With the rising numbers of on-road accidents, having the best car insurance policy certainly calls for an immediate action. However, if you are still wondering why you should buy car insurance policy, let me give you some reasons.
- Compulsory by Law
The third party liability is the core reason behind this mandate. A motor vehicle running in a public space can cause various damage or loss to the life and property of others. Third party liability only policy covers such liabilities such as third party death, bodily injury and property damage borne by the insurer. This is the reason why no vehicle own car drive their car on road without this cover.
- Covers Third Party Legal Liability
As per the Motor Vehicles Act 1988, it’s mandatory by law that all owners of motor vehicles at least buy the third party car insurance policy. This policy helps you get away from any legal consequences that could arise due to damages caused to a third party person/property on the part of your fault.
- Covers Own Damage
The repairing of a vehicle is a costly repair. It is for most of the time that you need to pay for the damages from your own pocket. Buying a motor insurance can help you save this cost since your motor insurance company will pay for the damages or repairing for your vehicle.
- Protection against Act of God
Who will you complain in case your car is damaged to an extreme extent due to earthquake, hurricane, storm, cyclone, etc.? Such circumstances will certainly result in huge damage to your vehicle. However, you won’t have to worry since the motor insurance will provide financial protection by taking care of these losses and damages within the scope of the policy.
- Protection against Non Accidental Incidents
Car insurance policy not only protects your vehicle against accidental damages but also offers covers you financially in the event where your vehicle is vandalized or even stolen. Having a motor insurance policy will empower you with the financial assistance to stand up against such losses.
- Financial Peace of Mind
Car insurancecertainly brings you an ultimate peace of mind both financially and mentally. However, not having motor insurance policy can have you face some distressing circumstances. Remember that being safe is better than being sorry. For many people, the uninsured loss of a motor vehicle can completely turn their lives upside-down.