Why Car insurance Policy is mandatory in India?

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There are a number of reasons why you as a responsible car owner and as a citizen of India should avail car insurance, here are a few of the reasons why you should avail a car insurance:

• Covers damages

A car insurance will cover the cost of the damages to your own vehicle and/or third-party vehicle involved in the mishap in case the mishap was your fault.

• Covers your liabilities

A car insurance will cover the third-party liabilities as well as own damage liabilities at the time of a mishap.

• Motor Vehicles Act

As per the Motor Vehicles Act in India, it is mandatory for every car owner to insure his/her vehicle with at least a third-party insurance cover.

• Relieves you of unwanted stress

A car insurance relieves you of unwanted stress at the time of a mishap by offering financial assistance at the time.

• Covers your hospitalisation expenses

There are times when a mishap leads to injuries to oneself or to a third-party involved in the accident. During this time, having a car insurance is a boon as it ensures that the insurer pays for your or the third-party’s hospitalisation expenses.

• Less expensive when purchased online

You can purchase a car insurance online via third-party insurance websites or insurer’s official websites. When you purchase the insurance online you are eligible for a number of discounts on the insurance premium, hence you can avail the insurance at a low price.

• Compensation offered to your family in case of your demise

Sometimes a road mishap can lead to the death of the policyholder, in such cases as per the insurance agreement the insurer will pay the complete claim amount to the the family/policy nominees.