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Showing posts with the label Why every car owner should have valid car insurance policy

Why every car owner should have valid car insurance policy

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.…