A car insurance policy offers coverage against theft, damages caused to the vehicle or property, or injuries suffered by persons. According to the Motor Vehicles Act, it is mandatory for all motor vehicle owners to avail insurance for their vehicles.
A car insurance policy should be purchased not only because it is mandatory but also because the expenses incurred on getting the car repaired for damages caused by an accident will be covered. Further, any third-party liability will also be covered. A car insurance policy is an agreement between the insurer and insured. The policyholder is required to pay a premium to the insurer and the insurer, in turn, will foot the repair bills of the car. There are a number of factors that determine the amount of premium payable to the insurance company.
While certain factors such as the age, location, or type of vehicle cannot be altered, one can maintain a good driving record, avoid making unnecessary claims to earn the no-claim bonus, and opt for a marginally higher deductible to avoid paying high premiums.
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