Being the second largest road network in the world, India has over 21,00,23,289 registered motor vehicles in India till 2015 and several other unregistered vehicles. Having one’s car helps to increases one’s mobility and hence eliminates dependence on public transport. But with the increasing number of cars on the road, cases of road accidents and rule-breaking are increasing on a daily basis. The poor road conditions and a blatant disregard for traffic regulations make Indian roads one of the most dangerous in the world. Nearly 1400 accidents occur on Indian roads every day, out of which 37% of road accidents are caused due to over-speeding.
After considering these factors, it becomes important to get car insurance right after one buys a car. Motor insurance makes sense for a lot of reasons – in the interest of the safety of your car and also taking into consideration the current depreciating state of our roadways. You pay your premiums as an investment and they will pay off.
Here are some of the reasons to make you understand why signing up for car insurance is one of the best things that you can do for your cherished asset.
Car Insurance is mandatory in India
According to the Motor Vehicles Act, 1988, it is mandatory for every owner of a vehicle that uses public roadways in India, to take an auto insurance policy that covers the amount, which owner has to pay as he is legally bounded as a result of accidental death, bodily injury or damage to property. So, signing up for car insurance is the best option to stay away from the legal hassles.
Car Insurance pays for damage and reduces your liability
Let it be the damages caused by your vehicle or damages caused to your vehicle due to someone else’s negligence, paying for their repairs can set you back by a considerable amount of money. But with a car insurance, you need not pay for these damages by yourself.
The Third-Party Liability (TPL) Policy, which is mandatory in India, covers you against the complex legal consequences of an accident caused by you.
Car Insurance Pays for hospitalization
With swerve turns, improper road signals, no proper street lights, the presence of potholes, harsh drivers, animals roaming on street – driving in India exposes you to various risks. Not every car driver is fortunate, some accidents require hospitalization and proper treatment. Instead of paying the treatment expenses from your own pocket, make your motor insurance pay for these expenses.
Car insurance compensates the family after car owner’s demise
Car owner’s demise is the most unfortunate aftermath of an accident. Thus, making it difficult for his or her family to sustain the daily life. But if the car owner has taken a motor insurance policy, then it can help pay the family’s expenses in case of such an unfortunate event.
There are thousands of reasons which make car insurance a must-have. So, it’s better to understand its importance and signup for a car insurance policy today.
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