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Motor Insurance: More than Just A Legal Requirement

It is said that “a friend in need is a friend, indeed.” Well, we all had experienced how true this was when we realized the true worth of a friend when we were in a crisis. A motor insurance policy is just like that friend who supports you when you’re faced with challenges.

Since having a motor insurance policy is mandatory under the Motor Vehicle’s Act, 1988, therefore, it is often only seen as a legal requirement to be met. However, with the kind of security it provides us when we encounter an accident, crash, or collision, it proves to be nothing less than a friend or an angel for us.

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To help you understand the role of motor insurance better, let us tell you all how it supports you-

  1. Compensation against Damage or Loss

Every motor vehicle is subject to the risk of meeting with an accident (whether minor-major), till the time it is being driven on the road. While you can take precautions against it by driving safely and following all the rules, yet your car may get damaged due to the fault of another commuter on the road. Moreover, you may even suffer a loss due to theft or damage due to fire or any other natural disaster. This damage can cause you loss if you pay it from your pocket, but if you have a motor insurance policy, then the insurer will compensate you for such losses.

The insurer can either offer you cashless claims or may compensate you against the bills of vehicle repair. This means that at the time of occurrence of such an event, you will be saved the financial worries related to it.

  1. Helps Settle Third-Party Liability Claim

In case of an accident or collision, your car may cause loss to a third-party, because of damage or injury. In such a case, the party may file a lawsuit against you and ask for compensation. This not just results in the stress of meeting with legal challenges, but also in a huge loss if you pay from your pocket. However, the first thing that a motor insurance policy address is this.

This is the most basic requirement that every motor insurance policy is supposed to meet. Therefore, if despite being cautious and alert, you end up causing loss to another party, then the policy will cover you.

  1. Covers in Case of Injury or Death of Owner-Insured

In case you meet with an accident in which you sustain injuries or meet with an untimely death, then the policy will also cover you and your loved ones in that case. It will cover you for medical expenditures in case of meeting with an accident involving the car insured. In case of your demise resulting from such an accident, the insurer will pay compensation to your nominee.

This benefit offered by the cover reassures you that your policy will provide some financial support to you in tough times.

  1. Add-On Benefits

You may even buy add-on benefits to extend the security offered by the motor insurance policy. There are various kinds of add-on benefits that insurers offer these days. All these benefits cover you against several types of big and small losses, ensuring that your ownership experience is free of as many worries as possible.

You can easily buy motor insurance for both your car and two-wheeler online these days, as is offered by many insurers. Reputable insurers like tataaig.com offer several add-on benefits that include a cover against third-party property damage, additional personal accident cover for owner-driver and emergency medical expenses.

Buy the Right Insurance Cover

So, now that you are aware of how a motor insurance policy takes care of you don’t just take it as a legal burden. Make sure that you give due importance to purchasing the right cover for your vehicle by checking all specifications and comparing various policies.

Also, make sure that just like to nourish a friendship, you make efforts from time to time, you pay all your premiums on time and renew it at regular intervals. This will ensure that your policy can continue to keep you secure against the various challenges that you confront.

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