Why Do We Need an Insurance for Our Vehicle

Driving a vehicle is not a luxury rather it is just a big responsibility. Even a lot of people consider driving being a status symbol specifically in a country like India, where people have faith in showing off. With the increasing income slabs, developing a vehicle may not be a big deal more recently and people can certainly afford to have bikes and cars. It not merely depicts the status of the society but increases the mobility and therefore saves time. Driving is eliminating the need for the public transport too.

It is valid that driving makes our lives comfortable but as well it also pushing us towards a perilous life likewise. As someone rightly declared “The speedway ends in the cemetery”. On the name of show-off, people besides put their own life into danger and also hurt others too by over-speeding their vehicles. The daily reports of accidents at the same time as deaths from the newspaper is currently a common thing. People are losing their lives in road accidents by revealing the traffic rules and also by not following your driving ethics in addition they put life of others in peril. Moreover, the expense of spare parts combined with high repair costs squeezes your pocket which proves that which has a good Motor Insurance policy is vital these days.

Motor Insurance is mainly purchased to the vehicles running on the highway with the primary objective of providing a protection to your vehicle as well as the driver against any physical damage in case there is accident. There are many factors for the purpose buying a Motor Insurance is important:

Mandatory by Law: The foremost reason of getting a Motor Insurance is that it’s compulsory lawfully. According for the Motor Vehicle Act, it’s mandatory to get a Third-party insurance. The police possess the right to look at the vehicle’s documents like PUC, license and insurance coverage, at any point of your time. If you are not able to provide documents, you may be in trouble. So, it’s advisable to get a motor insurance before you decide to hit the trail.

Loss and Damage to your vehicle: We all know how the people have no driving sense at all along with the kind of traffic management we have now in our country, there is certainly hardly a day you without banging of vehicles cause damages. The main reason for having motor insurance policies are that it covers the prices incurred caused by any loss or problems for your vehicle. Hence it can be always good being on a safer side this will let you motor insurance before riding your bike or car on roads.

Reduces your liability: Third Party Liability (TPL) motor insurance plan is mandatory in India, which protects you the legal implications associated with an accident a result of you. TPL implies that if you cause damage caused to a new person and his/her property within an accident, the insurance plan will pay for their treatment and save from the legal bearings.

Hospitalization: Not every vehicle owner is sufficiently fortunate to get just few cuts and bruises in the accident. Some accidents generate a difficult situation so you need for being hospitalized. In that situation, your motor insurer will pay your hospital bills, rather than shelling out the high hospital and treatment costs from the own pocket.