Why Is A Vehicle Insurance Significant For You?

Vehicle insurance is no longer a luxury, but rather a necessity. Buying a car increases your mobility and decreases your reliance on public transportation. Driving on Indian roads, on the other hand, has its own set of dangers. The likelihood of an accident is typically increased by a lack of driving discipline and poor road conditions. Such a tragic situation could cause damage to your vehicle, as well as bodily harm and death.

According to the Global Status Report on Road Safety, road safety continues to be an important developmental issue, a public health concern, and a leading cause of death and injury around the world, having killed more than 1.35 million people worldwide, with 90 percent of these fatalities occurring in developing countries and India accounting for 11% of all fatalities.

According to the 2019 Road Accident Report, 449,002 accidents occurred in the country in the calendar year 2019, resulting in 151,113 deaths and 451,361 injuries.

Consider purchasing vehicle insurance coverage to financially safeguard yourself in the event of an accident.

Benefits Of Buying A Vehicle Insurance Policy

A comprehensive vehicle insurance policy comes with several advantages. The following are five significant benefits of such a strategy.

Offers Coverage For Damage To Property

It is impossible to completely eliminate the possibility of your vehicle being damaged in an accident. Repairing a car is a costly proposition that may burn a hole in your wallet. Purchasing a car insurance coverage eliminates such out-of-pocket payments because your insurance company will cover a large portion of the repair costs.

Provides Coverage For Hospitalization Costs

You may need hospital treatment if you have significant physical injury or fractures. A vehicle insurance policy safeguards you financially against expensive medical bills. It covers all hospitalization costs, allowing you to concentrate on getting better rather than stressing about money.

Reduces Your Liability

In India, purchasing a third-party liability insurance plan is mandatory by the Motor Vehicles Act. This form of insurance policy limits your liability in the event that you cause an accident. The insurance company is responsible for any damage to a third-property party or injury to a third party. Furthermore, you are safe from legal implications if there is a case against you.

Compensates The Family In Case Of Death

Accidents can result in the car owner’s untimely death. In the instance of the policyholder’s death, the family may experience financial hardships, primarily if he or she was the family’s breadwinner. In the event of death, vehicle insurance policies provide a lump sum payment. The loved ones may utilize this money to pay for their financial commitments.

Offers Coverage For Natural And Man-made Calamities

A vehicle insurance policy also protects you financially from natural disasters like floods, typhoons, cyclones, hailstorms, and hurricanes, to name a few. It also provides protection against man-made events like terrorism, fire, and strikes.

A Word From Zimyo

There are numerous advantages to purchasing vehicle insurance from Zimyo powered by Riskcovry. It not only compensates for your vehicle’s damages but also assumes liability for losses incurred by a third party. It protects your family against out-of-pocket expenditures associated with getting your car back into working order and provides a financial cushion in the event of your unexpected death as a result of an accident.

Also Read: 5 Employee Benefits For Small Business

Zimyo Favicon
Zimyo Editorial Team

Meet our fantastic editorial team, tirelessly crafting high-quality content. With a passion for HR and a commitment to excellence, they ensure you stay informed and empowered. Our HR content providers specialize in delivering expert insights and industry trends. And don’t forget, we offer top-notch HR & Payroll Software to streamline your operations. Stay connected for valuable HR knowledge!

Lets stay in touch!

Shift to Modern HRMS, built for Next-gen Workforce

More Insights!