Nowadays, it has become quite easy to buy a new car in India. Driving in a safe manner is quintessential for your well-being as well as for people travelling with you. This is the reason why the government has made it mandatory to get your vehicle insured.
A good car insurance policy will provide you with peace of mind while on road. It also proves to be cost-effective in long term if you take into account the cost incurred due to vehicular damages.
Reasons that make car insurance so important for you
- It covers the damages– People meet accidents even after driving safely. Like we know, cars are expensive, and the cost involved in getting the damages repaired is high too. So, in order to protect your pocket from such unwanted expenses, having a car insurance policy is really important. When your car is insured, you do not have to pay for the repairs. All you have to do is pay a fixed amount in the form of insurance premium.
- It brings down your liability– For those who do not know, having TPL (Third Party Liability) car insurance coverage has been mandatory by the Indian government (Motor Vehicle Act 1988). In such cases, if someone gets injured by your car, or his/her property gets damaged, then you will not be liable to pay for the damages. The insurance company will cover the losses.
- It covers your medical expenses- During car accidents, a lot of car owners get injured. Some of them even have to face major injuries. The accident is usually followed by few days of hospitalization, which means huge medical bills. So, if you do not want to shell out the high medical expenses from your wallet then you must get your car covered by an insurance policy.
- It compensates your family- Life can be quite unpredictable and unfair at times. Many people lose their life in car accidents. When the head or the bread-earner of a family dies, life becomes extremely tough for the family members. But, a car insurance policy can certainly provide some relief, by providing financial assistance.
- It covers damage due to natural calamities- Torrential rains, storms, hailstorms, etc. can cause a lot of damage to the exterior of your car. Fixing a broken windshield or window glass can turn into an expensive affair. So, it is better to get your car insured and stay away from such kind of worries.
- It covers legal expenses- Apart from covering the medical expenses, some car insurance policies also take care of the legal fees charged by the lawyers. So, instead of paying the same from your pocket, you can let the insurance company handle the same.
- Non-accident protection- We often hear about car theft or vandalism related incidents. We spend our hard earned money on purchasing a car. For this reason, it is important to protect such an expensive property, which can be done by purchasing a good car insurance policy. In this context, it is vital to know about the terms and conditions of parking of vehicle.
- Get better resale value- When you decide to sell you car to an open market, the potential buyers will surely show more interest towards the insured cars. After all, the process of transition (ownership) becomes much smoother if a car is covered by an insurance policy. So, if you want to fetch a better price for your car, get it insured right now.
- It keeps you on the right side of the law- Since car insurance has become mandatory in India, therefore driving an uninsured motor vehicle on the Indian roads will be considered as a violation of the law. As a result, you will have to pay hefty penalty for the same. Hence, if you do not want to get yourself involved in the legal hassles, make sure your car is protected by an insurance policy.
- Benefits of add-ons– When you go for comprehensive car insurance policy, you get many add-ons to choose from. For example, if you travel a lot, particularly with expensive items in your baggage then you must opt for “loss of baggage cover”. Likewise, depreciation waiver cover is one more excellent add-on you can consider while purchasing a car insurance policy. Of course, the amount of premium will increase as more add-ons will get included in your policy. Hence, choose wisely.
So, those were some of the main reasons that make car insurance policies so useful for the car owners. In the beginning you do shell out some good amount of money from your wallet; but, you get complete peace of mind for an entire year!