Motor Insurance
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Motor Insurance
Vehicle insurance or motor insurance is a type of insurance policy which safeguards you financially in case your vehicle (car or two-wheeler) sustains damages due to natural or man-made calamities such as earthquake, flood, lightning and theft among others. Working of motor insurance is pretty simple.
You pay a certain amount as premium in lieu of which the insurer offers coverage. The premium amount depends on many factors, including the car model, its age, accessories, driving pattern, etc. Read on to know why motor insurance is important in India and its benefits.
Reasons why motor insurance is important:
Offers a financial cushion in the event of a mishap
Motor insurance offers you a financial cushion in case your vehicle is damaged due to accident, earthquake, lightning, floods, etc. Note that getting your vehicle in shape post these events can cost a lot of money. However, things are different with a motor insurance plan.
Also, vehicle insurance reimburses expenses incurred in case you suffer bodily injuries because of an accident. In other words, it compensates for hospitalisation expenses due to an accident involving your vehicle.
Takes care of third-party liability
This is another reason as to why vehicle insurance is important. It takes care of third-party liability arising due to damages suffered by a third party involving your vehicle.
To put it otherwise, your insurer pays for the treatment incurred by a third-party, thus protecting you from legal litigations.
Mandatory by law
Any vehicle running on Indian roads has to have motor insurance, especially third-party liability cover. Not having insurance cover can led to a severe penalty. On the other hand, having a motor insurance gives you the peace of mind as you know you have a back up in case your vehicle sustains damages of any kind.
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