bonus (NCB): If you are not making a claim on your car insurance during the previous policy period, you can get an advantage of NCB when you renew your policy. The no-claim bonus is a discount that customers get if they are not making a claim during the previous policy period.
Personal accident cover: Personal accident cover provides coverage against permanent disability and accidental death.
Passengers liability and driver’s protection: In the event of an accident, Personal Accident Cover for Unnamed Persons will pay for any injuries to drivers or passengers.
In a nut shell
Now that you're aware of the advantages of car insurance and its features. Considering the advantages of four-wheeler insurance, it's always a good idea to renew your Shriram Car Insurance policy on time. If you miss a renewal, you risk losing not just the NCB advantages of your four-wheeler insurance but also the peace of mind that the four-wheeler insurance policy offers. So, make sure you renew your four-wheeler insurance on time to get all of its benefits. Purchase Shriram Car Insurance online now to safeguard your car with the maximum coverage.
What does car insurance cover?
- Legal Necessity: The Indian Motors Vehicle Act, 1988, says that all vehicles must have third-party insurance.
- Accidental Coverage
- Safety against vandalism and theft
- NCB (No Claim Bonus)
- Protection Against Natural Disasters
What are the functions of motor insurance?
Motor insurance covers third-party liability and offers financial help in the event of physical damage to your car.
Why insurance is important for vehicles in India?
Third-Party insurance is mandatory in India to avoid legal penalties. It is further intended to financially safeguard and give you the sense of security to you and your family, when you suffer a loss.
- Comprehensive insurance is meant to safeguard against liability, car crash and complete damage.
- It's always a good idea to renew your policy on time. If you miss a renewal, you risk losing not just the NCB advantages of your four-wheeler insurance but also the peace of mind that the policy offers.
- If you are not making an own damage claim on your car insurance during the previous policy period, you can get an NCB when you renew your policy.
Make your ride reliable, Insure it now! with Shriram General InsuranceInsure Now
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