With the rising numbers of on-road accidents, having the best car insurance policy certainly calls for immediate action. And if you think you can get away without having car insurance for your vehicle then you should get your facts straight first. There’s no way to drive on Indian street without car insurance since it is mandatory by law, as per the Motor Vehicles Act, 1988.
However, if you are still wondering why you buy a car insurance policy, let me give you some reasons.
- Compulsory by Law
The third party liability is the core reason behind this mandate. A motor vehicle running in a public space can cause various damage or loss to the life and property of others. Third-party liability only policy covers such liabilities such as third party death, bodily injury, and property damage borne by the insurer. This is the reason why no vehicle that owns a car drives their car on road without this cover.
- Covers Third Party Legal Liability
As per the Motor Vehicles Act 1988, it’s mandatory by law that all owners of motor vehicles at least buy the third party car insurance policy. This policy helps you get away from any legal consequences that could arise due to damages caused to a third party person/property on the part of your fault.
- Covers Own Damage (OD)
The repairing of a vehicle is a costly repair. It is most of the time that you need to pay for the damages from your own pocket. Buying motor insurance can help you save this cost since your motor insurance company will pay for the damages or repair for your vehicle.
So as it’s clear, buying an insurance policy for your car is a must otherwise you might have to face legal consequences. Meanwhile, if you are looking for the best car insurance policy for your vehicle, you can click here and compare the top motor insurance plans and grabs the best coverage for the best price.
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