Is Motor Insurance in India Really Needed or Beneficial?
Insurance is like an investment for the future or when suddenly an unforeseen situation arises. Bad incidents can happen any time and it is not necessary that we would be prepared for it every time, and this is the reason the Indian government has made insurance mandatory for every citizen. This insurance money can be used by the individuals whenever any bad incident occurs.
Motor insurance is one such scheme that has been implemented by the government of India under which it is mandatory to take insurance in the name of vehicle. However, many people have always asked whether it is really useful or not, and today we will discuss the same.
Legal liability is covered towards third parties
When we are traveling in our vehicles, there are chances of mishaps and if the mistake is made by us, then it becomes our liability to take the expense of the other party involved in the accident. In this case, only a car or motor insurance can help you as it will take care of the expenses incurred in the accident.
Damage of your vehicle is covered
Now, when your vehicle is involved in an accident, then there will be damages to your car and suddenly if you get big bills, it may become a big burden. During this time, your car insurance will come as a savior because all the expenses on your car repair will be taken care by it.
Motor insurance covers damages that have occurred during fire, explosion, case of burglary, riot or strike, earthquake, terrorist attack or in transit. However, there are many cases when insurance does not cover the damages like normal wear and tear, vehicle damaged while driven under the influence of alcohol or drugs, if vehicle is driven without a driving license, if the private vehicle is used for commercial use, damages that have occurred during any kind of race, etc.
Today, even if you are buying any used vehicles, you should check for the insurance to know if the vehicle was ever indulged in any accidents. However, it is not easy to choose the right kind of car insurance online as there are many companies providing the same. So, before selecting any policy, you need to read the complete terms and conditions to ensure that it is beneficial for you. There have been many incidents reported where the insurance was taken without reading the conditions and when people went for claims, they were not satisfied with the policy as it had not covered those expenses.