Posted by Driving a car is not a luxury but a great responsibility. Many people even consider driving as a status symbol especially in a country like India, where people believe in showing off. With the increase in income, owning a car is not at all important nowadays and people can easily buy bikes and cars. It not only depicts the condition of the society but also increases mobility and thus saves time. Driving eliminates reliance on public transportation as well.
It is true that driving has made our life comfortable but at the same time it also pushes us towards a risky life. As someone rightly said, “The highway ends at the cemetery.” In the name of showing off, people not only put their lives in danger, but also harm others by speeding up their cars. Daily reports of accidents and deaths in newspapers are now commonplace. People lose their lives in road accidents due to violating traffic rules and not following driving ethics, and also endangering the lives of others. Moreover, the cost of spare parts along with the high repair costs hit your pocket which proves that having a good auto insurance policy is essential these days.
Vehicle insurance is primarily purchased for road vehicles with the primary objective of providing protection to the vehicle and driver from any physical damage in the event of an accident. There are many factors for which the purchase of car insurance is important:
Mandatory by Law: The main reason to buy auto insurance is that it is mandatory by law. According to the motor vehicle law, it is necessary to have third party insurance. The police have the right to check your car documents such as PUC, license and insurance policy, at any time. If you can’t provide the documents, you’re in trouble. Therefore, it is advisable to purchase car insurance before you hit the road.
Loss and Damage to Vehicle: We all know that people have no sense of driving at all and the kind of traffic management we have in our country, there is hardly a day when vehicles are not hit causing damage. The main reason to get car insurance is that it covers the expenses incurred due to any loss or damage to your car. Hence, it is always a good idea to be on the safer side and have car insurance before getting on your road bike or car.
Reduces Your Liability: Third Party Liability (TPL) auto insurance is mandatory in India, which protects you from the legal implications of an accident caused by you. TPL means that if you cause damage to another person and their property in an accident, the insurance will pay for the treatment and relieve you of the legal bearings.
Recovery: Not every car owner is lucky enough to have a few cuts and bruises in an accident. Some accidents put you in a difficult situation and you need to be hospitalized. In this case, your auto insurance company will pay your hospital bills, rather than paying your expensive hospital and treatment costs out of your own pocket.
Compensation for your family after your death: Some accidents are so horrific that they result in the death of a car owner, which is the most unfortunate outcome of a road accident. Once the holder of a livelihood document passes away, it becomes difficult for his/her family to meet their daily needs. Therefore, the auto insurance policy helps the family to bear the expenses after any unfortunate event.