Choosing a long-term car insurance service Agra has many benefits
An uninsured vehicle can pose a significant risk. The first risk is that you might have to pay exorbitant costs if you get into an accident. Second, according to the recent Motor Vehicle Act of 2019, driving a car without insurance is illegal in each state in India. The best way to ensure your vehicle's safety is to purchase long-term car insurance service Agra. Here are some benefits of doing so.
The recent change in laws: a brief overview
Car Insurance policies in India were previously limited to a one-year validity period from the date of renewal. The Supreme Court rewrote the law in 2018 and required every new car insurance service in Agra to cover third-party liabilities for three years. A two-wheeler insurance policy would last for five years but a car insurance policy would only last for three years. Standard Car Insurance covers third party liability for three years, while third party liability is valid for one year. Occasionally, long-term motor insurance policies are also called multi-year policies.
This change in law led to individuals having to carry two types of motor insurance with different expiration dates, which became quite confusing. As a result, citizens of India began seeking out companies such as ICICI Lenders which offer long-term Motor Insurance Policies.
Car insurance policies with long-term benefits
Discounts: Companies recognize that long-term car insurance policies are expensive. The reduced administrative costs and policy issuing costs associated with this type of insurance enable them to offer exciting discounts and offers to their customers, thereby bringing down the insurance premiums. You may also qualify for additional discounts on your insurance if your vehicle has an anti-theft device or you belong to a reputable automobile corporation.
Convenience: Making sure to renew all your insurance policies with their various expiration dates can be a hassle. You only need to renew your long-term car insurance policy every three years, making your life as easy as the renewal date.
No Claim Bonus (NCB): NCBs are discounts on insurance premiums that are available at any time. The benefit of a long-term Car Insurance Policy is that you will not only receive a higher NCB than with a standard policy, but you can also transfer your NCB to another car if you want to replace your current one.
Effort and Time Savings: A short-term insurance policy requires the holder to inspect the car annually. A long-term motor insurance policy saves you the time and effort necessary to carry out this process.
Change in Policy: Over time, some insurance policies change, and individuals have to pay higher premiums when renewing them every year. If you renew your insurance after three years, you will have some time before the premiums increase. With this protection from price increases, you can save between 20% and 40% on your third party renewals.
Reduce Non-Renewal Risks: You would have to shoulder any expenses you incur if you have to repair or replace a part of your car after you have passed your insurance grace period. As you have a longer period of time within which to make repairs or replacements, you will be less likely to run into the risks of having to bear expenses yourself if you have three-year Car Insurance.
Conclusion
You will get the most value for your money by purchasing a long term car insurance policy. The premiums are a little higher than the conventional one-year insurance policies but the benefits that accompany it definitely make it worth considering. For getting more knowledge about second hand car refinance,
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