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      These Reasons Tell Why a Car Insurance Is Necessary

      The traffic jam snapshots of Indian streets show a clear picture of how many cars cover the roads on a daily basis. Owning a car surely puts an end to dependency on public transport. However, it increases the chances of accidents even more.

      Read more

      The increasing number of accidents in India is quite alarming. It increases the risk to both the car owner and as well as the third party. Over that the chances of damage caused by natural and man-made calamities make it riskier in India to own a four-wheeler. Let us understand apart from the mandatory insurance cover why is it really necessary to buy car insurance in India.

      Why is Car Insurance Mandatory in India?

      Approximately thousands of road accidents occur in a day in our country and it is quite concerning the amount of money gets spent on the resolution. It is safe to say that a minimal cost can be borne by the car owner but who will take the responsibility for huge damage/loss?

      This is where car insurance plays a vital role. Keeping the major loss and damage to the people and people's property the law has made it compulsory for every car owner to buy a car insurance plan in India.

      However, the insurance company will only provide coverage to those who will buy the insurance, the car owners without insurance policy will have to bear the losses from their pocket.

      The insurance companies offer two types of insurance plans - one is third-party insurance and the other is a comprehensive insurance plan.

      Following are the major reasons that make it a must to buy Car Insurance:

      1. Provides Cover for Damage

      A motor insurance policy whether third-party or comprehensive insurance plan provides coverage for the damage caused by an accident on the road. Whether it is your car damage or third-party person or vehicle damage, a car insurance plan can save you from spending a huge amount to cover the losses. While a third-party plan only covers the liability towards the third party, a comprehensive plan covers the damage/loss of your car and co-passengers.  

      2. Mandatory as Per Law

      As per the Motor Vehicles Act of 1988, it is mandatory to buy a car insurance plan in India. Third-Party car insurance is a policy that falls under the mandatory category covering only the liabilities towards the third party.

      Remember that if you'll be found without the mandatory insurance plan then you will be charged with a penalty by the traffic personnel. It is advisable to avoid such penalties by keeping your motor insurance plan renewed from time to time.

      3. Cover for Liability

      As we have discussed before, with the help of only third-party insurance you can cover the damage or injury caused to a third-party person or vehicle by your car. This plan can save you from the legal issues pertaining to an accident caused by your car, as it settles the damage/loss of the third party when required.  

      4. Online Purchase is Cost-Effective

      Digital media has shown a great increase in online shopping for several goods/services during the time of the pandemic. It is safe to say that the online purchase saves time, cost and offers discounts. Even to buy a car insurance plan you can refer to online means to purchase a cost-effective plan. It also helps you save agent commission and the renewal is hassle-free as it takes only a few clicks and requires no paperwork. 

      5. Replacement in Case of Theft

      The case of theft is a major concern for every car owner, especially if you own an expensive car. A motor insurance plan comes with the benefit that in case your car gets stolen, the insurer will provide compensation for the value of the car or replacement (depending upon what you choose at the time of purchase). Remember to choose the theft cover rider to avail this benefit. 

      6. Compensation for Family

      In the unfortunate case of your demise due to a road accident, the nominee or the beneficiary in your family will receive the compensation. If your family is dependent on you, after your accidental death the insurance policy will make sure to help them meet the day-to-day expenses. 

      Repercussions of Not Owning a Car Insurance

      Imagine a case where you got a new car and you are following every traffic rule on the road. However, after some time if you accidentally collide with someone's property or car or even a person. This will become a third-party damage case. In this scenario, if you do not have a car insurance policy- the obvious is you will have to bear the losses/damages caused to the third party. Apart from that, the following repercussions will be applied:

      • It will lead to the suspension of your driving license
      • It will lead to legal charges and punishment
      • It will lead to the suspension of your car's registration
      • You will have to bear the traffic fine for driving without mandatory motor insurance

      How Can You Buy Car Insurance in India?

      You can use the following methods to buy a car insurance plan in India:

      1. Online Method

      We cannot stress it enough that online purchase of a car insurance policy is the easiest method during the current times. You can do thorough research, compare the best car insurance plans available in the market. You can also look for the options to customize your comprehensive car plan to enhance the overall coverage of the policy. Once you're satisfied with the research or comparison, within a few clicks you will be able to buy a car insurance plan online from the comfort of your home or anywhere as you please.

      2. Offline Method

      The offline method is a very traditional one. The process involves you either buying the plan from the car dealer, or insurance agent or simply walking into the nearest insurance company branch. The offline procedure involves paperwork and takes more time as compared to the online method.

      The Final Word

      Every car owner spends a lot of time choosing the best style, best mile coverage, best engine, best colour, best everything while purchasing a car. However, only a few people invest their time into buying a motor insurance plan for their vehicle. It might be so because many don't know about the importance and benefits of a car insurance policy. That is why the government has made it compulsory to at least buy a third-party insurance plan to cover the third-party liability due to the insured car.  

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      #Rs 2094/- per annum is the price for third-party motor insurance for private cars (non-commercial) of not more than 1000cc

      *Savings are based on the comparison between the highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB. Actual time for transaction may vary subject to additional data requirements and operational processes.

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