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While motor insurance is an essential expense to protect you and your vehicles, you can always find ways to make it less costly than it has to be.
The ever-ascending inflation rate has made all of us cut corners wherever possible to keep up with our essential expenses – one of them being our vehicle and its upkeep. There are certain costs associated with the vehicle that cannot be avoided, like – fuel, servicing, and motor insurance. Irrespective of your usage of the vehicle, motor insurance is a mandate by law that the vehicle owner has to comply with. Aside from being a lawful mandate, motor insurance is a thoughtful investment to secure one of your most prized possessions.
Accidents are far too common on Indian roads and motor insurance is your shield against the damages arising out of them. Third-party insurance is a legal mandate, so its purchase is not optional. Coming to own damage cover, new car owners have to abide by the law of mandatory 1-year comprehensive+3 year TPI policy at the time of purchase. This essentially means that the owner only has to buy a Standalone Own Damage cover for the second and third years. While motor insurance is an essential expense to protect you and your vehicles, you can always find ways to make it less costly than it has to be.