5 Reasons Why Car Insurance Is a Must

5 Reasons Why Car Insurance Is a Must

Now that you have finally selected the car that you would like to purchase, the next step is to choose 4-wheeler insurance policy. Check out this post to know 5 of the most important reasons why you need vehicle insurance. Purchasing a car is one of the biggest achievements in life. You have worked very hard to achieve this dream and finally have enough savings to make the purchase. But while new car owners lay significant emphasis on the car model they select, the same level of scrutiny is generally missing when it comes to choosing vehicle insurance. Here are a few important reasons that will help you understand why vehicle insurance is a must: In fact, a large number of new car owners believe that insurance is nothing more than an unnecessary expense. If you believe this too, here are a few important reasons that will help you understand why vehicle insurance is a must- 1. Mandatory by Law As per the Motor Vehicles Act of 1988, it is compulsory for every car plying on Indian roads to have valid vehicle insurance at all times. If at all you are found driving your car without insurance or if your insurance has expired, you will have to pay the penalty for the same. Your driving licence can also be temporarily or permanently cancelled, if you are found driving your car without a valid insurance multiple times. 2. Pays for 3rd Party Damages/Injuries When you purchase the basic third party insurance policy, it will protect you from the expenses of third party injuries and damages. If at all you are involved in a road accident involving another vehicle, a pedestrian, or someone’s property, the insurance provider will pay the hospital bills and/or the expenses of repair if you have insurance. Without valid insurance, you will be required to pay the treatment and repair costs from your own pockets. So, vehicle insurance helps you reduce your liability and keeps your finances protected. 3. Protects You and Your Vehicle You can also go ahead and purchase comprehensive car insurance. With comprehensive insurance, the third party injuries/damages, as well as your own injuries/damages, are covered by the insurance provider. Apart from road accidents, even if your car suffers from any damage due to natural calamities, fire, explosion, riots, acts of terrorism, strikes, or is even stolen, the insurance provider will pay the expenses. 4. Covers Legal Costs A lot of times, accidents can also have legal repercussions. If a case is filed against you for a road accident, it could take months and years for the case to get over. You will then be required to hire a lawyer and pay many different types of legal fees. Over the course of the case, you will mostly end up spending a lot of money. With car insurance plans, the legal costs would also be taken care of by the insurance provider. 5. Provides Financial Support to Family Many of the vehicle insurance policies also come with personal accident cover. This feature is either built-in, or you have to purchase it as an add-on. With the personal accident insurance, if at all a road accident results in the death of the policyholder, the family members of the policyholder will receive compensation. The financial assistance by the insurance provider could at least help the family take care of their expenses. Selecting the Right Car Insurance Now that you know why vehicle insurance is so important, you should start looking for car insurance online to purchase one as soon as possible. Compare the plans offered by top insurance providers and select one that best suits your requirements. Decide whether you need a basic third party or comprehensive insurance and give special attention to factors like reputation of the insurance provider, claim process, features and benefits, and premium of the policy to make the right decision.


Choose What's Right for You

Saving account

Save your earnings today to ensure a wealhier future

deposit account

Get easy access to your funds with maximum liquidity

money transfer services

Send your hard earn money to home, The easy way

instant Pay

Fast, secure and reliable Payments

Join Our Team

Would you like to be a part of a growing company that is truly committed to its' employees and clients?

Visit Our Career Center 


2019-20 Copyright ©  INDC First Nidhi Bank Limited