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Raj Malviya

Why do people buy car insurance?

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I know that insurance is compulsory in India to drive any car. I want to know some other factors which are good for consumers if they have insurance. 

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There are many factors due to which car owners buy different types of car insurance policies for their cars. I would like to point out few important points for the help of others. Accidents are unfortunate events which can have a tremendous lifetime burden if you don't have the insurance. According to Indian Government's report, 17 people died every one hour because of road accidents, during the year 2016. There are many factors for which people buy car insurance. I will point out some of the driving factors here :

  • Car insurance (third party liability) is compulsory in India, if you don't have the insurance for your vehicle you have to pay fine. The third-party liability insurance covers you against the legal issues of an accident caused by you.
  • The insurance pays for your car's damages/repairing. The repayment depends on the insurance policies which you have opted while buying car insurance
  • It pays for the damages resulted from someone else's negligence. For eg., your car was damaged by a rash motorbike driver
  • Some of the accidents may result in serious injuries, in these cases the insurance pays for your hospitalization costs too
  • In case of owner's demise, the insurance company compensates the family 

I hope my answer covers the prime benefits of car insurance, which make people buy it. I would appreciate your suggestions on the same.

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Hey, Great topic to discuss. There are many factors to get the car insurance. The car insurance helps us to save the money in case of car damage and repair. Not only that but to secure our future the insurance is mandatory.                                                                                                                                                                                                                                  Thanks,

Aria Jordan 

Driveo.com

 

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Car Insurance covers you for damage caused by your vehicle like dents caused by another car during accident, Theft, Fire, Natural disasters etc. If you are having the issue in choosing the best car insurance. Check out this guide which will help you to choose the best insurance for your vehicle.

Edited by Shanaya Bindra

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There are several reasons to get car insurance. First it's mandatory, by US law to have car insurance in all 50 states. So that means you can get your car repossesed or your license suspended which means court fees and losing your license. So it's very worth to have insurance on your car. The cost in most cases you can get insurance that will provide accident forgiveness as well that prevents your policy from increasing in price which is in most cases worth it to just take care of it. Allstate provides true accident forgiveness. Give it a try. I'd recommend it from not having insurance or a policy that could potentiall increase do to no fault accidents. 

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