Top 5 Reasons Why You Need Motor Insurance

After purchasing a car, the next step is to select a suitable motor insurance policy that will help to financially safeguard the vehicle and insured from various liabilities. Such an insurance policy extends a host of benefits that individuals must be aware of before purchasing one.

Following are the key reasons individuals should opt for a motor vehicle insurance plan in India.

Protects your vehicle financially

Individuals can purchase a comprehensive motor insurance policy that provides financial coverage against any accidental damage to their own vehicle alongside third-party vehicles or property.

Such plans also financially protect the vehicle against damages due to accidents, fire, natural calamities, etc.

Pays for third-party damages

It is mandatory to purchase an insurance policy that provides coverage if you cause damage or injury to a third-party in India.

If your vehicle is involved in any road accident which injures a pedestrian or damages any property, the insurer will pay for it.

Covers legal expenses

Often any damage to a third-party may lead to legal repercussions. For instance, if a third-party files a case against you for damages caused by your car, you will need to hire a lawyer for the legal proceedings. Moreover, the case can continue for years, and you might need to bear the ensuing costs.

In such cases, without a motor insurance policy, it can become challenging to deal with sudden expenses.

Financial assistance to insured’s family

Suppose, during an accident, the insured individual dies or becomes permanently disabled. In such a scenario, the family of the insured will receive compensation.

It will help the family to bear their immediate expenses without having to liquidate savings.

Mandated by law

Purchasing a third-party insurance plan is mandatory under the Motor Vehicles Act. Hence, you need to purchase this plan immediately after getting your vehicle.

Hence, a motor insurance policy can save you from financial drainage if your car is involved in an accident.

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