Motor Insurance
An invention called motor vehicle has made daily commuting easy. It saves time, and is both fast and convenient. Nowadays, it is easy to own a vehicle but it is expensive to maintain it, especially in case of damage caused due to some unavoidable circumstances or accidents. This is the reason why insurance comes hand-in-hand with a vehicle. Motor insurance covers your car against accident, theft, damage caused due to fire, etc. There are different categories of insurance to choose from. Customers should first do the cost-benefit analysis and then decide on taking the appropriate insurance policy.
Under the provisions of the Motor Vehicles Act, all the vehicles which run in the public places should have a motor insurance policy at least to cover third-party liability. The coverage undertakes to reimburse the expenses incurred for repair or replacement of parts of the motor car. It also pays the market value of the vehicle in case of total loss, provided that the originating cause of such damage is an accident, including theft. Once the car owner has purchased insurance, a Certificate of Insurance is issued by the insurers.
The Certificate of Insurance is the only proof of a valid insurance of your vehicle. It has to be produced whenever demanded. You cannot backdate the Certificate of Insurance. Hence, a fresh certificate must be obtained for every renewal, and the old certificate should be surrendered. Motor insurance plays an important role in ensuring the protection of consumers from all sorts of serious financial losses which result from accidents. The motor car, at one hand, makes commutation convenient, but at the other hand requires you to be a bit diligent and careful when it comes to buying a policy.
If you have met with an accident, there are many formalities to be completed before you ask for your claim. To have more information on this, you should ask your insurance company to provide all the details.