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Car insurance is an insurance policy taken by vehicle owners to mitigate the risks associated with a vehicle in case of an accident or theft. Auto insurance is also referred to as Car insurance. Under this policy, the insurer pays the costs incurred by a vehicle owner in such events in return for the premium paid by the vehicle owner annually. Certain policies also cover any damage caused to a third party or property. Obtaining auto insurance is mandatory in India.
Driving a vehicle comes with its share of risks especially in a country like India which is notorious for reckless driving. In such a case, you will need a water-tight Car insurance policy in place which will pay for the costs. There are five key reasons why you must ensure that you select the right policy suited to your needs:
In the unfortunate event of your death due to a motor vehicle accident, your survivors can also claim for payment of the insured amount under an auto insurance policy.
Knowing that your vehicle is insured, you can drive around with a peace of mind, without being trapped in the constant fear that you will have to incur considerable costs in case of any damage to your car.
Unlike the tax benefits associated with other insurance policies, there is a catch involved when it comes to claiming tax benefits for a motor insurance policy. You are eligible to claim a tax deduction only when the vehicle is being used for commercial or business purpose. If the vehicle is being used for personal purpose, you will not be eligible to claim a tax deduction. While claiming the tax deduction when the car is being used for business purpose, one has to justify that there is no personal use involved in the same. Another essential point to be noted is that when a vehicle is being used partly for personal use and partially for commercial use, then the tax deduction can be claimed in proportion to the time for which the vehicle is being used for business purpose. To illustrate, if a vehicle is being used for 10 hours in total where 5 hours is for personal use and 5 hours is for business use, then the insured can claim the tax deduction for the 5 hours for which the vehicle has been used for a business purpose.
To claim the tax deduction, the insured must maintain all the documents such as fuel receipts, invoices for expenses for the car and premium receipts carefully.
You may be investing a lot of time and research to decide which vehicle you want to buy. But it is equally essential to ensure that you also procure the right auto insurance policy as that is going to be a real life-saver in various situations. That is why, you may want to cosider an Car insurance policy from Liberty General Insurance.
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