Why is Motor Insurance Important

In most countries of the world including India, buying a motor insurance policy is also mandatory to take a motor insurance policy. 

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What is Motor Insurance?

Motor Insurance is actually a vehicle used for vehicles. Through the motor insurance policy, you can provide financial and legal protection from natural accident or loss of man-made Calamities.

In this way, the insurance company raises the responsibility of all kinds of expenses on your vehicle accident. Now with the motor insurance, third party liability insurance (compensating for any loss from the vehicle) has also started to be done.

Note: In general, motor companies, together with insurance companies, prepare auto insurance policies themselves. At the time of the sale of the vehicle, the customer is also given his insurance policy. There are different types of insurance plans according to the level of security and type of security offered with insurance.

Why is Motor Insurance Important?

Even if you drive a lot of skillfully, even if you need not take vehicles on crowded roads, getting vehicle insurance is a bargain for every situation. By ensuring your vehicle, you avoid these risks like these:

1.In the event of a loss to the third party loss

According to the Motor Vehicle Act applicable in India, it is mandatory for every vehicle to carry out third-party liability insurance. In the event of an accident, the damages caused by any other person from your vehicle (third party) are settled through third party insurance. These losses can also occur in the form of permanent injury or death. The damage done to another person's property is also paid under this third-party liability insurance.

If you have not kept the vehicle's third party insurance, you can get a penalty up to Rs 2000 or a 3-month jail. Even the two penalties can be given together as well.

Supreme Court orders long-term third party insurance

• Third party insurance mandatory up to five years for third party insurance and two-wheelers for three years while complying with the order of the Supreme Court, for the new four-wheeler vehicles, the mandatory third party insurance is mandatory.
• According to another order of the Supreme Court, without any insurance, if a vehicle causes the accident, then the vehicle from which the accident is due, should be compensated and sold.

2. To compensate for damage to the vehicle in the accident

In the event of an accident, the repair costs of your vehicle are compensated by Motor Insurance. This not only keeps you away from a sudden financial crisis but is also free from the hassles of repairing. Now many companies (especially car companies) have started providing roadside assistance. It helps you by reaching the spot (in an accident spot).

3. Impairment of loss due to natural disaster or another such event

When you are in auto insurance, you also get help on the damage caused by natural disasters or human calamities.

What kind of incidents include: Such incidents include road accident, fire in the car, natural calamity like earth quake, landslide, flood, storm Storm-hurricane, lightning, and so on. Similarly, human-borne disasters include fire, riots, terrorist attacks, explosion, theft and so on.

Looking at all these facts, it can be said that taking motor insurance is a sensible deal in every way.