123ArticleOnline Logo
Welcome to 123ArticleOnline.com!

ALL >> Insurance >> View Article

Benefits Of Motor Insurance

By Author: Pranav V Sharma
Total Articles: 141

What are the benefits of having a motor insurance policy? The answer is simple. It provides economic security, responsibility in case of accidents and payment along with total peace of mind, thereby benefiting the society as a whole.

Choosing the right insurance

With internet facility available to everyone, go through various motor insurance reviews, to gather proper and accurate knowledge or idea about it. India has numerous companies offering motor insurance, but you need to choose the appropriate one.

You should always opt for companies or motor insurance policies which offer you maximum facilities at a minimum premium. This is calculated on the basis of the age and the type of your vehicle, as obviously, a vehicle used for business purpose and that used for household use will have a different rate. Motor insurance policies also differ according to the extent of damage caused in an accident and in cases of theft.

Factors which determine the premium amount

Make and Model of the Vehicle
Year of Manufacture
Place of Registration
Current Showroom price of the vehicle
Whether Client is an Individual or Corporate
The principal insurance amount and its subsequent premium also vary according to the price of the vehicle.

A comprehensive motor insurance is better, as it also covers you against losses arising from theft, natural calamities, vandalism etc. Motor insurance can be confusing and difficult to understand. Did you ever think what might happen if you injured someone else while driving and had to pay for his medical bills? Sound like a lot of trouble? On the other hand, owning and maintaining a vehicle is quite a financial burden on many, motor insurance payment being a big part of it. But, insurance benefits clearly outweigh the cost, and here are a few of the reasons why you should purchase it:

Medical Payments
You may not need this coverage if you already have health insurance, but it is a good alternative for those who do not have a health insurance as the policy covers the doctors and hospital bills, rehabilitation costs for the passengers and the driver.

Rental Reimbursement and Towing
The motor insurance policy pays for towing the wrecked vehicle and the payment for a vehicle rental while the automobile is being fixed after an accident. It also covers the bills of vehicle repairs due to damage caused in an accident.

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.

What does Motor Insurance not cover?
Motor insurance does not cover any loss due to wear and tear, breakdown, accidents due to drunken driving and war perils. It also does not cover failure or breakage when the vehicle is used outside the geographical area.

Motor insurance acts like a great friend at the time of crisis. People who drive and have motor insurance know that they have a safety net that will help them tackle any financial or legal problems that might arise out of an accident.

It is very essential to have a car insurance policy. Author Pranav Sharma is an experienced insurance professional and widely read expert on general insurance based in Mumbai. Pranav helps readers opt for best motor insurance policy in India.

Total Views: 102Word Count: 529See All articles From Author

Insurance Articles

1. 6 Tips To Follow To Get Cheap High Risk Auto Insurance
Author: Victor Cano

2. Welcome Aboard To International Travel
Author: James

3. Choose Best Home Insurance Company In California And Find A Best Home Insurance Policy
Author: caleagleinsurance

4. 3 Facts That You Must Know About Freight Factoring Services
Author: Husam Jandal

5. How Staffing Factoring Companies Can Help You To Overcome The Financial Hurdle?
Author: Husam Jandal

6. 3 Major Roles Of Dv Auto Appraisers
Author: Chicago Auto Appraisals

7. Solo Travel: At Least Once!
Author: James Jones

8. Are You Young & Traveling Enough?
Author: James Jones

9. Is It Important To Sign Up For Critical Illness Insurance?
Author: omega insurance

10. How To Make Suitable Investment For Sound Financial Future?
Author: aravi singh

11. The Prospective Risks Of Water Damage
Author: John Anthony

12. Buy Your Health Insurance Online With Ease
Author: shivanikapoor

13. Secure Your Homes With The Best Home Insurance In California
Author: caleagleinsurance

14. Warranty Plan: Why You Should Have It On Your Homes?
Author: Dan-Ror

15. How Can Auto Appraisers Help In Bankruptcy?
Author: Chicago Auto Appraisals

Login To Account
Login Email:
Password:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: