Why Do We Need an Insurance for Our means?
Driving a means is not a luxury rather it is a big responsibility. already many people consider driving as a position symbol especially in a country like India, where people believe in showing off. With the increasing income slabs, having a means is not at all a big deal now a days and people can easily provide to have bikes and cars. It not only depicts the position of a society but also increases the mobility and hence saves time. Driving is eliminating the dependency on the public transport too.
It is true that driving has made our lives comfortable but at the same time it also pushing us towards a dangerous life in addition. As someone rightly said that “The speedway ends at the cemetery”. On the name of show-off, people not only put their own life into danger but also hurt others in addition by over-speeding their vehicles. The daily reports of accidents in addition as deaths in the newspaper is now a shared thing. People are losing their lives in road accidents by breaking the traffic rules and by not following the driving ethics they also put life of others in danger. additionally, the cost of spare parts along with the high repair costs squeezes your pocket which proves that having a good Motor Insurance policy is basic these days.
Motor Insurance is mainly purchased for the vehicles running on the roads with the dominant objective of providing a protection to the means and the driver against any physical damage in case of accident. There are many factors for which buying a Motor Insurance is important:
Mandatory by Law: The foremost reason of buying a Motor Insurance is that it is compulsory by law. According to the Motor means Act, it is mandatory to have a Third-party insurance. The police have the right to check your means’s documents like PUC, license and insurance policy, at any point of time. If you are unable to provide documents, you will be in trouble. So, it is advisable to buy a motor insurance before you hit the road.
Loss and Damage to the means: We all know that the people have no driving sense at all and the kind of traffic management we have in our country, there is hardly a day you without banging of vehicles cause damages. The main reason for having motor insurance is that it covers the expenses incurred due to any loss or damage to your means. Hence it is always good to be on a safer side and have a motor insurance before riding your bike or car on roads.
Reduces your liability: Third Party Liability (TPL) motor insurance is mandatory in India, which protects you from the legal implications of an accident caused by you. TPL method that if you cause damage caused to another person and his/her character in an accident, the insurance will pay for their treatment and save you from the legal bearings.
Hospitalization: Not every means owner is lucky enough to get just few cuts and bruises in an accident. Some accidents put you in a difficult situation and you need to be hospitalized. In that situation, your motor insurance company will pay your hospital bills, instead of shelling out the high hospital and treatment costs from your own pocket.
Compensates your family after your decline: Some accidents are so terrible that it results to a car owner’s death, which is the most unfortunate outcome of a road accident. Once the bread-earning policy holder has passed away, it becomes difficult for his/her family to fulfil their daily needs. consequently, a motor insurance policy helps the family to bear expenses after any unfortunate event.