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Motor Insurance: Why do you need it, know its advantages!

Chandigarh, (Aditi) - The purchase of a vehicle involves emotional and financial investment in the Indian parlance and owners often undertake precautionary measures to protect it from damages. A comprehensive and adequate motor insurance can secure the vehicle owner’s finances in such situations. It provides myriad benefits including coverage for cost of repair, coverage for catastrophes such as thefts, natural disasters, vandalism, and so on, as well as third-party liabilities. The vulnerability of such risks only gets higher during monsoons which is why vehicle owners need to be immensely prudent.

Speaking on the significance of motor insurance, Pankaj Verma, Head - Underwriting, SBI General Insurance says "It is crucial to understand the criticality of insurance and how it can cover a variety of issues relating to any type of damage to a vehicle. It is an advisable option to prevent financial stress by covering the vehicle with comprehensive insurance that provides cover for own damage as well as third-party liabilities. However, simply purchasing insurance is insufficient; you must also renew it on time. It is a wiser decision to have an adequate insurance plan that shields you during any mishap to your vehicle."