Significance of Motor Insurance and Its Impacts in Human Life
Unexpected or unpredictable incidents might occur at any point of time in life, so in order to avoid it some kind of insurance coverage is required. To be very precise Insurance coverage gives full protection in form of monetary compensation to the accident suffered things in order to minimize the cost of the losses occurred. The sudden devastating financial consequences like death, fire incidents or normal accidents can be insured by insurance coverage.
Advantages of a Motor Insurance
Motor Insurance protects the vehicles from the unforeseen losses due to accidents, thefts, and other natural calamities and compensates their financial losses. Though Motor Insurance is an essential requirement but by law it is mandatory now. It not only provides financial coverage to you but provides the same to the third party as well. Motor Insurance is basically a contract where the Insurance companies agree to compensate the financial losses resulting from a specified incident.
Types of Motor Insurance
If you want to apply for a Motor Insurance then you can either contact the Insurance companies directly or can take the help of registered Insurance brokers. Motor Insurance can be of different kinds like CTP Green slip only cover, Third party only cover, Third party fire and theft cover, and Fully comprehensive cover. Green slips or compulsory third party Insurance gives protection to the vehicle owners and the drivers from the legal liability of the personal injury the other parties in case of personal injury claim issues. Third party only is a form where the coverage is given to that person whose damage has been occurred due to your careless driving. In case the car is stolen or caught by fire that claim is compensated by means of Third party fire and theft cover. In case of fully comprehensive cover in case the car face any kind of damage during accidents caused due to anybody’s fault the company is bound to pay for the compensation of the car loss but this Insurance is a bit costly one.
How Motor Insurance can be claimed
Insurance companies are very strict in case of paying compensation for the losses occurred. The Insurance law says that only genuine loses will be eligible for the compensations. That means if the person deliberately causes any harm to his car through intentional accidents then he will never be eligible for getting any claims. The Insurance companies will conduct thorough investigations regarding the occurred accident and if they found it genuine then only they consider that lose to get the full monetary compensation. In case the accident has been done due to the drunk condition of the driver then also Insurance companies do not consider to pay the claims as drinking violates the general norms of driving.
So now you can understand what are the merits and impacts of a motor Insurance but while applying for the Motor Insurance it’s for our convenience to go through the entire rules and regulations mentioned in the Insurance form relating to the claims and compensations in order to enjoy the advantages of Motor Insurance in full in times of emergencies.
Author Bio:
This post is by Sachin. He is a full time writer and a blogger. He has written numerous posts on motor insurance and other auto related topics. He has also written for many reputed brands such as Protect your bubble.
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Category: Car Insurance
