getting a car is one of the dreams of many of us and also one of the most important things that you can do for yourself. It makes mobility much easier and there is no need to be dependent on public transportation. However, you must know about the road condition in India, and driving on the roads can be quite difficult for a new driver. If you are not careful enough, the chances of accidents may increase. And as we talk about accidents, they can heavily damage the vehicle and even may result in the death of the driver. This is one of the main reasons why you should buy motor insurance.
What is motor insurance?
Motor insurance is an insurance policy like many others in the industry. However, what makes it different from all the other insurances is it is mandatory. It comes for all types of motor vehicles which include cars, motorcycles, commercial vehicles, and many more.
The Government of India has made it mandatory for all vehicle owners to buy motor insurance. It is not only for the safety of the vehicle owner but also for others. The yearly premium that you pay for the insurance is very less as compared to the kind of benefits that you receive through it. Let us discuss the various advantages of purchasing motor insurance in India.
Coverage for damage to a vehicle
If a vehicle meets with an accident, it is bound to receive some or a lot of damage. And once the vehicle is damaged, it can make a hole in your pocket to get it repaired. However, when you have motor vehicle insurance, such expenses are taken care of by the insurance company. You will not have to worry about the cost that is involved in repairing the vehicle.
Coverage for hospitalization expenses
If you get injuries in the accident and need hospitalization, you will get financial support from the motor insurance company for the medical costs. Usually, in motor vehicle insurance, the hospitalization expenses are covered; therefore, you can focus on your speedy recovery, while the insurance company will take care of the finances.
Reducing liability
As per the Motor Vehicle Act, vehicle owners must buy a third-party liability insurance policy in the country. This kind of insurance lessens the liability factor if in case the accident happens for your negligence in driving on the road. The damages done to the third-party property or even the injury caused to the other party because of you are all taken care of by the insurance company. Apart from this, you will also be saved from the legal repercussions, if the other party files a case against you.
Compensation to the family in case of demise
In many cases, the death of the vehicle owner may happen because of the accident that took place. This even results in financial challenges in the family in a situation where the policyholder dies in the mishap. And if the policyholder was the only bread-earner in the family, it even gets worse. Motor vehicle insurance plays a vital role in this as a lump sum amount is provided to the family of the policyholder in an event of his/her death.
Coverage for natural and man-made calamities
Motor vehicle insurance is also helpful in the case of natural calamities such as typhoons, floods, hailstorms, cyclones, and hurricanes, etc. It provides financial support to the policyholder. Man-made activities like fire, terrorism, and strikes are also covered in this.
If you want to take a look at the top motor vehicle insurance options in the market, you can visit the website of IIFL. You can compare all of them and choose the one that is best for you.
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