In Simple terms insurance means protection, protection from a miss happening or any kind ofloss. As we take care of our health, we exercise to make our bodies fit and impressionable, the same goes for vehicles we ensure their protection and good care from the very beginning by taking insuranceon our high-priced toys.
In India, we have various ways to protect our Vehicles:
- Third-Party Insurance – It’s a Type of Insurance or protection when you cause or create damage to a third person, it doesn’t protect you or your vehicle when any type of mishappening occurs, it is applicable in many countries and it’s compulsory in India for everyone Individual to take whosoever is driving a vehicle.
- Comprehensive Insurance – It is more flexible than Third-party Insurance, this policy cover’s wide range of perils, and it protects both your vehicle as well as damage you cause to others, financial protection is secured in this insurance.
- Pay Per Usage Insurance – It’s a type of insurance that focuses on your driving capacity, it calculates the miles that how much you have driven your vehicle, and its schemes criteria works on premiums, in this several software and apps calculate your overall driving style and all the intellectual capabilities you hold while driving, is that how you drive, is the rules are obeyed by you, on what speed you are driving and it cumulates the final report in the end and according to it sets your premium or insurance premium. It is the latest and the most advanced type of insurance but is not yet introduced effectively in the market.
These are the main types of Insurance policies for the car and your safety.
Why Car Insurance is Important?
Car insurance has a positive impact on the financial condition of any particular individual, and with that, it provides you a relaxed state of mind, cause when we feel secure even though any mishappening takes place we feel that the safety of our vehicle is in our hands now. It gives the assurance that if any serious damage is already being done we can drive back to the roads the way we want. It protects you and your vehicle to pay any additional charges or any fraud schemes we may encounter on our way. It gives legal confidence while driving on road.
