motor insurance is meant for cars, two wheelers and other road vehicles. A motor package policy protects the insured vehicle against the damages caused due to accidents and natural disasters. In addition to the own vehicle damage, motor vehicle insurance also provides the mandatory coverage for third-party liabilities. Simply put, a comprehensive vehicle insurance allows for worry-free drives by curbing your vehicle repair expenses and helping you adhere to the law when on road.
Having valid motor insurance is compulsory in India to protect vehicle owners from potential financial risks. It is the best
form of security that you can acquire to prevent significant expenses that result after an accident. The Government poses
the compulsion for the safety of the individuals who travel via motor vehicles daily. No one can deny that
buying a vehicle is the second most expensive investment in a person’s life after home. Thus, protecting the investment against unforeseen events is crucial. Considering the hike in the vehicle repair charges and the risks
involved in driving, an unfortunate accident can put a big hole in your pocket.
WHY MOTOR INSURANCE?
1.Legal Requirement- The first reason is, of course, to follow the laws and regulations of the Government. A
person should oblige to buy a motor insurance policy with minimum coverage before taking the vehicle out on the road.
2. Third-party Damage Coverage- With sufficient coverage, you can pay for the damages that occurred after a collision with a third-party. Without motor insurance, you’ll have to pay from your pocket, and an appropriate amount of coverage can take care of such expenses.
3. Security Against Theft- Theft is one of the most significant threats on a vehicle. But with a vehicle insurance
policy, you are protected against theft, vandalism, and all man-made harmful activities.
4. Damage Expense Coverage- Paying outright for vehicle damage repairs will affect your financial condition.
However, you can pay for such damages with the insurance even though the amount is hefty as long as you have enough coverage.
5. Insurance against PersonalInjuries- Not every vehicle owner is lucky to get out of accidents without
suffering from injuries. The motor insurance policy will pay for all the minor and major injuries that might occur due to accidents.