Driving a car isn’t a luxury, but a huge responsibility. Driving is a status symbol for many, especially in India where people are proud of their cars. A vehicle is no longer a luxury. People can afford cars and bikes because of the rising income levels. It not only shows the society’s status but also allows for greater mobility and saves time. Driving eliminates dependency on public transport.
Driving has been a blessing in our lives, but it can also make us more dangerous. Someone rightly stated that the speedway ends at a cemetery. People who speed their cars too fast can not only endanger their lives but also cause harm to others. Daily newspaper reports on accidents and deaths are commonplace. Road accidents are a common way for people to lose their lives. By breaking traffic rules, they put others’ lives at risk. You will also need to pay high repair and replacement costs. This is why it is important to have a Motor Insurance policy.
Motor insurance is generally purchased for vehicles that are on the road. It serves the primary purpose of protecting the driver and vehicle from any injuries or damages in an accident. Motor insurance is essential for many reasons.
Motor Insurance is Mandatory: This is the main reason why you need to purchase Motor Insurance. It is required to have Third-party insurance according to the Motor Vehicle Act. Police have the right at all times to inspect your vehicle’s documentation, including license, PUC and insurance policy. You will be charged if you fail to produce documents. It is recommended that you purchase motor insurance before you drive.
Vehicle damage or loss: Most people don’t have any driving sense. With the amount of traffic management in the country, it is almost impossible to avoid vehicles causing damage. Motor insurance covers any damage or loss to your vehicle. It is always safer to have motor insurance before you ride your bike or car on the roads.
You can reduce your liability. Third Party Liability (TPL), motor insurance, is mandatory in India. This protects you against the legal consequences of an accident you caused. TPL is a policy that covers you if you cause injury to another person or their property as a result of an accident.
Hospitalization: Not everyone who drives a vehicle is able to avoid serious injuries. You may need to be admitted after an accident. Your motor insurance company will pay for your hospital bills instead of you paying the expensive hospital and treatment fees out of your own pocket.
Your family will be compensated for your loss. After the policy holder dies, it is difficult for their family to meet their daily needs. A motor insurance policy can help the family cover expenses in the event of an unfortunate accident.