Insurance

10-best-benefits-of-holding-a-Property-damage-liability-coverage

Holding a Property damage liability coverage can save you millions on the event of an accident if you are held responsible for the accident and are  liable to pay the cost of the damage, following are the key benefits of holding a Property damage liability coverage:

1. Covers the cost of damage to other vehicle:

Property damage liability insurance covers the cost of damage to a vehicle against which your vehicle was hit.

2. Covers the cost of damage to other Vehicles present at the accident site:

A Property damage liability insurance not only covers the cost of damage to one vehicle, it can also cover the cost of damages against multiple vehicles due to indirect collisions by your vehicle.

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Why-should-you-have-a-personal-injury-protection-PIP-and-what-are-key-features-of-PIP

A personal injury protection provides coverage in case of any physical injury in an accident. It protects against any financial loss due to medical expenses on the treatment. Unlike bodily injury insurance coverage , it offers protection for your own injuries after an accident. Due to this very feature a PIP or a personal injury protection is also known as no-fault insurance. A no-fault insurance is one in which you need not to prove that you didn’t make any mistake from your end while driving to claim for the amount, as soon as the accident is proved unintentional, the coverage stands valid and it is good to protect you and your relatives who are travelling with you inside the CAR against any potential medical expenses on injuries.

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ideal-limit-for-your-Property-damage-liability-cover

What should be an ideal limit for your Property damage liability cover

Generally, the greater the limit the more secured the policy holder is. However, due to the premium cost involved in the maintenance of the insurance, one should target the limit practically by focusing on all the possible circumstances that the CAR may encounter. Assume, if you are new to driving and the streets to your office where you drive often are quite congested and there have been many instances of collisions in the past as well, you must opt for a higher limit.

However, if you possess a long term driving experience and you trust your driving skills, you can opt for a comparatively smaller limit.

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Types-of-car-insurance-available-in-India-and-their-key-features

Confused in Buying a Car Insurance??

Have questions in mind like- which insurance product suits best for your CAR? What are the various Car insurance products available in India?

Don’t worry. We are here to address all your queries and explain in detail about different types of CAR insurance products available in Indian Market and which product suites best to your requirements.

Before we start let’s understand what is a CAR insurance and how does it protect your CAR from huge financial loss. As we know that an expensive property requires more safety against theft, damages, loss etc, and unfortunately if any of these events encounters, we incur a huge financial loss. Insurance product plays a vital role in mitigating the financial risks by covering some or complete cost of the property.

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10-best-benefits-of-holding-a-Liability-auto-Insurance

With the increase in the pace of life and the demand of speed in all the sector, one can not ensure the safety of himself and his property all the time. As you all know that the level of alertness and perfection are not consistent always, However, whenever we go on road every effort should be taken to drive carefully and responsibly.

But, if we all drive carefully, why would we have to see thousands of road accidents taking place every hour across the world and these figures are increasing rapidly with time.

In this world of uncertainty, everyone of us should be careful enough to safeguard ourselves against any unexpected event that may harm us physically as well as financially. Holding a right insurance policy can at-least contribute to protect you against any financial loss.

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What is a Auto liability insurance cover and how does it work in 2017

To understand auto liability insurance coverage, let us take a situation in which a person ‘X’ who is driving a car hits another vehicle due to his own mistake. In this situation the other vehicle has got damaged and the driver of the other vehicle has also got injured. As, the person ‘X’ is held  responsible for this accident he will be liable to pay the cost of the damages to both i.e. the physical damage of the car and the injuries caused to the driver of other vehicle.

Holding a Liability coverage, in this situation can help person ‘X’ to pay the damage cost against both the physical damage to car as well as the medical expense of the injured person. However if the person ‘X’ does not hold a liability insurance cover, he may have to pay all the bills from his own pocket. Therefore holding a insurance cover can save a huge amount in case of an unexpected event of accident.

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What-is-a-Property-damage-liability-insurance-and-how-does-it-work

Property damage liability insurance is a type of financial protection offered to you by an insurance company for accidental damage of other’s property while you are driving a car and unintentionally hit another vehicle or damage any external public or private property.

In this situation, you would be held responsible for the accident and the damages and therefore the cost of the overall damage would be recovered from your pocket. In case of massive accidents these costs could be extensively high and you might have pay completely from your savings or opt a personal loan to settle the claim amount. However, if you hold a Property damage liability insurance, most of your problems would be shorted out immediately and you would not encounter  more financial burdens  immediately after an accident for which you were held accountable.

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state-wise-list-of-legal-minimum-limits-on-property-damage-liability-cover-in-2017

Different states have different legal obligations on the minimum limits that a person should have while drive a vehicle. The minimum limit declared by the state government are decided based on various factors like the state's overall income turnover, the geographical location of the state, accidental risk profile, economic status of driving community, the inflation, taxes and other important factors.

A person who drives a vehicle in a particular state should always refer to the latest minimum required limit for property Damage Liability Cover in the state before going to the insurance provider. Holding a coverage equal or above these minimum  limits can protect you against legal charges and actions. Additionally, this minimum limit decided by the government  covers the most part in your settlement process and therefore provides financial protection to very large extent. A small or a medium level accidents are generally considered to be settled within these pre-defined limits.

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10 important factors to decide an ideal limit for your Property damage liability cover

Generally, the greater the limit the more secured the policy holder is. However, due to the premium cost involved in the maintenance of the insurance, one should target the limit practically by focusing on all the possible circumstances that the CAR may encounter. Assume, if you are new to driving and the streets to your office where you drive often are quite congested and there have been many instances of collisions in the past as well, you must opt for a higher limit.

However, if you possess a long term driving experience and you trust your driving skills, you can opt for a comparatively smaller limit. Anyone, who is interested to purchase a Property Damage Liability Cover must looks at all the below aspects for considering the limits:

  1. Years of Driving-

The more the years of driving experience you have the lesser you can invest in purchasing the policy.

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Bodily-injury-liability-insurance-cover

To understand ‘bodily injury liability’ let’s consider a situation when a person ‘A’ who is driving a car meets an accident due to his own mistake in which another person ‘B’ is injured severely. Now, the person ‘A’ would be held responsible for the incident and so there could be a legal obligation on person ‘A’ to provide complete compensation to person ‘B’ against the financial loss incurred on medical bills, surgery, medical equipment’s and many other miscellaneous costs.

Bodily injury insurance is basically a part of liability insurance coverage which offers a protection for other person’s injuries and death due to an accident in which the holder of the insurance policy is found guilty. A liability insurance coverage includes both bodily injury liability as well as physical property damage coverage.

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