While your car is parked at your residence, there are some other possible damages for which you must have adequate coverage to compensate for the loss.
Within a month of the rollout of the COVID-19 vaccine in India, over 11 million healthcare and frontline workers have received the coronavirus jab in the country so far. The nation started distributing the second dose of coronavirus vaccine to beneficiaries from 13th February. In the next 8-10 months, the entire country is expected to receive COVID-19 shots. Once India becomes COVID-19 free, everything is expected to return to normal the way it was before 2020.
However, the ongoing pandemic has forced a few things to change forever and some of these things are for good with the most important being location-independent jobs. The COVID-19 pandemic has given people the ability to work from home or anywhere. Moreover, a recent report by BCG – ‘Workplace of the Future’ states that most organisations expect about 40 per cent of their employees to follow a work-from-home model in the future.
Significant Cut in Daily Driving
More people working from home means there will be more cars off the roads, resulting in much less traffic. Also, when you are not driving your car to the office every day, you do not need to invest in expensive comprehensive car insurance policies to protect your car from accidental damages that are mostly possible when you are taking your car on-road every day. These days, people who are sure that they will need to work from home for the next 7 – 8 months are on the lookout for insurance plans that provide them with the maximum coverage needed at the minimum price possible.
As per government rules, it is mandatory to have a third-party insurance cover for your vehicle. However, the Own-damage cover is subject to choice of the vehicle-owner. Now that you do not have to drive your vehicle to the office, you do not need to worry about accidental damages to your vehicle and you can just get a mandatory TP cover.
However, while your car is parked at your residence, there are some other possible damages for which you must have adequate coverage to compensate for the loss.
One very common incident with vehicles parked on roads is Theft. The cases of vehicle theft have been increasing by the year, which emerged as one of the fastest-growing crimes in India. According to the official data, there are about 100 cases of vehicle theft reported each day. And, the figures are going up day-by-day. Similarly, incidents of damage to cars due to fire are also very common. It has often been reported that cars parked alongside roads catch fire due to various reasons, which result in significant damages to the car.
Save on your premiums through TP + Fire + Theft Insurance Cover
Theft and fire accidents are for real and happen quite often. It is better to stay prepared for any adverse situation than to get the shock of your life on seeing your car damaged due to fire or get stolen. Since you cannot predict if you will be able to find the offender who damaged or stole your car, it is better to buy a Third Party + Fire + Theft insurance policy so that your motor insurance company can cover the damages caused. To help customers with this, Policybazaar has made available online with insurance products that are a combination of Third-party insurance and insurance for damages due to theft and fire. Commonly known as TP + Fire + Theft Insurance Cover, these plans cover you for Third Party damages and damages to your vehicle in case of fire or theft. Most importantly, these plans come at a lower cost and are available for a 50% cheaper own damage price versus the regular comprehensive motor insurance plans.
These plans are expected to be helpful to the salaried class people who are working from home and are only stepping out of their homes in case of any emergency. For the current situation, it is better to cover your vehicle under a TP + Fire + Theft Insurance Cover (instead of a Third party only plan) which promises you the required protection against possible damage to your vehicle. Also, through these plans, you can easily save a considerable amount versus comprehensive plans.
(By Sajja Praveen Chowdary, Head-Motor Insurance, Policybazaar.com)