This New Year 2021, Let’s Revise Your Car Insurance Coverage!

The New Year is a time of new hopes, new beginnings, and definitely new adventures too. As we sit down to pen a list of all our resolutions for fitness and personal accomplishments, let us not forget to also review finance and insurance. Having insurance is especially important if you are a vehicle owner. In this article, let’s take a look at what you can do differently to get the most out of your car insurance coverage.

Third-party insurance is compulsory

To begin with, let’s state the most important thing you need to know as a four-wheeler owner in the country. In India, it is mandatory for all vehicle owners to have at least basic liability insurance for their vehicles. This mandate has been laid down by the Motor Vehicles Act, 1988. Failure to comply with this requirement can see you incur hefty fines.

Now, the punishment of fines should not be the sole motivating factor for you to get third-party insurance for your vehicle. Remember that the coverage protects you against legal and financial liabilities towards the third-party in case of an accident. As the road can be pretty unpredictable, you would want to secure yourself financially against accidents.

But, is having third-party insurance enough? Well, honestly, it serves the purpose of protecting you from a lot of heavy liabilities towards the third-party in an accident. It, however, does not cover you for own damages. And, if the other person’s car or property sustained heavy damage, chances are that your own vehicle has gone through its share of dents too. So, how do you cover your own losses?

Read More:- This New Year 2021, Let’s Revise Your Car Insurance Coverage!