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Why Car Insurance is the Best Gift This Diwali?

Wish

Written by Sharad Bajaj

Updated Oct 13, 2023

This Diwali, let's gift something useful, something which enhances security.

The festival of Diwali is just around the corner and everyone is on a spree of cleaning and decorating their homes and shopping for gifts for their loved ones. And the most common question that almost everyone is facing at the moment is what should they gift? Well, we believe this Diwali, the best gift that you can give to your loved ones and even to yourself is a car insurance.

Car is one of those possessions, especially for we Indians, to which we get strongly connected emotionally. And car insurance is that tool that guarantees its safety and well-being not only for today but also for tomorrow. This Diwali, among the traditional gifts, let’s include something that is useful, adds value and keep our loved ones secured.

Why is Car Insurance the Best Gift This Diwali?

Car insurance is nothing but basically financial security for the insured’s car. And what’s better than gifting security and safety to the people who mean family to us. Car insurance is available in 3 types of plans - third party car insurance, comprehensive car insurance and standalone own-damage car insurance.

1. Third Party Car Insurance: This insurance plan insures a policyholder against all kinds of third party liabilities - bodily injuries, death as well as property damage (up to Rs. 7.5 lakh). According to the Indian Motor Tariff, every car owner is compulsorily required to have at least a third party car insurance cover for being able to drive in the country.

2. Comprehensive Car Insurance: As the name suggests, this cover provides complete coverage for the insured’s car - be it third party liabilities or own damage incurred by the car.

3. Standalone Own-Damage Car Insurance: This plan is a recent addition to the types of car insurance covers. It provides insures only for the own damage suffered by the insured’s car.

Benefits of Car Insurance

The below points illustrate the benefits offered by car insurance which make it the best gift this Diwali:

  1. Fulfillment of Legal Obligation: The first and foremost benefit which a car insurance plan offers is that it helps you fulfill your legal obligation of owning a car insurance policy. As per the new traffic rules, driving an uninsured car can lead to an imprisonment of up to 3 months and/or a fine of Rs. 2,000 for the first offense.
  2. Waiver of Third Party Liabilities: Another benefit that a car insurance plan offers is that it frees you from third party financial liabilities which may arise due to an accident or any other unfortunate event involving your car.
  3. Safety of Car: A car insurance plan helps you ensure the safety of your car as it insures it against physical damage which it may incur in any road accident, fire, explosion or due to any other unfortunate circumstances. It also insures you against the financial loss which you may incur in case of theft of your car.
  4. Less Stress and Worries: All the above benefits, to some extent, takes away your worries related to your car and help you live a happy and peaceful life.

So, this Diwali gives your loved ones and even yourself a thoughtful gift which makes life simpler and happier. Choose car insurance as a gift this year and spread joy and safety. Happy Diwali 2019!

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

Wish

Written by Sharad Bajaj

Sharad is an insurance industry veteran who has managed motor insurance products for over a decade. Read More

Disclaimer

This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

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