About Motor Insurance
Motor insurance is a vehicle insurance policy that is mandatory for vehicles like trucks, cars, jeeps, bikes, scooters, etc. This policy offers coverage to the vehicle owner/driver against financial losses that may occur due to accidents or other kinds of damages.
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.
The yearly premiums that you pay for the motor insurance policy are meagre as compared to the advantages and protection the coverage will offer you in case of mishaps. Though there are many misconceptions regarding the policy, it will most certainly compensate you against the physical damage that arises under different circumstances.
Why Should You Buy a Vehicle Insurance Policy?
Believe it or not, driving in India has many associated risks. Millions of people own a driving license, and there is at least one vehicle in the household. Vehicles have become a crucial means of transportation, eliminating people’s need to travel via public transport. At the same time, we also know that an increased number of private vehicles also increases the risk of road accidents and rule-breaking. Accounting for such factors, it becomes critical to own a vehicle insurance policy. Besides that, let’s review the primary reasons to buy a comprehensive motor insurance policy.
- 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.
- 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.
- 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.
- 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.
- Insurance against Personal Injuries: 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.
Car Insurance
A car insurance policy is mandated by the Motor Vehicles Act, 1988. The policy covers any financial liability which arises when a third party is injured or killed due to the car.
Two Wheeler Insurance
Two Wheeler insurance is an insurance policy which protects you, your two wheeler and an affected third party from financial losses arising out of an unforeseen incident.
Commercial Vehicle Insurance
A commercial vehicle insurance policy is a type of insurance policy that protects the policyholder from any unforeseen arises from the accident.