When you get a vehicle, what’s the first thing that comes to your mind? Well, it sure isn’t the insurance! Most people get a vehicle and take it for a ride as much as they want, but sometimes, it’s necessary to take precautions beforehand. Vehicle insurance works just like the necessary safety measure for your precious car and saving money.
Now, the question arises: which type of insurance would suit your car and lifestyle? Well, to get an answer to that, keep reading, as this article will clear out all your doubts about the range of vehicles and insurances suited for them.
Ensure Compliance And Protection Of Every Vehicle With Suitable Insurance
Whether you are a daily office-goer, a farmer, a car enthusiast, or work in construction, you need a vehicle to complete your daily goals. When you own a vehicle, there might come a day when you run into an accident. At that time, if you have vehicle insurance, it might just protect you from unnecessary financial losses. So, let’s get into the part where you learn about various types of insurance suitable for different vehicles.
Personal Cars
Whether you own a sedan or an SUV, all personal vehicles in India must have at least third-party insurance. This insurance lets you comply with the minimum legal requirement to own a private car in India. In case you run into an accident and damage someone’s property or injure them, this insurance will cover medical or repair costs.
Additionally, you can get comprehensive insurance that covers more than just third-party damage. It covers all the costs in case of a theft, natural disaster, or fire damages your vehicle or injures you while driving.
Commercial Vehicles
If you own any commercial vehicles, such as a bus, taxi, truck, or auto-rikshaw, you must have commercial vehicle insurance to drive them legally on the road. Commercial vehicle insurance is a a requirement for your vehicle that covers third-party damages as well as harm done to your vehicle. So, if you run a transportation business or own a delivery agency, make sure to have commercial insurance for your vehicles.
Motorcycles And Scooters
When you own a two-wheeler vehicle in India, you must have suitable insurance to legally ride it on the roads. The two-wheeler insurance covers the costs of any third-party liabilities and damage to your vehicle.
An important fact is that if you own a two-wheeler, you can get either third-party or comprehensive insurance to comply with regulations. The main difference between these two insurances is that one covers basic third-party damages, while the latter covers the costs of damages done to both parties.
Electric Vehicles
With the growing popularity of sustainable travel, people are leaning towards electric vehicles. Whether you own an electric car, scooter, or motorcycle, they require a different type of insurance. As EVs have multiple electric components like batteries, DC motors, and different types of engines, make sure to get EV insurance that covers any costs related to theft, damage, or fire.
Agricultural Vehicles
The Indian Ministry of Statistics and Programme Implementation says 54.6% of the Indian population is indulged in some type of agricultural activity. Most of the people from this criteria either own a tractor, harvester, or some sort of farming machinery. Whether you take these types of vehicles on the road or just use them in your fields, you still require agricultural insurance for them. These are rather expensive, so having agricultural vehicle insurance covers your investment from theft, natural disasters, damage, or accidents.
Summing Up
Whether you own a luxury private car, a motorcycle, an EV, or any other type of vehicle, having insurance helps you comply with legal regulations and save yourself from unnecessary expenses. When you select comprehensive insurance, some of them also come with coverage of a certain amount after the owner’s death due to an accident. So make sure you are choosing the right vehicle insurance for your precious vehicle and have peace of mind in the long run.
