Benefits of Long Term Car Insurance Policy |
Posted: September 29, 2022 |
The Supreme Court of India has taken a new initiative to reduce the number of uninsured cars on the road. It has made a long-term third-party car insurance policy mandate for all cars sold after September 1, 2019. The duration of this insurance is 5 years for two-wheelers and 3 years for four-wheelers. In August, the IRDAI (Insurance Regulatory and Development Authority of India) directed motor insurance companies to abide by the rules laid down by the Supreme Court of India. Benefits Of Long-Term Car Insurance PolicyIf you have any doubts about having a long-term car insurance policy, then consider going through the following pointers. It Eliminates The Problem Of Motor Insurance RenewalThe prime advantage of having long-term car insurance is that it reduces the hassle of going through the renewal procedure every year. Car owners often fail to renew their car insurance policies even after crossing the expiry date. This eventually results in driving an uninsured car which can be dangerous for the owners. Avail More Discounts On Long-Term PremiumsIn the case of a long-term car insurance policy online, the policyholder must pay a premium for multiple years at that time. As a result, the policyholders can avail more discounts on the overall premium amount given by the insurance companies. Avoid Expiry Of PolicyIf your car is not insured, then it is a punishable offense. According to the Motor Vehicles Act, if you commit this punishable offence, then you will be liable to pay INR 2,000 or undergo imprisonment of 3 years. In some cases, you might have to be charged with both. Also, if you take long-term car insurance, then you will not have to worry about the motor insurance renewal every year. It Ensures Prime Safety Of Your CarDriving uninsured cars on the roads is not only an invitation to penalties but can also lead to certain risks and dangers. Let's take an example to understand better. In case your vehicle gets stolen or is damaged in an accident, then you will not receive any cover if you do not have car insurance. Eventually, you will have to pay for repair expenses from your own pocket. Hence, to ensure the optimum safety of your car, you must have a long-term car insurance policy. The Bottom LinePurchasing a long-term car insurance policy can be beneficial. It not only reduces the effort of yearly motor insurance renewal but can also provide you with discounted premiums. However, before you purchase motor insurance, you must compare various plans from different insurers. This shall help you make a smart decision when buying a car insurance policy.
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