Why is vehicle insurance cover necessary how much is savings and what will be the benefits? Learn

Vehicle insurance is considered necessary for two wheelers as well as four wheelers, because if you have an accident with your vehicle, you will have to bear the cost of the entire vehicle if there is no vehicle insurance cover. At the same time, under the new Motor Vehicle Act, it is necessary to insure the vehicle, otherwise you can be fined two thousand rupees or three years imprisonment for driving on Indian roads.

Different types of motor insurance are given for all vehicles. There are separate rules for two-wheeler motor insurance, while four-wheeler motor insurance has different rules. There are two types of motor insurance, the first is third party insurance. In this, automobile insurance covers third-party liabilities. Any unintentional damage caused to a third party or their property due to your insured vehicle may be covered with third party insurance. On the other hand, under Comprehensive Motor Insurance, insurance benefits are available on the death or disability of the driver, owner and passengers due to an accident.

Benefits of getting a motor vehicle
Compensation is given on damage to the vehicle due to accident, riots, theft, terrorism, natural calamity and man-made calamities like fire, explosion, flood, storm, earthquake. It will also cover accidental death and injury to third party, along with any damage to property under the legal liability of the third party. Whereas, under personal accident coverage, the insurance company bears the entire cost of medical treatment in case of injury to the driver.

Documents for buying motor insurance
To take motor insurance cover, people should have passport size photograph, driving license or PAN card, residence proof and car RC.

How much can you save on insurance
The Insurance Regulatory and Development Authority of India has allowed insurers to launch pay-as-you-drive motor insurance policies. The plan allows buyers to set mileage limits for their cars and offer discounts on normal premiums. In this, the quality of the vehicle, limited mileage and other features are given, under which maximum mileage can be given. Let us say that an insurance company offers three slabs of 7,500 km, 5,000 km and 2,500 km. This will benefit those customers whose vehicle usage is less.

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