Insurance is a must-have in today’s world. So why not insure your car? Whether you are the owner of a brand new vehicle or an old one, it is important to get your car insured. Insurance insulates you from financial liability, especially in the case of accidents or theft.
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Here are some good reasons why you need to insure your car:
Your car is a valuable asset and often, a necessity. However, it can get damaged or stolen. This can leave you with many expenses to pay for. With insurance coverage, you won’t have to worry about any financial risk if your car gets stolen or damaged in an accident. You can rest assured that your insurance company will take care of all these expenses and other liabilities that may arise from accidents.
It is mandatory by law for every registered vehicle to have insurance coverage
If another person gets injured in an accident caused by your car, you will be liable to pay for the person’s injuries and hospital bills or repair expenses to his/ her vehicle. In such cases, if you have insurance coverage, then the insurer takes on this responsibility on your behalf and pays for any damages incurred.
When you buy a new car, the excitement of owning it will be the first thing that will take your attention away from other important things that you should do. Aside from the registration and getting to know how it works, insuring it is another important task. You might be wondering why is my car insurance so high even though your driving record is squeaky clean. But before getting into that, let’s first talk about the importance of insuring your car:
You must have heard this before but yes, it is indeed against the law to drive a vehicle without being insured. As per the Motor Vehicles Act, 1988, all cars plying on Indian roads must be insured as per their make and model in order to minimise any financial liability in case of damage (either to properties or people).
Insurance for cars is a necessary and important thing. Owning a car is a wonderful convenience for many people, but with the privilege of ownership comes certain risks. Car accidents happen every day, and if you own a car you need to make sure that it’s insured so that if you have an accident, you can get your car repaired or replaced without having to lay out a lot of cash.
There are other reasons to buy auto insurance, as well. Driving without auto insurance is against the law in most states, and it can cost you a lot of money if you’re caught. Your state may suspend your driver’s license if you drive without insurance, and even when you get it back, your rates may be much higher than they were before.
If you cause an accident while driving without insurance and someone gets hurt or their property is damaged, they can sue you for those damages. If they win their suit against you, they can take all your assets to pay for the damages. People who get caught driving without insurance often find themselves in bankruptcy court as a result of an accident. That’s why it’s so important to make sure that your car has adequate coverage when you buy auto insurance.