Why is four-wheeler insurance a necessity? Besides the fact that car insurance is compulsory according to the law, this is a common question most of them ask. You have been paying your premiums yearly and been a good rider, making no claims. Considering you have been a safe rider, you might consider the insurance process an annual hassle, and hence, end up asking such questions. But one can never predict when something unfortunate might occur.
While you may be a safe rider, there is no guarantee that others are, and if you do get caught in an accident for not having the insurance could result in different consequences. If this were not enough to convince you, the following are the other reasons why you need auto insurance:
Pays for damages
As you are aware, four-wheelers are expensive. If you are in an accident owing to the third-party’s negligence and your vehicle gets damaged, you need to bear the repair costs in the absence of insurance. The car insurance policy protects you from additional damages, repairing a broker windshield, or cost of a major mechanical repair due to collision and more. If you have the insurance, the repair costs for significant damages due to an accident gets borne by the insurer.
Reduces financial and legal liabilities
According to the Motor Vehicle Act of 1988, buying a basic third-party liability insurance policy is mandatory. Any insurance plan, for that matter, offers protection against legal and financial liabilities if you cause an accident that injures a third-party person or asset. In such scenarios, your insurer takes care of the injured party treatment’s financial responsibilities while protecting you from the legal repercussions arising due to the incident.
Pays for treatment
The answer for buying car insurance online or offline is you get covered by the policy if you need hospitalization. Suppose you get caught in an accident where you suffer some serious injuries or fractures. Now, in these scenarios, you require treatment that lasts for days. If you hold valid vehicle insurance, you need not worry about the hospitalization and medical expenses as they get borne by the insurer.
The deceased party receives compensation
Suppose one gets caught in a major accident that results in the policyholder’s death. It results in severe consequences, especially if the deceased is the primary breadwinner of the family. In such events, the deceased family receives compensation from the insurance provider.
Why has the Indian Government made car insurance compulsory?
It might sound harsh, but the fact remains that traffic management and infrastructure is far from ideal in India. This has made sure you hold four-wheeler insurance. While negligence in driving is the primary cause of road accidents, there are often reports we read of potholes causing jams, bridge collapses, and vehicular damage. This proves there is a lack of safety practices which increases the chances of road accidents.
India also ranks high in the list of countries with maximum road fatalities and death. Besides, everyone’s purchasing power is increasing every day, and more of them are becoming vehicle owners every passing day. Since the risk levels are high, and your vehicle is your asset, whose protection is in your hands, the need for buying online car insurance is self-explanatory.