According to a report, more than 60% of the vehicles plying on the roads of India are without an insurance policy. While most are just not educated on the bare necessity of having a motor insurance policy and its benefits, making an insurance renewal every year is just a burden for many. Many choose to not renew their motor insurance as they look at it as a waste of money and the yearly frequency of having to go through the process results in them choosing not to renew their insurance policy. While one could go through years without an accident, having a motor insurance plan just in case something goes wrong is the most sensible option. Apart from a motor insurance plan being mandatory as per the Motor Vehicles Act, 1988, an insurance policy gives the vehicle owner financial protection following an accident, or if the vehicle gets damaged under various other circumstances. Apart from this, it protects the finances of the vehicle owner in case of theft, etc.
That said, if you’re driving your vehicle on the road on a regular basis and still contemplate getting an insurance for it, what would be your decision if your vehicle is just parked and left idle in your garage? Most vehicle owners who are not using their vehicle regularly would write off the need to even purchase a policy. However, though you are not using your vehicle and have just left it lying in your garage, you should consider having a motor insurance policy for it. We’ve listed some reasons why you should renew your motor insurance policy even if it off the road.
If you do plan to use your vehicle on the roads of India or consider it a valuable possession, you should insure it whether you are using it or not for the below-listed reasons:
Though having to insure a vehicle that you hardly use and is parked in your garage might seem like an added expense, avoiding a basic comprehensive insurance policy to cover the cost of damages or total loss in case of the above-listed circumstances will definitely save you a chunk of money when you need it the most. Of course, taking into consideration the fact that you might have to go through a whole process if you allow your policy to lapse. So answering your question, should you insure your vehicle even if it’s just lying in your garage? Yes, you should.
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