Why Should Our Vehicle Have Insurance?

Driving a car is a big responsibility rather than a luxury. Even many people view driving as a status symbol, particularly in a nation like India where people value displaying their wealth. These days, owning a vehicle is not at all of a big deal thanks to rising income levels, and people can easily afford to own bikes and cars. It depicts a society’s status while also facilitating greater mobility and time savings. Driving also reduces reliance on public transportation.

It is true that driving has made our lives more comfortable, but it has also pushed us closer to a dangerous life. The phrase “The speedway ends at the cemetery” was said accurately. By driving at excessive speeds for the sake of show-off, people endanger not only their own lives but also the lives of others. Daily newspaper reports of accidents and fatalities are now fairly common. By disobeying traffic laws and driving immorally, people put other people’s lives in danger and lose their lives in road accidents. Furthermore, having a good motor insurance policy is crucial these days because of the high cost of repairs and the high cost of spare parts.

In order to protect the car and the driver against any physical harm in the event of an accident, motor insurance is typically bought for moving vehicles on the road. Purchasing motor insurance is crucial for a variety of reasons, including the following:

Mandatory by Law: The primary motivation for purchasing motor insurance is the fact that it is required by law. The Motor Vehicle Act mandates that third-party insurance be carried. The police have the right to check your car’s paperwork at any time, including the PUC, license, and insurance policy. You will get into trouble if you are unable to produce the required documents. Therefore, it is advised to purchase automobile insurance before you drive.

Loss and damage to the vehicle: Everyone is aware that people lack any kind of traffic management skills, and that almost every day there are collisions between vehicles that result in damage. The main benefit of having motor insurance is that it pays for any costs associated with losing or damaging your car. Therefore, it is always advisable to be safe and have motor insurance before riding your bike or driving your car on the road.

Having third-party liability (TPL) motor insurance, which is required in India, lessens your legal responsibility for any accidents you cause. TPL means that if you cause harm to another person or their property through an accident, your insurance will cover their medical expenses and shield you from liability.

Hospitalization: Not every car owner is fortunate enough to experience an accident with only minor cuts and bruises. You may need to be hospitalized if certain accidents put you in a challenging situation. Instead of you paying the high hospital and treatment costs out of pocket in that case, your car insurance provider will cover your hospital bills.

compensates your family after your passing: The worst outcome of a road accident is when a car owner dies as a result of one of the most terrible accidents. After the breadwinner policyholder passes away, it is difficult for his or her family to take care of their basic needs. A motor insurance policy therefore assists the family in covering costs in the event of an unfortunate circumstance.