< Back

Motor

Know Why A Motor Insurance Policy Is Significant For You

Know Why A Motor Insurance Policy Is Significant For You

Owning a vehicle is no longer a luxury, but is more of a necessity. A vehicle enhances your mobility and reduces the need to depend on public transportation. However, driving on Indian road comes with its own set of perils. Lack of discipline while driving and bad condition of the roads often increases the risk of an accident. Such an unfortunate event may result in damage to your vehicle and may also cause bodily injuries as well as death.

According to a report on road accidents published by the Transport Research sector under the Ministry of Road Transport and Highways, an average of 413 people died on a daily basis in 2016 as a result of 1,317 road accidents every day.

In order to financially protect yourself from such incidents, you may consider investing in a vehicle/car insurance policy.

A comprehensive motor insurance policy offers a plethora of benefits. Following are five major advantages of such a plan.

Offers coverage for damage to property

The risk of damage to your vehicle during an accident cannot be eliminated. The cost of repairs is indeed an expensive affair and may burn a huge hole in your pocket. Purchasing a motor insurance policy prevents such out-of-pocket expenses as your insurance provider will bear a substantial percentage of the cost of repairs.

Provides coverage for hospitalization costs

In case of severe bodily injuries or fractures, you may require treatment at a hospital. A motor insurance plan financially protects you against exorbitant medical costs. It covers all hospitalization expenses, thus allowing you to focus on speedy recovery, instead of worrying about finance.

Reduces your liability

According to the Motor Vehicles Act, it is mandatory to purchase a third-party liability insurance policy in India. This type of insurance policy reduces your liability in case an accident is caused by you. The insurance provider covers all damages caused to third-party property or injuries caused to a third party. Besides, you are covered from the legal repercussions, if a case is filed against you.

Compensates the family in case of death

Accidents may result in an unfortunate death of the vehicle owner. The family may face financial difficulties in an event of the demise of the policyholder, especially if he/she was the breadwinner of the family. Motor vehicle insurance plans provide a lump sum amount in an event of death. This amount may be used by the loved ones to meet their financial obligations.

Offers coverage for natural and man-made calamities

A vehicle insurance plan also provides financial protection against natural calamities such as flood, typhoon, cyclone, hailstorm, and hurricane, among many others. It also offers coverage against man-made activities such as terrorism, fire, and strikes.

The aforementioned points show that a motor insurance plan is indeed significant for every vehicle owner.

Secure your car with Kotak Car Secure.

Check out other motor insurance policies offered by us here

  • Written By: Eswaranatarajan N, Senior Executive Vice President & COO

Related Blogs
What is Zero Depreciation Cover
Must have Add On Covers for Car Insurance
7 Factors That Determine Motor Insurance Premium

Disclaimer: The content provided is for education and informational purpose only, none of the information contained in our blog amounts to any form of opinion or advice. Please go through policy related documents carefully or consult an expert before making any insurance-related decisions.

RELATED ARTICLES

Car Insurance Benefits

Motor

Benefits of car insurance

A car insurance can help you offset substantial financial loss that you may incur because of damage caused to your car

Add-on covers for Car Insurance

Motor

Must have Add On Covers for Car Insurance

A basic comprehensive car insurance covers damage to car, 3rd party liability and theft & loss of vehicle.

Car insurance

Motor

Right time to buy vehicle insurance

Buying a vehicle insurance is an important decision and you need to ensure that you make a timely purchase of vehicle insurance

know-how-car-insurance-premium-is-calculatedcde

Motor

Know How Car Insurance Premium Is Calculated

Car insurance premium calculation is based on various important factors. Learn about these factors.

rules-to-follow-for-safe-driving-th

Motor

Rules to follow for safe driving

Know About The Important Road Safety Rules To Follow

 

 

maintenance-tips-for-car-engine

Motor

Maintenance tips for car engine

Follow these engine maintenance tips and buy a car insurance with engine protection cover to keep engine secure.

Monsoon Tips Car

Motor

Monsoon Tips for Car

Simple tips to help you stay safe and keep your car moving ahead during monsoon.

What is Zero Depreciation Cover

Motor

What is Zero Depreciation Cover

Read on to understand what is zero depreciation car insurance cover and how it works.

Questions Regarding Motor Insurance Policies

Motor

Questions Regarding Motor Insurance Policies

Essential questions about motor vehicle insurance policies in India.

Online Motor Insurance Policy Benefits

Motor

Online Motor Insurance Policy Benefits

Know about the benefits of buying motor insurance online.