6 Reasons Why You Need Car Insurance?
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Just as you insure your life against risks, you need to insure your car. If you meet with an accident, a car insurance policy would pay for damages to your car. This is just one of the benefits of buying a car insurance policy.
If you were in any confusion over whether you should buy car insurance or not, go through the following reasons that tell you why you must do it.
1) It is a legal requirement
It is mandatory under the Motor Vehicles Act to have a car insurance policy. You need to have a policy that offers third party insurance coverage. This covers injuries to third parties or damage to property belonging to a third party.
2) It pays for repairs to your car
Apart from mandatory third party coverage, you need insurance to cover the costs of repair to your own car in case of damages. A comprehensive car insurance policy would allow you to claim for damages to your car in the event of an accident. Car repairs can be very expensive. With insurance, you need not worry about the costs involved, the insurer will take care of it.
3) It protects you against theft
Theft of your car can be a shocking incident! You would suffer severe financial losses, as you still need to pay any EMI if your car is stolen. You may also need to buy a new car. Comprehensive insurance will compensate you against losses suffered due to theft.
4) You are covered against injuries
The Insurance Regulatory Development Authority of India (IRDAI) makes it mandatory for car owners to have personal accident protection coverage. This will help you get your medical expenses reimbursed.
5) It covers natural calamities
Natural calamities like floods, earthquakes, cyclones, and landslides can cause extensive damage to your car. If you have car insurance, you can claim for damages incurred due to the natural calamity. The insurer would take care of most of the expenses, relieving you from the financial burden.
6) It covers manmade hazards and many other risks
Manmade hazards like acts of vandalism, arson, riots, strikes can result in damages to property, including your car. Insurance will protect you against these risks. Most insurers offer additional cover for your car insurance, known as add-ons. These add-ons offer many benefits:
- You can get coverage for injuries to a paid driverand passengers.
- Loss of personal belongings are covered.
- On-road assistance for towing, breakdown repair, and even tyre changes are possible 24 x 7.
- Damages to the engine or engine parts, tyres, and accessories, which are normally not covered by insurance, can be included through add-ons.
- Replacing a lost or damaged key is also possible.
The six reasons listed above would have helped you understand the importance of car insurance. In case, you haven’t got an insurance policy you can easily buy car insurance online to protect yourself and your car against risks.
