A comprehensive and adequate motor insurance can secure the vehicle owner's finances in such situations. It provides myriad benefits including coverage for cost of repair, coverage for catastrophes such as thefts, natural disasters, vandalism, and so on, as well as third-party liabilities. The vulnerability of such risks only gets higher during monsoons which is why vehicle owners need to be immensely prudent.
Speaking on the significance of motor insurance, Pankaj Verma, Head - Underwriting, SBI General Insurance said that it is crucial to understand the criticality of insurance and how it can cover a variety of issues relating to any type of damage to a vehicle. It is an advisable option to prevent financial stress by covering the vehicle with comprehensive insurance that provides cover for own damage as well as third-party liabilities. However, simply purchasing insurance is insufficient; you must also renew it on time. It is a wiser decision to have an adequate insurance plan that shields you during any mishap to your vehicle.
In India, the Motor Vehicles Act, 1988 mandates all vehicles to have a valid third-party liability policy. So, if you own a vehicle, you need an insurance plan for it, covering the mandated third-party liability. However, to further mitigate losses that are frequently not covered by standard motor insurance coverage, one must be equipped with necessary add-ons such as Depreciation Reimbursement, NCB (No Claim Bonus) Protection, Basic Roadside Assistance, Engine Guard Inconvenience Allowance Cover for consumables, emergency medical expense, enhanced Personal Accident cover to passengers etc.. These extended coverages can be added to a vehicle policy for a small fee and can be extremely beneficial.
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