Why Do We Need an Insurance for Our Vehicle?

Driving a vehicle is a significant responsibility and not just a luxury. In India, owning a vehicle has become a status symbol, with many people showing off their vehicles. However, this can lead to dangerous driving behaviors such as over-speeding and breaking traffic rules, which puts not only the driver’s but also others’ lives at risk. The high cost of repairs and spare parts also highlights the importance of having a motor insurance policy.

Motor insurance is designed to protect vehicles and drivers from physical damage caused by accidents. It is mandatory by law in India, as per the Motor Vehicle Act, to have a Third-Party Liability (TPL) insurance. Without it, police can check for and fine drivers without it. Additionally, motor insurance covers expenses incurred from damage or loss to your vehicle, reduces your liability in case of an accident, and can even cover hospitalization costs and compensate your family in case of death.

Therefore, it is essential to have a motor insurance policy before driving on the road, not only to comply with the law but also to protect yourself and your loved ones from financial and personal loss.

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