While owning a vehicle is most people’s dream, it takes years of hard work to be able to do so. The damages can be immense if an unfortunate incident occurs. This is where Vehicle Insurance comes in handy.
The following are the types of Vehicle Insurance offered by our PhonePe app for the convenience of our customers:
The damages to the vehicles can be immense if any unfortunate incident occurs. To protect against accidents, we have a Vehicle Insurance policy. Vehicle insurance is like any other insurance, except with other insurances the choice is ours; in this case, it is mandatory to have at least an active third party insurance cover.
The Government decided to make it mandatory for the betterment and security of society. Policies provide extensive coverage to both two and four-wheelers, depending on the type of vehicle one has and opts to insure. There are three types of Vehicle Insurance policies, Third-party, Comprehensive and Own Damage Insurance policies.
Under Third-party insurance, only the damages/losses caused to a third-party person or property are covered as a part of the plan. On the other hand, Comprehensive insurance offers complete coverage by covering not only third-party liabilities but also losses/damages to your vehicle like loss due to an accident, fire, natural calamity, or even theft of the vehicle. In case you have an active third party cover and want to protect your own vehicle from damages too, you can opt for an Own Damage cover. One can also opt for a Compulsory Personal Accident cover in case you don’t have one. It compensates the insured owner-driver up to a sum of Rs 15 lac in case of death or permanent disabilities to the insured due to an accident involving an insured vehicle.
Owning a vehicle in today's times has become a need more than a luxury. People prefer to travel long-distance or for any other requirement in the comfort of their cars instead of other means of transport. At the same time, it is crucial to have a Vehicle Insurance policy in place by securing car insurance or bike insurance for owned vehicles.
When one sits down to analyse their needs and requirements, they understand a lot more about the Vehicle Insurance policy they could opt for. Due to the growing market, several insurance companies provide the best of services and plans. Vehicle insurance policies not only cover damages to one's vehicle but also losses covered to anyone getting injured (third-party) in any sort of mishap or accident.
One may be a fantastic driver, but unforeseen circumstances are not in our control, for which we need to be prepared in advance. Customers tend to be ignorant towards Vehicle Insurance due to the rising premium rates. However, it guarantees to be a valuable and essential investment if we look at it from a long-term perspective.
In the end, the Vehicle Insurance policy should match the size of the pocket and not burn a hole in it or be a burden on the existing expenses of any in