Why Do We Want an Insurance for Our Vehicle?

Driving a vehicle will not be a luxury reasonably it is a big responsibility. Even many individuals consider driving as a standing symbol particularly in a country like India, where folks imagine in showing off. With the rising revenue slabs, having a vehicle is not at all a big deal now a days and other people can simply afford to have bikes and cars. It not only depicts the standing of a society but also will increase the mobility and hence 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 deadly life as well. As somebody rightly said that “The speedway ends on the cemetery”. On the name of show-off, folks not only put their own life into danger but in addition damage others as well by over-speeding their vehicles. The daily reports of accidents as well as deaths in the newspaper is now a typical thing. Individuals are losing their lives in road accidents by breaking the site visitors guidelines and by not following the driving ethics additionally 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 a great 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 driving force in opposition to any physical damage in case of accident. There are a lot of factors for which buying a Motor Insurance is necessary:

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

Loss and Damage to the vehicle: We all know that the folks don’t have any driving sense at all and the kind of site visitors management we have in our country, there’s hardly a day you without banging of vehicles cause damages. The main reason for having motor insurance is that it covers the expenses incurred on account of any loss or damage to your vehicle. Hence it is always good to be on a safer side and have a motor insurance earlier than using your bike or automobile 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 means that should you cause damage caused to another person and his/her property in an accident, the insurance will pay for his or her treatment and prevent from the legal bearings.

Hospitalization: Not every vehicle owner is lucky sufficient to get just few cuts and bruises in an accident. Some accidents put you in a troublesome situation and you’ll want to be hospitalized. In that situation, your motor insurance firm will pay your hospital bills, instead of shelling out the high hospital and therapy prices out of your own pocket.

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