|Chennai||Rs. 28730.00 (1.13%)|
|Mumbai||Rs. 29740.00 (-0.13%)|
|Delhi||Rs. 29200.00 (0%)|
|Kolkata||Rs. 29350.00 (0%)|
|Kerala||Rs. 28000.00 (0%)|
|Bangalore||Rs. 28400.00 (0%)|
|Hyderabad||Rs. 28470.00 (-0.11%)|
Most of us know, that once buy a car, we have to carry our car insurance certificate in the car, because it is the law. It is compulsory under Govt. of India regulations to have insurance for every automobile on the public roads. But, would you buy car insurance if it was not made mandatory?
I'm reminded of an incident with my neighbour, Mr Rao. When driving late night one rainy day, Mr Rao didn't notice a cyclist crossing the road till the last minute. He managed to swerve his car, but as the roads were slippery, it skid, and hit the car next to him. Now, in panic, Mr Rao jumped out to in the rain and so did the other driver. Both cars were badly dented. The other driver was yelling, and a crowd was beginning to gather. Before things could get more out of hand, Mr Rao assured the other driver, he had car insurance and gave him the details of his insurer. Luckily this calmed the other driver. He took the insurance details, and Mr Rao's licence and registration details. He would have to file an FIR he said. After such a horrifying experience, Mr Rao was grateful that he had insurance. His insurance agent came to inspect the damage. Luckily he had comprehensive insurance which included self and third party insurance and did not have to shell out a paisa of his own money on repairs. Not only that, he got daily allowance to travel, while his car was being repaired in the garage.
Now, third party insurance covers you only for cases of third party damages and comprehensive insurance covers both own vehicle and third party losses. Third party insurance is mandatory. It covers the loss others face for our fault. It is unfair on the other person if the person causing the loss cannot pay for the damages caused. That is why third party insurance is compulsory so that the other party is not left in the lurch for our faults.
Consider another scenario when you've returned to your brand new car after shopping for groceries, only to find scratches from the shopping trolleys all over its side. A visit to the garage sinks your heart even further. Even a simple touch up job sets you back a hefty amount. Luckily your comprehensive car insurance can pay for the damages and your brand new car can look shiny again.
Imagine another common incident. You parked your car on the small road in front of your friend's house. After dinner, you return and see that the car's gone! Someone stole your car. Now if you had car insurance you could claim the insurance money and if you have Return to invoice cover in your policy, you can have sufficient money to buy yourself a new car.
So accidents, thefts and disasters can happen anytime and anywhere. Even the best of drivers have faced difficulties. Car insurance can protect you and fellow drivers on road. Hence stay insured and drive safely.
The author is the CEO of MyInsuranceClub.com, an online insurance price & features comparison portal
For more articles by Deepak Yohannan, please visit MyInsuranceClub.com
You may contact him directly on Twitter: @dyohannan