Auto insurance has two components, the third party insurance (or
liability) and the second component is self-injury. Here I explain to your car
damage first. If an accident has occurred or if it has been stolen, then part
of the damage covers the cost of repairing or restoring your vehicle. Most of
us are not wealthy enough to cover these costs, so we opt for insurance.
However, such coverage is not mandatory, and you are free not to take such
insurance. If your vehicle is more than eight years old, any repairs will
charge depreciation and you may not want to take this aspect of coverage in
some situations.
Third-party insurance is the second part of auto insurance. In
most countries, including India, it is mandatory. If the driver causes injury
or death to any unrelated person during the operating of your vehicle, the
owner of the car is legally obligated to pay for it. The payment provided depends
on the income of the injured/deceased person. Not everyone has enough money to
pay now. Most countries (including India) have made third-party auto insurance
mandatory to avoid situations where appropriate reassessment cannot be done.
The car owner pays the coverage and the insurance company pays any third party
liability.
Auto insurance is vital because it allows someone to compensate
for someone else for their legal liability for bodily injury/death or property
damage.
Auto insurance is a secure means of transferring risk. You can
pay your legal liability to the corporation with a large sum of money and cover
your assets for an annual premium. Without it, people may not be able to
fulfill their legal obligations financially. Auto insurance provides a cheap
means of transfer for most people's legal liabilities.
Coverage for physical damage is essential because it responds to
collisions and other hazards such as fire, theft, hail, and vandalism. This
type of protection is usually optional unless someone has a financial interest
in your car, which is why auto insurance is essentially necessary to protect
the investment of a lienholder/lessor.
Following are some
significant reasons why every car owner should have valid car insurance
policy:
- Under
Section 146 of the Motor Vehicles Act, 1988, a third-party liability insurance scheme is mandatory in India. The Act creates coverage, whether
its uses for the public, family, domestic, commercial, or recreational
purposes, mandated for each vehicle.
- Third-party
car insurance policies cover the policyholder against legal and financial liabilities arising due to death, bodily injury, or damage to property owned by a third party while driving the car. It does not cover expenses
on car repair and damage or injuries to the driver.
- A
comprehensive insurance plan is recommended for car owners as it provides
a broad scope of coverage that also includes third party risks.
- In India,
driving without a valid motor insurance scheme is a law-abiding offense
and can result in a fine of up to Rs 1000 or imprisonment for up to 3
months. Depending on the case, a driving license and certificate of
registration (RC) may also suspend.
- Whenever the
law officer in question makes the demand, the person behind the wheels is
responsible for producing the certificate of vehicle insurance.
- Rule 141 of
the 1989 Central Motor Vehicle Rules allows all insurance companies to
issue insurance documents, regardless of whether a person is purchasing a
new insurance policy or renewing their existing motor insurance policy.
- A comprehensive car insurance policy protects you from uncontrollable
natural and human-made disasters.
- A car insurance
policy provides financial assistance to the insured to cover medical costs, vehicle repair costs, third-party liability, etc. In case of death
or disability to the policyholder, his / her family will receive
compensation according to certain conditions.
- Many
insurance companies provide additional facilities that make coverage easy
and convenient, such as cashless garages and roadside assistance.
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