Vehicle Insurance

What Is the Purpose of Vehicle Insurance?

Driving a car is a significant responsibility rather than a leisure. Many individuals regard driving as a status symbol, particularly in India, where people pride themselves on their ability to flaunt their wealth. With rising income levels, owning a vehicle is no longer a prohibitive expense, and people can readily purchase motorcycles and automobiles. It not only reflects a society’s status, but it also improves mobility and thus saves time. Driving also eliminates the need for public transportation.

True, driving has made our lives easier, but it has also pushed us into a potentially dangerous lifestyle. “The speedway finishes at the graveyard,” as someone wisely put it. People who over-speed their vehicles in the name of show-off endanger not only their own lives but also the lives of others. Accident and death reports in the press on a daily basis are becoming commonplace. People are dying in road accidents as a result of violating traffic laws and failing to observe driving ethics, putting the lives of others at jeopardy. Furthermore, the high cost of spare parts, combined with the high cost of repairs, puts a strain on your wallet, demonstrating the importance of having a decent Motor Insurance coverage these days.

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Motor insurance is mostly obtained for automobiles on the road with the primary goal of protecting the vehicle and the driver from physical harm in the event of an accident. Purchasing motor insurance is necessary for a variety of reasons:

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The primary reason for purchasing a Motor Insurance policy is that it is required by law. The Motor Vehicle Act stipulates that third-party insurance is required. The police have the right to verify your vehicle’s documentation at any time, including the PUC, license, and insurance policy. You will be in serious danger if you are unable to submit documents. As a result, it’s a good idea to get a car insurance policy before hitting the road.

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Vehicle loss and damage: We all know that individuals have no driving sense, and with the kind of traffic management we have in our nation, there is seldom a day that goes by without vehicles colliding and causing damage. The main benefit of getting motor insurance is that it covers the costs of replacing or repairing your vehicle if it is stolen or damaged. As a result, it is always a good idea to be cautious and get motor insurance before riding your bike or driving your automobile on the road.

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Reduces your liability: In India, third-party liability (TPL) motor insurance is required, and it shields you from the legal consequences of an accident that you caused. TPL means that if you cause damage to another person’s property or cause damage to another person’s property in an accident, the insurance will pay for their treatment and protect you from legal liability.

 

Hospitalization: Not every driver is fortunate enough to escape a collision with only minor wounds and bruises. Some accidents put you in a dangerous condition and require hospitalization. In that case, rather of paying the hefty hospital and treatment fees out of pocket, your auto insurance provider will cover your medical bills.

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Compensation for your family after your death: Some accidents are so bad that they result in the death of the automobile owner, which is the most tragic event of a road accident. When a bread-earning policyholder passes away, his or her family finds it difficult to meet their daily demands. As a result, an automobile insurance coverage assists the family in bearing expenditures in the event of an unpleasant event.

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