Driving in India is not just a need but also a luxury which millions of people embark on. It is now quite simple to purchase a vehicle in a country like India with high disposable incomes where most households are able to afford more than just one car.
Just imagine what a world without car insurance would be like. At first, mistakes do happen, and you never know when something unfortunate happens where you will be at fault. If the person at fault does not have an insurance cover, then they do have to bear the expenses out of their own pockets. A lot of people have been known to lose major assets since they did not pay the minimal cost of having car insurance to prevent such loses. Considering these factors, it is of utmost importance to get a car insurance immediately after one buys a car. We present 4 reasons to purchase car insurance in India:
1 – Protection against personal injury: Personal injury protection offers coverage if you or your passenger is injured during an accident. Alternatively, if you have a health insurance done, your injuries will be covered by your insurance and your passengers’ health coverage will help them to get theirs. But car insurance will also pay for the lost wages if you’re severely injured during an accident, so the investment would be worth it.
2 – Pays for damages: Not only are vehicles expensive, paying for their damages and repairs is costly too. Sometimes, your car may be damaged due to someone else’s carelessness. A car colliding with your car or you avoid a crash by bumping into a wall, or even a stray cricket ball damaging your windshield can cause a considerable loss. However, if you have car insurance, you need not to bear the expenses by yourself.
3 – Liability coverage: Taking a third- party liability coverage is compulsory in India. This coverage protects you against the legal ramifications of an accident caused due to your negligence or no fault at all. For instance, if you happen to cause an accident that injures a pedestrian or results in damages to another person’s property, the same insurance will pay for their treatment and protect you from legal repercussions.
4 – Compensates family in case of policyholder’s untimely demise: The most unpleasant outcome of a road accident is the car owner’s untimely demise. Once the insured individual, who’s also the bread-earning policy holder passes away, it becomes difficult for his or her family to bear the loss. However, having car insurance comes to rescue in such situations, since it pays for the family’s expenses after the unfortunate event.
However, this brings an important point of reviewing your insurance policy to make sure that you understand all of it since every policy differs from one another. Depending upon one’s financial situation, he/ she may opt for a certain type of coverage over another for a number of reasons. These things should be duly considered because you never know when a little negligence may cause you to lose your peace of mind.