Car Insurance: Tips for Car and Bike owners

1. Car Insurance

2. Car Insurance: Tips for Car and Bike owners

3. Buying your first car or bike no doubt changes life forever. That tremendous amount of freedom, pride, joy and self-accomplishment of owning a new set of wheels also comes punctuated with some responsibility. • Aside from cleaning and general maintenance, one of the most important care factors is getting the vehicle adequately insured.  • Motor Insurance provides protection against physical damage resulting from collisions, natural and man-made calamities. • Essentially, if your vehicle is insured, you stand to recover the financial costs that arise from accidents, damage, theft, and injury to self and others.

4. Facts and terms • Whether you got to choose your first policy or got handed one by the vehicle dealer, for your second and subsequent years you have the option to get a policy that best suits your requirements. Before that, let’s break down the basics: • There are broadly two kinds of Motor Insurance – Third Party Liability • Insurance and Comprehensive Insurance. • Third Party Liability Insurance covers the risks that arise from damage caused by the insured vehicle to other people, property and vehicles (third party). All motor vehicles in India are legally liable to own this insurance. • Comprehensive Insurance covers the risk of ‘Own damage’ – self, other passengers (under Personal accident cover) and insured vehicle (battery and tyre exempt) and also the affected third party. Bodily injuries and resulting death are covered in this policy.).

5. Spend Smart • Like any buying decision, purchasing a motor insurance policy requires some time, effort and application of smart-spending strategies. Here are three ways you can save on motor insurance: • With this you can get coverage for three years at today’s rate and a no-claim bonus of up to 20 % (accrued up front). • With a little thought and care, you can get the best car insurance deals and keep your set of wheels protected against possible financial losses. • [Source: http://moneyview.in/blog/2015/10/motor-insurance-tips-for-car-and-bike-owners/]

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