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Why is it Important To Buy the Right Vehicle Insurance? 3 years ago

When you buy a vehicle for yourself, be it a two wheeler or a car, how much time do you spend in making that decision? For most of the people, it is the purchase of the bike or the car that matters more than the vehicle insurance policy. Many people fail to understand that once the vehicle belongs to them, the safety and protection of it requires equal importance. However, buying a vehicle insurance policy is still considered as a formality since it is mandatory by the Motor Vehicles Act of India. Also, efforts are made to buy it at the lowest cost possible.

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If you do not have the right vehicle insurance policy, you are more likely to end up incurring losses than enjoying any kind of benefits. Here is a scenario to understand this better. Ajay purchased a brand new car and was very excited about it. After all, he reached a decision of buying a particular model after taking a series of trials. He was aware that he had to buy a car insurance policy as well. Ajay was self-confident that his driving was perfect like none other and there was no scope of him running into an accident. Two years of owning a car is proof enough of his confidence. While the customer care representative recommended him to buy a comprehensive car insurance policy, he opted for a third party car insurance policy.

One day when Ajay was returning back from his office, he lost control of his accelerator and bumped into another car ahead of him. He immediately put the brakes on, however, the damage was already done to both the cars. He stepped out of the car and apologized to the other car owner. He knew he had to pay for the ruined backlights, number plate and other scratches on the third party’s asset. Ajay then checked the cracked headlights of his car as well as the bonnet. He was shattered and regretted not having purchased a comprehensive car insurance policy. The overall expenses on his brand new car cost him a fortune simply due to the absence of the right vehicle insurance policy. While he paid for the bills, he also upgraded his cover to a comprehensive one for future protection.

Therefore, purchasing the right vehicle insurance policy is crucial to your safety and financial protection. Ensure you spend a good amount of time, weigh the pros and cons and then buy the right cover.