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Protect your new four-wheeler with comprehensive auto insurance coverage this festive season

By on January 19, 2022 0

Protect Your New Four-Wheeled Vehicle With Comprehensive Auto Insurance | Photo credit: iStock Images

The joy of owning and driving your own car is unparalleled and quite palpable, as it imparts a unique sense of freedom and convenience. However, owning and maintaining a four-wheeled vehicle is not enough. When you step out of your garage, there is a responsibility to your fellow citizens that you must take on, and that starts with insuring your four-wheeler against damage and any unforeseen loss of life in the event of an accident. In India, like anywhere in the world, car insurance is compulsory by law, not an option. According to the Indian Motor Vehicles Act 1988, it is mandatory that all vehicles be covered by a proper insurance policy before they can be driven on the road.

As the number of vehicles on the roads keeps increasing, the risk of accidental death is also increasing. 1.5 lakh deaths were reported in 2019 due to road accidents. The number of fatalities has increased significantly since 2005, when 94,000 deaths were reported in road accidents[1]. Needless to say, it is therefore essential for any car owner to be properly insured.

Why is car insurance necessary?

Auto insurance protects you from financial damage caused by unforeseeable circumstances like accidents, theft and even natural calamities. The Government of India has made it compulsory for all car owners to have a Third Party Motor Insurance (TPL) policy, which covers damage to life and property of people, other than you, who are affected by a accident caused by your car. A TPL policy covers you against the legal ramifications of an accident caused by you. With the rapid digitization of the insurance industry, it is now quick and convenient to take advantage car insurance online to protect you from these legal hassles.

Here are the main reasons why you should buy an auto insurance policy:

1. Covers own damage costs – Apart from road accidents, cars can also be damaged due to natural disasters or technical problems and malfunctions. Whatever the reason, car maintenance expenses can become enormous. Therefore, it is advisable to take out car insurance as it covers damages.

2. Civil liability – A car is a machine that can encounter technical problems. If there was an accident with you in the driver’s seat, you are liable to compensate for damage caused to others on the road. If you have a car insurance policy, your insurance company will cover the expenses.

3. Personal Accidents – Having four-wheeler insurance is like driving with a life jacket. It covers the expenses incurred and also compensates permanent disability occurring in the event of a car accident. It is an ideal financial support for families against a road accident.

4. Mandatory by law – If you own a car, you must have a third party car insurance. Not having it is an offense and you could be penalized for it, if caught.

5. Extended benefits with add-ons – Apart from the above benefits, a car insurance policy includes additional benefits such as zero depreciation coverage, consumables coverage, breakdown assistance, transportation benefits, etc. These additions make the policy more airtight.

6. Added Convenience – An extensive online four-wheeler insurance policy also gives you benefits such as theft/personal baggage damage coverage, paperless digital insurance applications and processing, online claims, punctual services, etc.

* Terms and conditions apply

What is multi-risk car insurance?

Although third party auto insurance policy is mandatory, there is another very common form of insurance that provides protection against most liabilities. The comprehensive car insurance policy provides proper coverage to the car against damages caused during social unrest, natural calamities or if the car is stolen.

Comprehensive car insurance is the most comprehensive and watertight policy you can buy online for your four-wheeled vehicle. In addition to civil liability, it also covers personal damage costs such as burglary, explosion, flood, water blockage and more.

* Terms and conditions apply

Why take out multi-risk car insurance?

A comprehensive auto insurance policy gives you the freedom to include add-ons to your policy and provide a range of extended benefits to protect your car. This includes engine protection, personal luggage, zero depreciation, accessory coverage and more. It’s the ultimate four-wheeler insurance that gives you comprehensive protection against all forms of threats, hazards and consequences.

Main advantages of Complete car insurance:

  • Public liability
  • Own expenses
  • Ability to include add-ons

How to select an ideal multi-risk insurance policy?

The market is flooded with insurance companies offering insurance policies for four wheelers and in such a scenario, any buyer is bound to be confused and lost. Therefore, it is important to consider a few points before making a decision. First, analyze your need – Are you taking out insurance simply because it is compulsory or are you looking for appropriate security? Second, find out about a company’s reputation, claims settlement rate, add-ons they provide, etc.

Bajaj Allianz General Insurance is a well-known name in the industry, offering all types of insurance policies. The brand is known for providing stress-free claims, ease of policy terms, ease of online insurance policy, and much more. So, if you’re looking to buy a comprehensive car insurance plan, here’s why you should consider Bajaj Allianz General Insurance:

1. Provides cashless services at over 4,500 network garages

2. Provides cashless hospitalization in over 6,500 hospitals

3. Offers Cashless Claims Facility

4. Offers up to 50% no claim transfer bonus

5. Digital claims process in 20 minutes

6. Claims settlement rate of 98%

7. On-site payment via the “Caringly Yours” app

Insurance is the subject of the solicitation. For full details of benefits, exclusions, limitations, terms and conditions, please read the sales brochure/policy wording carefully before making a sale.

Source:

[1] https://www.statista.com/statistics/746887/india-number-of-fatalities-in-road-accidents/

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