Why Do We Want an Insurance for Our Vehicle?

Driving a vehicle shouldn’t be a luxurious rather it is a big responsibility. Even many people consider driving as a standing image especially in a country like India, where folks imagine in showing off. With the rising income slabs, having a vehicle is not at all a big deal now a days and people can simply afford to have bikes and cars. It not only depicts the standing of a society but also increases the mobility and therefore saves time. Driving is eliminating the dependency on the public transport too.

It’s true that driving has made our lives comfortable however on the identical time it also pushing us towards a perilous life as well. As somebody rightly said that “The speedway ends at the cemetery”. On the name of show-off, folks not only put their own life into hazard but also harm others as well by over-speeding their vehicles. The day by day reports of accidents as well as deaths within the newspaper is now a common thing. Individuals are losing their lives in road accidents by breaking the traffic rules and by not following the driving ethics in addition they put lifetime of others in danger. Moreover, the price of spare parts along with the high repair prices squeezes your pocket which proves that having an excellent Motor Insurance coverage is essential these days.

Motor Insurance is principally purchased for the vehicles running on the roads with the first goal of providing a protection to the vehicle and the driver against any physical damage in case of accident. There are lots of factors for which buying a Motor Insurance is important:

Obligatory by Law: The foremost reason of buying a Motor Insurance is that it is obligatory by law. According to the Motor Vehicle Act, it is obligatory to have a Third-party insurance. The police have the correct to check your vehicle’s paperwork like PUC, license and insurance coverage, at any point of time. In case you are unable to provide paperwork, you will be in trouble. So, it is advisable to purchase a motor insurance before you hit the road.

Loss and Damage to the vehicle: We all know that the people haven’t any driving sense in any respect and the kind of visitors administration we have now in our country, there is hardly a day you without banging of vehicles cause damages. The principle reason for having motor insurance is that it covers the expenses incurred due to any loss or damage to your vehicle. Therefore it is always good to be on a safer side and have a motor insurance before driving your bike or car on roads.

Reduces your liability: Third Party Liability (TPL) motor insurance is obligatory in India, which protects you from the legal implications of an accident caused by you. TPL signifies that when you cause damage caused to another particular person and his/her property in an accident, the insurance will pay for his or her therapy and prevent from the authorized bearings.

Hospitalization: Not each vehicle owner is lucky sufficient to get just few cuts and zanussi01 bruises in an accident. Some accidents put you in a difficult situation and you might want to be hospitalized. In that situation, your motor insurance firm will pay your hospital bills, instead of shelling out the high hospital and treatment costs from your own pocket.

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