Know Your Insurance Company Before Buying A Car Insurance

Having a car is a prized possession and shielding it from various risks is a smart thing to do. Accidents can occur even if you have great driving skills. Ignoring pedestrian rules, uneven roads, and loss or stealing of cars are some of the other risks associated with it. Hence, it is good to invest a little in a motor insurance just like you did while purchasing your dear car. A good insurance cover from a known motor insurance renewal company, saves the owner from financial losses such as damage to the car or any injury caused to the third party.

It is important to note that third party insurance is mandatory in India. If the owner misses to have it, he is subjected to penalty once the insurance has expired. Further, a motor insurance offers several benefits to the insured person, such as:

1. Loss or Damage to the Vehicle

Accidents are unpredictable and can cause much harm to your car. However, a comprehensive car insurance from a good motor insurance renewal company can lend you several benefits that helps to curb the the cost of repairing. A car insurance covers man-made threats, including theft/burglary, malicious act, strike, riot and terrorist activity. It also covers the damages caused by natural calamities like flood, hurricane, fire, earthquake, storm, landslide, etc. The insurance venture reimburse the owner for the financial losses he occurred due to any such damage.

2. Third Party Liability

As per the Motor Vehicle Act, it is mandatory to have a third party insurance. If you are the prime cause for an accident, your insurance policy will cover the legal liability happened due to an injury, death or property damage of the third party. However, the compensation amount is limited for the damage of third party property, whilst bodily injury depends upon the situation.

3. Personal Accident Cover

Personal accident cover taken from a motor insurance renewal company covers permanent total disability and accidental death. It also covers for both named and unnamed passengers but up to the seating capacity of the vehicle and paid driver.

However, this type of coverage completely depends on the IDV, also known as Insured’s Declared Value) or the insurance company’s listed selling price deducting the depreciation for each year. It is important to note that the IDV is the highest amount payable for total loss or theft in case of a claim.

About IFFCO Tokio

Incorporated in the year 2004, IFFCO-Tokio is a general insurance company in India and believes in complete customer satisafction. Its products are one of the best in the industry, all of which are meant to offer optimum coverage against different possible situations of mishaps.