Under the Motor Vehicles Act of 1988, it is mandatory in India for all vehicle owners to have valid third-party or first-party car insurance coverage. Doesn’t matter if your vehicle is newly purchased or is a second-hand deal, you will need to have a valid car insurance policy as per the law. Well, if you think deeply, this law is created for every vehicle owner’s benefit. The majority of vehicle purchasers think of buying insurance as a drag and a waste of money. They question what the Government is getting by making insurance purchases mandatory. However, they learn the benefits of having this scheme purchased only after it pays for their damage. So, for you to understand the benefits of having car insurance we are here to reveal its most important benefits.
You are not liable if your vehicle is damaged for any reason including accident, self-damage, or fire. Moreover, if your car becomes a victim of burglary or theft, strikes, riots, or terrorism, then your insurance will cover it all.
Car insurance also covers your personal incidental expenses up to an extent. If you by any chance need medical support due to an accident then select car insurance companies that can cover that for you. But there will be a predetermined amount cap on how much expense your policy will cover.
Many car insurance companies have large networks of garages around the country that can provide you with a cashless service. If your car needs any type of repair then you can land in any one of these garages to get cashless services.
If you have an accident and have damaged the vehicle of the opposite party then your car insurance can also cover this type of expense. Moreover, if the third party has suffered any injury or fatal health damage and you are facing legal liabilities then your insurance will also handle it.