Pros and cons of a general insurance

Nowadays it has become easy to buy car independently. Almost every household can afford car today in fact more than one car. Buying car eliminates vulnerability to public transport and help to expand mobility.

Driving a motor increases `risk and comes with perils. No one drives with an intention of getting into accidents, some owners feel remorseful about traffic indiscipline, lacking judicial enforcement via road authorities. Rules are broken almost every day which turns into hazardous accidents which are reported and encountered in newspapers or seen live.

There are different pros and cons for it.

Benefits of General Insurance

  • Providing hospitalization: Some get seriously injured and definitely needs hospitalization. Instead of paying through your own pocket, policy is made in a way that owns the former task.
  • Much general car insurance usually covers risks or threats related to theft or a loot or burglary. Movable and immovable properties are provided in the protective domains and terms of general insurance.
  • Reduces your accountability and liability: You are eligible for taking TPL (third party liability) and also this is compulsory in India. For an instance, if you unintentionally got into an accident which also damages some other person’s property or some pedestrian or driver is injured. The insurance is definitely pay which means all the expenses will be paid by the company and saves you from any judiciary repercussions.

Drawbacks of General Insurance

  • The purpose of a general insurance is to pay out towards break down help. The thought of choosing a policy cover puts you in a dilemma when you don’t want to pay for things that you will never need and paying for what you want.
  • Says you insured your motor online, there is no such option availed. You must claim it personally and claims cannot be called online. Also the general excludes any member or household less than 14 years.
  • Sometimes, you may have to pay some part of the expense when claiming because there are some terms and conditions which are not included in the claim. Say for example, minor damage of the body.

Sometimes, even when you are involved in an accident which is not caused by your fault and the defaulter’s car is insured then, there is a probability that your car insurance may not be affected.

You still have to announce the accident if you are looking for cover in successive years. Also, the repair of your vehicle is not guaranteed for a longer period of time.

You should always look for the maximum coverage which is affordable because buying the minimum level can put you on the safe side although, not protecting you adequately after an accident. In fact, the policy holder may have to pay deductible before claiming.

To have a full coverage can be kind of expensive, view our blog.

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