Vehicle Insurance: A necessity or an option

There is always that second thought that says to you, “do you really need it?” Well, humans have compromised on something as basic and essential as health insurance, so, compromising of vehicle insurance doesn’t come as a surprise.

But, we give reasons why vehicle insurance is not an option but, a necessity especially in a country like India.

  1. Infrastructural glitches:

While the infrastructure is good in some part of the country, there are also roads that not in their best shape. This causes a high risk of road accidents and unforeseen events. Also, the safety measures aren’t up to the mark here in India. Hence, to keep your vehicle and finances safe, a vehicle insurance is a must.

2. It covers your liability for third party damages:

Taking a third party vehicle insurance covers you for the damages or injuries caused by you to the third party. But, this insurance will only cover a much as the sum assured. Anything more than that and you may have to pay from your pocket.

3. Protection to the driver and the occupants:

The vehicle insurance also offers cover and protection the driver and its occupants for any personal injuries or mishaps occurred during an accident.

4. Pays for tow:

An in-depth study of vehicle insurance will allow you to enjoy benefits such as payment of costs of accidents viz. like paying for towing charges, cost of an overnight stay in a hotel and transportation costs.

According to the law under the Motor Vehicles Act 1988, it a mandatory for a person who owns a vehicle to purchase a third party vehicle insurance. However, there is no mandate to purchase a comprehensive vehicle insurance as the premiums for this insurance tend to be higher than that of the normal vehicle insurance. But, a comprehensive vehicle insurance offers cover to take care of your damages caused to the occupants of the vehicle while the accident occurs.

For best insurance plans, check and compare the insurances online. See the possible offerings of the various vehicle insurances. This will give you a better idea of what all you may possibly have to look for while buying a vehicle insurance for your car.

Leave a Reply