An insurance policy is a contract in which financial protection is given to an individual or entity against any form of losses incurred. Driving involves a real risk to all of getting involved in an accident. It can lead to injuries, serious trauma and even death in some cases.
You might have heard the term IRDA before, the term is an abbreviation, and its full form is – Insurance Regulatory and Development Authority. The authority oversees the functioning of the life insurance industry and general insurance companies operating in the company, and acts as the regulator of the insurance industry in India. Protecting the interest of the policy holders and regulating the insurance industry is the main objective of the IRDA.
With the varying premium prices offered by different companies, it is best to get at least three price quotes before finalizing one. However, do not just go by price alone. Check with friends and family, go through online recommendations and check the financial health of the companies with different companies.
Auto insurance helps in keeping us safe and secure while driving on the road. It is also mandatory in India and that is one of the major reasons why most people do not pay much attention to the insurance details.