Car Insurance provides insurance coverage for your car from unforeseen risks which may cause damage to your car or may subject you to claims from third party in event of accident. Although the purchasing new car can be exciting, one should also consider potential accidents that can cause damage to your vehicle. Car insurance policy can come in handy as it will significantly lower the costs incurred on repairing the vehicle or replacing its parts. Protection against legal liability due to accidental damages resulting in the permanent injury or death of a person, and damage caused to the surrounding property. Protection against legal liability due to accidental damages resulting in the permanent injury or death of a person, and damage caused to the surrounding property.
Protection against legal liability due to accidental damages resulting in the permanent injury or death of a person, and damage caused to the surrounding property. Some people take it as an investment. Car insurance is not exactly an investment because it does not yield returns like a fixed deposit or a mutual fund. However, it is an important part of your financial plan as it prevents financial losses in cases like a car accident. Car insurance is based on the simple concept of risk sharing. You pay a premium to an insurance company which promises to pay for the car repairs as per the terms and conditions of the policy.
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