Be it a car, or even a bike, a personal vehicle is always close to one’s heart. And when you take it on the road, you take it on a journey full of risks like accidents, theft, or other forms of damage. And this is where you need a support system while dealing with the financial challenges associated with these risks.

Well, this is just the surface of the ocean. Let us dive deep into this ocean of Motor Insurance.

Motor insurance is an agreement between you (the policyholder) and an insurance company in which you pay a premium for financial coverage against damage or loss of your vehicle. It majorly includes three types of coverage: Stand Alone Own Damage, Stand Alone Third Party Liability, and Comprehensive Coverage.

Timely and adequate coverage is essential if an individual opts for any of the three types of coverages. That is why, the renewal of the policy is essential, preferably 15-30 days before expiry.

And in case you look to sell your vehicle, it is essential for you to transfer the insurance of the vehicle to the buyer, thereby securing both you and the buyer against any future financial liability.

While motor insurance secures you and your vehicle from financial uncertainties of the future, it can also financially benefit you in the present, through the following ways:

No Claim Bonus (NCB): Enjoy discounts of up to 50% if no claims are made for consecutive years. This benefit is transferable to another vehicle.

Compare Policies: Use online tools to find cost-effective plans tailored to your needs.

Bundle Policies: Combine multiple insurances (e.g., health, life, or multi-vehicle) for additional savings.

Everybody loves their vehicle. But, no one would love to pay hefty repairing costs if anything happens to the vehicle due to the uncertainties associated with the vehicle. This is where the importance of a comprehensive motor insurance plan is highlighted. Proper planning done in advance helps immensely in times of emergency. Those who do it, reap immense rewards in the long run.