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Why Do We Important An Insurance For Our Car?

Why Do We Important An Insurance For Our Car?

Driving a vehicle is not a luxury but a great responsibility. Even many people consider driving as a status symbol especially in countries like India, where people believe in showing off. With rising income slabs, owning a car is not a big deal these days and people can easily afford bikes and cars. It not only depicts the state of a society but also increases mobility and hence saves time. Driving is also eliminating dependence on public transport.

It is true that driving has made our life comfortable but at the same time it is pushing us towards dangerous life. As someone rightly said that “the speedway ends in the graveyard”. In the name of show-off, people not only put their own lives in danger, but also hurt others at high speed. Accidents as well as deaths are now a daily occurrence in newspapers. People are losing their lives in road accidents by violating traffic rules and endangering the lives of others by not obeying driving rules. Moreover, the high cost of repairs along with the cost of spare parts puts pressure on your pocket which proves that having a good motor insurance policy is essential these days.

Motor insurance is mainly purchased for road vehicles with the primary objective of protecting the vehicle and the driver against any physical damage in the event of an accident. There are many reasons why buying a motor insurance is important:

Compulsory by law: The main reason for buying a motor insurance is that it is compulsory by law According to the Motor Vehicle Act, third party insurance is compulsory. The police have the right to check your vehicle documents such as PUC, license and insurance policy at any time. If you can’t provide the documents, you will be in trouble. Hence, it is advisable to buy a motor insurance before hitting the road.

Vehicle damage: We all know that people have no driving sense and with the kind of traffic management we have in our country, you will never face any damage except vehicle collision. The fundamental justification for having engine protection is that it covers the costs brought about because of any misfortune or harm to your vehicle. So it is always better to be safe and get a motor insurance before driving your bike or car on the road.

Reduces your liability: Third Party Liability (TPL) motor insurance is mandatory in India, which protects you from the legal ramifications of an accident caused by you. TPL means that if you damage another person and their property in an accident, the insurance will pay for their medical treatment and protect you from legal liability.

Hospitalization: Not every car owner is lucky enough to get just a few cuts and bruises in an accident. Some accidents put you in a difficult situation and you need to be hospitalized. In this scenario, your motor insurance company will pay your hospital bills, instead of you having to bear the high hospital and medical expenses out of your own pocket.

Compensates your family after your death: Some accidents are so terrible that it results in the death of a car owner, which is the most unfortunate consequence of a road accident. Once the breadwinner dies, it becomes difficult for his family to meet their daily needs. Therefore, a motor insurance policy helps the family bear the expenses after any unfortunate incident.

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