The responsibility that comes with operating a vehicle makes it anything but 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 not only reflects the state of a society, but it also makes people more mobile, which saves time. Driving also reduces reliance on public transportation.
Driving has undoubtedly improved the comfort of our lives, but it has also exposed us to danger. As someone rightly said that “The speedway ends at the cemetery”. People who drive at excessive speeds in order to show off endanger not only their own lives but also the lives of others. It is now commonplace for newspapers to publish daily reports of deaths and accidents. By disobeying traffic laws and driving immorally, people put other people’s lives in danger and lose their lives in road accidents. A good motor insurance policy is now absolutely necessary because of the high repair costs, the cost of spare parts, and other expenses.
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. There are many factors for which buying a Motor Insurance is important:
Mandatory by Law: The primary motivation for purchasing motor insurance is the fact that it is required by law. Third-party insurance must be carried, as required by the Motor Vehicle Act. 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 can’t provide the necessary documentation. Therefore, it is advised to purchase automobile insurance before you drive.
Loss and damage to the vehicle: It is common knowledge that people lack any sense when it comes to driving, and given the way traffic is managed in our nation, there hardly ever seems to be a day that doesn’t end with a vehicle being damaged by another vehicle. The main benefit of having motor insurance is that it pays for any costs incurred as a result of your vehicle being stolen or damaged. So, before you ride your bike or drive your car on the road, it’s always a good idea to be safe and have motor insurance.
Having third-party liability (TPL) motor insurance, which is required in India, lessens your legal responsibility in the event that you are at fault for an accident. TPL entails that your insurance will cover any medical expenses and shield you from liability if you accidentally cause harm to another person or his or her property.
Hospitalization: Not every vehicle owner is fortunate enough to experience an accident with only minor cuts and bruises. Accidents can put you in a tough situation, requiring hospitalization. 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.
Pays your family compensation after your death: The most tragic result of a road accident is the death of a car owner, which is compensated for by insurance. After the breadwinner policy holder passes away, it is difficult for his or her family to take care of their basic needs. Because of this, having auto insurance makes it easier for the family to cover costs in the event of an unfortunate incident.
