Benefits of having a Car Insurance

Benefits of having a Car Insurance

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Accidents and mishaps on roads are unfortunate events that might occur on roads. They can leave a tremendous lifetime burden if you are uninsured. Haste and negligence along with poor infrastructure and lack of safety practices make us at the risk of road accidents in India.

One may be a good driver but the risk of falling under someone else’s negligence cannot be ignored. It is always beneficial to have a car insurance to relieve the financial and mental stress. The Motor Vehicle’s Act, 1988 also mandates having a car insurance for every category of the motor vehicle including a third party insurance. A comprehensive motor insurance policy would cover your vehicle damages and also the damage to the occupants in your vehicle in case of an accident. It is mandated to keep the document in the vehicle at all times. A comprehensive motor insurance policy covers your liability for third-party damages and any vehicular damages that would have happened in case of an accident. The insurer would pay to repair or replace whichever would be required to reinstate your vehicle in good condition within the insured limit. It also protects the driver and the occupants of the vehicle for any personal injury sustained as a result of the accident. Considering these factors it is important that one must get a motor insurance policy for the motor vehicle.

Insurance covers much more than just collisions. These days a comprehensive policy may also include cover for geographical extension as well as the electronics in a car. One cannot predict what can happen in the future and therefore it is not only mandatory but also important to possess a car insurance in India.

Car Insurance

What are the benefits of car insurance?

Auto insurance provides coverage for:

  • Property – such as damage to or theft of your car.
  • Liability – your legal responsibility to others for bodily injury or property damage.
  • Medical – the cost of treating injuries, rehabilitation and sometimes lost wages and funeral 

Why is insurance important for cars in India?

The vehicle is protected from accidental damages, natural calamities, man-made disasters, in-transit damages, etc. Additionally, the owner-driver of the insured vehicle is offered personal accident cover that protects him/her from accidental injuries or death.

Is car insurance really necessary?

Having car insurance is required by law in most states. If you are at fault in a car accident, the auto liability coverage required on your car insurance policy helps pay for covered losses, such as the other party’s medical bills and damage to their vehicle or other property that results from the 

Which car insurance is mandatory?

In India, as per the Motor Vehicles Act, it is mandatory that all vehicles that operate in any public space must have a motor vehicle insurance cover. Policyholders must have at least ‘third party liability’ motor insurance cover even when opting for the basic insurance plan.

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