Motor insurance policy is a wide umbrella, which includes car insurance, two-wheeler insurance, commercial vehicle insurance and three-wheeler insurance. Availing of a motor insurance is mandatory in India and rightly so. A motor insurance protects you from any financial loss arising out of theft, accidental damages, terrorist attack, regular repairs or any third-party liability.
Why should you go for a motor insurance?
As per the Motor Vehicle Act of 1988, it is the requirement of law to buy a motor insurance policy. It is against law to drive a vehicle, which has no third-party motor insurance policy.
Road accidents are very common these days. If you have a motor insurance policy, you will undergo less stress in case of accident claims. There is a lot of legality involved after accidents and motor insurance companies have an expertise in handling the proceedings.
Not only will you be compensated financially, but also be relieved due to a hassle-free legal process.
If you have opted for a comprehensive motor insurance coverage, your vehicle will not only be protected but you will also get an accident cover. In case of accidents, you will also get a protection against any physical injuries caused. You can also opt for this as an add-on cover.
If you own a vehicle, there can be innumerable issues related to it. There can be an accident, periodic repairs, theft or any unfortunate incident. If you have a motor insurance policy, you can sleep in peace as everything is taken care of.
How to avail of maximum benefit from your motor insurance policy
To reap maximum benefits of your motor insurance policy, you must follow a few steps as listed below.
- Compare Your Policy Before Buying
In today’s time, there are a huge number of companies offering motor insurance policies. It is easy to be overwhelmed and confused by the sheer variety of policies and their terms.
Therefore, it is wise to choose a policy after proper research and thorough comparison. The best policy will offer you a right blend of cost effectiveness and benefits. You must compare motor insurance policies on the following parameters:
This is the most important point while choosing a policy. You must check the premium charges of various plans before opting for the one that suits your budget. You can check motor insurance quotes online.
Features and Benefits
The benefits of the insurance policy vary across products. You must check every feature or benefit promised by the insurance provider. The benefits offered must justify the premium amount that you are paying.
Insurance Service Provider
You must also do thorough research on every insurance service provider. The provider must have good reputation in the market with an impressive track record over the years and a hassle-free claim settlement process. The insurance company should also be financially stable.
- Use Online Motor Insurance Premium Calculator
You must know about your premium before you zero in on a particular motor insurance policy. Nowadays all the leading insurance service providers have an online motor insurance premium calculator on their portals. All you need to do is provide the correct inputs and you can get to know about the premium amount in seconds.
You need to provide your vehicle registration number, model of the vehicle, state of registration, name of manufacturer, year of manufacture and many more details. Your personal details are also to be provided. Once all this information is provided, the online calculator can calculate the estimated premium for your motor insurance policy.
With Bajaj Allianz, you can ask for claims by following the motor insurance claims process.