Motor insurance is a mandatory insurance policy for vehicles like cars, trucks, bikes, scooters, and jeeps. It provides coverage to the vehicle owner or driver against financial losses that may arise from accidents or damages. In India, having valid motor insurance is compulsory to protect vehicle owners from potential financial risks. The government mandates it for the safety of individuals who use motor vehicles.
Buying a vehicle is the second most expensive investment in a person's life after a home. Therefore, protecting the investment against unforeseen events is crucial. With the hike in vehicle repair charges and the risks involved in driving, an unfortunate accident can put a big hole in your pocket. The yearly premiums that you pay for a motor insurance policy are minimal compared to the protection and advantages that the coverage offers you in case of mishaps. Although many misconceptions surround the policy, it will most certainly compensate you for physical damage that arises under different circumstances.
Driving in India has many associated risks, considering there are millions of people who own a driving license, and at least one vehicle in every household. Vehicles have become a crucial means of transportation, eliminating people's need to travel via public transport. However, an increased number of private vehicles also increases the risk of road accidents and rule-breaking. Therefore, owning a comprehensive motor insurance policy becomes critical. Here are some reasons why you should buy a vehicle insurance policy: