A car is still one of the most important assets that one buys for their family. No doubt it is an expensive asset that requires proper maintenance as well. This is where the need for a car insurance policy comes in so that your finances don’t get affected in a negative manner in case of any damage to your vehicle. Even the government has concerns about your vehicle and has taken necessary steps to ensure that your prized possession remains in good health!
Why you Need to insure Your Vehicle
Here are the top reasons why you need to insure your car:
1. Legal Requirements
As per the Indian Motors Vehicle Act, third party insurance is mandatory on all the vehicles. Not adhering to this law can result in fines and penalties that may put burden on your finances.
2. Accidental Damages
An accident is an event that can happen despite all precautions. Whether you or the other driver is at fault, it doesn’t matter. Cost has to be incurred for repairs, loss of life or limb. In case you have a third party car insurance, then you can bear the expenses for damages to the other driver’s vehicle as well as provide money for any loss of life or limb along with hospitalization and legal expenses. However, to ensure that you also get a personal accident cover, it is better to go for a comprehensive car policy.
3. Repair Expenses
Since a car is an expensive purchase, any damages to it due to an accident will also result in massive repair costs. Having an insurance cover can relieve you of the stress to pay for its repair, especially if it’s a brand new car!
4. Natural Calamities
You can take care of factors under your control, but if the car is damaged due to a flood, fire or earthquake, there is little you can do about it. It is better to have a car insurance policy to ensure your hard-earned money in the form of your vehicle doesn’t go down the drain.
5. Theft and Vandalism
Crime rates are increasing all over and you should not be liable for any acts of theft or vandalism due to rioting that causes damage to your car. Comprehensive car insurance provides you cover for all such instances, so that you can sleep peacefully. Don’t look for cheap car insurance, but one that provides you maximum benefits at the lowest possible cost.
It is a must to get your car insured at the earliest and if you already have coverage, get it renewed on time. Whether you go for a cheap car insurance policy like the third party insurance or a bit expensive one like comprehensive car policy, what matters is that your car is insured against all kinds of unforeseen risks.