Studies reveal that, on average, nearly 55 road accidents occur in an hour on Indian roads. A vehicle accident can drain your savings as the cost can be too high. Getting insurance for your car can push the responsibility for the damage onto your insurance provider.
And it’s not just the damage; you may also have to pay for medical treatments in case of physical injuries. Sometimes, you may have to pay for serious legal liabilities in case of severe damage. In India, you must mandatorily get third-party car insurance for your four-wheeler under The Motor Vehicles Act, 1988. Typically, it comes as a part of the comprehensive car insurance policy.
Several insurance providers offer personal accident cover and a third-party car insurance plan. You can check out insurance providers that render additional coverage for collisions. It refers to a situation where the provider pays the insured for the damage caused by a crash during the accident. You can also expect comprehensive coverage from top-rated insurers packaged with add-ons such as engine protection, accessories cover, zero depreciation car insurance, etc., along with covering third-party claims.
Zero depreciation in car insurance refers to an add-on cover that can offer the entire value of your car’s components when you take insurance without any deductions for depreciation. With a zero depreciation insurance cover, you can enhance your car insurance plan coverage and provide better financial protection to your vehicle.
If you aren’t convinced how an insurance policy can make a difference, here are a few benefits you can look forward to when getting a third-party insurance cover for your car.
- Financial assistance along with a legal cover
In the event of death or disability of a third party in the car accident, your third-party insurance would cover any loss or damage done to their property. You don’t have to burden yourself financially or legally on such occasions.
- Offer you the scope to relax even in a distressing situation
No matter how bad the accident, dealing with trauma can make financial dealings and payments difficult. With third-party car insurance, you don’t have to bother about unforeseen expenses, instead, redirect your energies to destressing and coping with the incident.
- Speedy access to a third-party car insurance policy and its services
In India, third-party insurance policies can be conveniently accessed. Moreover, they are equally easy to procure or even renew. Top-notch insurance companies today ensure online purchase or renewal of a car insurance policy, making the entire process much simpler and uncomplicated. It enables policyholders to avail a third-party car insurance policy within the desired period.
- Third-party car insurance is cost-effective
Aside from being financially and legally beneficial to the policyholder, third-party insurance for your car can make a cost-effective solution for the financial costs and premiums. That’s because most policymakers enable adding the third-party vehicle liability insurance component in the broader car insurance policy either as an add-on or as an integral part of the principle policy. Moreover, the evaluation is based on the insurer’s income when calculating the compensation.
The third-party insurance policies vary based on their premiums and claim covers. They differ from policy to policy and insurer to insurer, along with the vehicle’s make, model and variant. Third-party insurance can save you against all potential hassles arising from an accident. Also, this works as one of the best ways to get yourself a cover in case the vehicle is damaged, stolen or if the accident causes injury, death and damage to third-party property.