Car Insurance

covers your car against risks like theft, accident, explosion etc.

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Why Vehicle Insurance is so Important in India?

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Accidents are unfortunate events that can leave a tremendous lifetime burden if you are uninsured. This article details several reasons why you must go for vehicle insurance, apart from the fact that vehicle insurance in India is mandated by the law.

Lack of proper infrastructure makes vehicle insurance in India a necessity

With the kind of traffic management we have in India, you will hardly find a day not seeing or at least hearing about vehicles banging into each other causing major damages. Haste and negligence on top of a poor infrastructure and lack of safety practices makes us at Risk of road accidents in India.

India enjoys the dubious distinction of reporting the highest number of road fatalities in the world. In the year 2009, there were around 4.9 lakh road accidents in India, which resulted in the deaths of 1, 25, 660 people and injured more than five lakh persons. And, this does not include the smaller accidents, most of which go unreported. Another pertinent reason for the increase in the number of accidents is the fact that we are witnessing a very rapid growth in the number of vehicles, but paradoxically improvement in infrastructure is not in proportion. This exposes vehicle owners to a greater risk of accidents.

Insurance is necessary even if you are a good driver
One may be confident about his driving skills and would tend to avoid buying an insurance cover as it always pinches to pay the Premium especially when you do not have to make any claims. But you only realize the value of insurance, when you are in a situation and you may need to make a claim. But remember, no matter how good a driver you may be, you are always exposed to risk of getting hurt by somebody else's negligence. The consequences of an Accident can be severe, and besides financial loss and personal injuries it also causes severe mental stress. Having a motor insurance helps relieve a lot of your financial and mental pain.

How motor insurance can help

A comprehensive motor insurance can protect you in several ways -

  • It covers your liability for third party damages
  • It covers you for any vehicular damage that would have happened because of the accident.
  • The insurance provider would pay for the repair/replacement cost, whichever would be required to reinstate your vehicle in the same good condition as it was before the accident.
  • A motor insurance also offers protection to the driver and the occupants of the vehicle for any personal injury sustained as a result of the accident.
  • Possessing a motor insurance can also provide protection from loss arising due to legal action and any Legal Liability that may arise due to accidental damages to surrounding property or people from the collision/accident of your vehicle.
  • A more holistic car insurance Policy may provide cover for the related costs of the accident, like paying for towing charges, cost of an overnight stay in a hotel and transportation costs.

Possessing vehicle insurance in India is mandated by law Under the Motor Vehicles Acts 1988, anyone who owns a vehicle is bound to have a third-party motor insurance policy, while there is no compulsion on owning a comprehensive policy. A comprehensive policy as discussed above would also cover your vehicle damages and also the damage to the occupants in your vehicle while the accident occurs. The premiums for a comprehensive car insurance policy are higher but it pays when you are in a situation.

Compare and choose the best vehicle insurance policy Buying an insurance policy, besides addressing your personal security, is also a social responsibility as insurance, as a concept is successful, only if there is mass participation. There are a host of insurance providers in India who offer various types of vehicle insurance policy to suit the varying needs of individuals. But before you buy one for your vehicle, it is best to do an online comparison of the premiums and benefits that are being offered by different insurance providers. Thorough research, conducted with the help of insurance comparison websites, will help you select the best vehicle insurance for your automobile.