Goodwill  Investor Education Initiative :  GoodWill  Eagle’s Eyes!

Car Insurance:    Series No. 1

For the Benefit of our clients and viewers, we are going to explain the  features and benefits of car insurance so that the car owners take an informed decision instead of simply paying for it. During the last severe floods that shook Chennai and nearby suburbs, a friend of mine who owns a Travel agency with about a dozen cars-most of them of high-end cars- suffered substantially during the menace as he did not take suitable policies. Otherwise who expects floods in Chennai when it is deprived of even drinking water despite being close to the Bay of Bengal ? But that was not the case when the reservoirs breached their limits/banks and entered into the city has inter alia, submerged all the cars on the road and within the premises like Adyar, T.Nagar, Ashok Nagar and so on. My friend lost heavily as almost all his claims against Insurance policies – dozen of them – have been rejected on some ground or the other. So in this series we are going to explain about the care and caution one has to take while taking insurance policies for the cars.

Let us understand about  car insurance !

Car insurance or four wheeler insurance is an agreement between a car owner and the car insurance provider that offers protection for four-wheelers in the case of financial losses due to unforeseen events like accidents and natural calamities. This contract more often than not, is perceived as a piece of paper to be kept in the dashboard of the car and to be taken out only in case the traffic cops ever asks you for papers. But that’s not all! This paper financially protects your four wheeler in case of damage or loss through an accident. When you’re on the road, no matter how careful, there are chances that you might meet with an accident you can end up with hefty repair bills.

Well, there are different kinds of four wheeler insurance such as third party car insurance which protects you from financial implications when the insured car accidentally causes damage to third-party vehicle/property or injuries to a third-party or person. This third-party car insurance or liability only cover policy, does not cover damages caused to the insured car. In India, as per the Motor Vehicle Act, it is compulsory to have a valid third-party insurance policy if you want to take your car on the road.

Another type of car insurance policy is comprehensive car insurance policy that protects not only against any third-party liability but also against any financial damage to the car that may be caused due to accidents, theft, fire & natural disasters such as lightening, storm, flood, cyclone etc. or damages which are man-made like vandalism, riots etc. Not only that! You can also avail a Personal Accident Cover which will cover for injuries or God Forbid, any severe physical damage, incurred in an accident!

Once you buy online car insurance, you can choose between a third-party car insurance or comprehensive car insurance, or even a stand-alone damage policy, as per your needs. Insurance company offers a range of third-party and comprehensive car insurance policies online to help you choose the type of coverage and protection your car needs. You can further enhance the comprehensive car insurance coverage with 13 car insurance add-ons. Fill in your car details and check quote to find the car insurance policy that is ideal for your four-wheeler!

In our next series we will give you more and relevant information to be noticed while taking  Car Insurance.

Goodwill has a fully equipped arm to handle all Insurance related information and offer best services to our clients and others- all Insurance policies- Life, Non-Life/General and Health Insurance policies. So avail the services from Goodwill and lead a peaceful and pleasant Life:

For all your investment needs feel free to reach us. Give us a missed call at 90037 90027. For Support : 044-40329999

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