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Vehicle insurance can seem like an expense when buying a vehicle. However, as per the Motor Vehicles Act, 1988, it is mandatory for every vehicle owner to have vehicle insurance. This makes vehicle insurance an unavoidable expense. The owner has to bear it lest they pay fine for it.
Vehicle insurance ensures that the vehicle is covered against physical loss or damage, natural or man-made causes, theft or loss, etc. Also, a vehicle insurance policy covers for personal injuries or death and third-party liabilities in the event of any mishap involving your vehicle.
Therefore, it should not be treated like an expense. However, this has confused many vehicle buyers that why it has been made a mandate. Well, for your perusal, it becomes important to answer as to why it is needed in the first place. Let us take a glimpse at them:
- It’s the right thing to do
The laws concerning vehicle insurance are for good reasons. Mishaps can happen with anyone anytime when you are on road. And when it happens, the financial liability in several cases gets very high and in such situation, a vehicle owner certainly needs a safeguard against it. It acts as a financial back up in case of an accident. This helps and provides cover against the damages endured by the vehicle and reimburses the repair cost. Further, it also covers your hospitalization cost for the injuries received by you which require professional medical care.
- Accidents happen
No person voluntarily crashes their vehicle into another. It may be that the driver was distracted for some reason or may be any mechanical issue in the car because of which the accident happened. No one causes it but in some cases, it may happen owing to the negligence as well be it yours or third-party. While you have no control over accidents expect following safe driving tips, if in case it happens, there is a financial blanket over you which can help you in minimizing the financial and physical damages.
- It’s unwise to not have it
Unless you are from an opulent family which has unending money at their beck and call, it would be an unwise decision to not have vehicle insurance. In case of an accident, you might have to bear three expenses: the repair cost of your car, hospitalization charges for your injuries, hospitalization charges for the injuries received by third party because of your vehicle. This is already a high expenditure. Within the duration of 24 hours, it may badly hit your savings. Thus, to safeguard yourself as well as your savings, get vehicle insurance.
So these are the reasons as to why vehicle insurance is mandatory to have. It is for the better safety of the vehicle owners. To get a vehicle insurance policy, you do not even need to step out of your home now. You can now easily buy vehicle insurance online. Just make sure you read all the terms and conditions before finalizing the one for your vehicle.