In India, around 4 lakh people are involved in accidents. Mishaps in road accidents are moving up at a yearly compounded rate of 4%. The rising and unfortunate statistical data along with the poor condition of roads makes vehicle insurance an essential requirement. As per the Indian law, Motor Insurance is compulsory. This insurance offers financial cover not just to you, but it also includes damages to the third party. Vehicle insurance also saves you from losses occurring to the motor vehicle due to natural calamities such as the earthquake, cyclone, etc.
Why is Motor Insurance needed?
An accident can happen to anybody even if the driver of the car is not at fault. An accident big or small may cause damage to the person and also to the car so having insurance can be very beneficial in such severe circumstances. Here are some more reasons that make car insurance essential.
It pays for car replacement if it is theft.
Could you instantly afford to purchase another car in case yours was stolen but not recovered? If your answer is no, you must probably have all-inclusive coverage. And in case you have financed your car, your lender likely wants you to get a policy.
Cars are not only expensive but paying for their repairs is also costly. In some cases, your car may be damaged because of somebody else’s carelessness. A vehicle colliding with yours or you struggling to avoid a jaywalker and crashing into a wall, or a stray cricket ball breaking your windshield can take you down by a significant amount of money. But, if you already have car insurance, you need not pay for such repairs by yourself.
It reduces your liability.
Purchasing Third Party Liability motor insurance coverage is compulsory in India. This policy covers you from the legal consequences of an accident happened by you. For instance, in case you happen to make an accident which results in damages to third party person’s property or harms another pedestrian or driver, the policy will save you from the legal consequences of this case and pay for their treatment too.
Its charges are less when bought online
Purchasing vehicle insurance online results in lesser premiums and thus results in a cheaper policy. This is due to the reason that the insurer has lower operating fees when transacting on the Internet, and is contented to pass on the piece of money saved on disbursing commission to the broker, to the client. The online purchase of motor insurance has other advantages, such as paying premiums without any paperwork involved and instant renewal of the policy.
Your Medical Expenditures gets covered
When you get a comprehensive motor insurance, even your expenses of medical arising out from an accident are taken care of by the policy.
Having no stress concerning your car accident and damages will assist you to stay more relaxed at the time of driving.
So, these were the main benefits or reasons that show you why motor insurance is necessary. You are recommended to get the best coverage as soon as possible.