A car is an extremely expensive asset but, at the same time, is also a prized possession. The costs of cars in India can range from Lakhs to Crores, and even a small dent on your car is very disturbing and incurs a substantial cost of repair.
Now, suppose your car is damaged in an accident or due to third-party negligence. In that case, there will be a considerable cost of repair that you have to bear, and hence having car insurance is very necessary to save yourself from substantial financial losses.
While there are car insurance plans that pay for the cost incurred in case of damage to your car, there is also a third-party car insurance plan covering the cost incurred in case of third-party damage. Though no one wants to harm anyone or anyone’s vehicle, road accidents can happen anytime.
Hence, if you're going to save yourself from paying for someone else's car repair or hospital expenses, you must have car insurance cover. Also, all car owners must have third-party car insurance coverage that pays for third-party liabilities, hence saving yourself from traffic rules violations, and it is best to have one.
But what if you want to cover both your car and save yourself from third-party damage expenses as well. In that case, you can opt for car insurance. Under this car insurance plan, the insurer will not just pay for third-party damages but also for any damage caused to your car.
An add-on benefit is that the cover also protects you against damage caused due to natural disasters or calamities. It further protects you against car thefts and saves you from a lot of financial stress.
To know more about various car insurance plans and their benefits, you can visit Bajaj Finserv’s website.
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