4 Reasons why Automobile Insurance is Must

Classification of Indian cities is based on the commercialization, business, and real estate. This is why we get to hear a lot about Tier I, Tier II and Tier III cities. Cities falling in the category of Tier I are extremely commercialized cities.

Tier II cities are next level down from Tier I.  There are smaller cities whose population is 1 million. Tier II cities are the regional hubs like industrialized centers and capitals of states. Cities like Pune, Mangalore, Cochin, Dehra Dun etc fall under this category.

Tier III includes the cities whose population is lesser than 1 million. Basically, these cities have woken up from their deep slumber and geared up to taste the flavors of development. Cities like Trichy, Baroda, and Madurai falls under this category.

The premium of your insurance plan depends on the tier you belong to. If the population in your city is dense then there would be more numbers of vehicles plying on the roads of your city as compared to the other cities with less population. It means that the risk of road accidents is also higher, that is why your insurance premium would be higher.

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Indian Roads and Vehicle Insurance

There are a plethora of reasons why motor insurance should be mandatory in India. Here, we are listing four prominent ones. 

1. It Safeguards you against the Damages Buying a car is a costly affair. Not just buying, even the repair bills are very expensive. Your vehicle is always exposed to risks when it is out on the road. At times, your vehicle can be damaged because of somebody’s negligence or fault. A car damaging your vehicle, you crash into a wall avoiding hitting a passerby in order to avert an accident or a cricket ball landing on your car that cracks your windshield can take a toll on your pocket. Having a motor insurance plans saves you from all these damages.
2. It Decreases your Liability As per law, having a Third Party Liability car insurance cover for all the automobiles is compulsory in India. The TPL insurance provides coverage against the legal complications of any road mishaps. For instance, if you ram your car against a car and damage another person’s vehicle or cause bodily injuries a driver or passersby, your vehicle insurance would pay for expenses incurred due to their treatment and it will safeguard you from the legal repercussions.
3. It Safeguards you from the Hospitalization Expenses It is unlikely that every vehicle owner surviving an accident is lucky enough to get away with minor cuts and bruises. There are some accidents that result in serious injuries such as fractures that need immediate hospitalization. Rather than making payment of the expensive hospital treatments from your precious savings, you can buy 2 wheeler insurance or 4 wheeler insurance so that your insurance provider pays for these expenses.
4. It Looks After your Family in case of your Demise An individual’s unfortunate demise after an accident is the worst thing that can happen to somebody. It becomes more worst if the departed fellow was the sole breadwinner of the family. The survival of a family becomes very difficult and struggling at the same time.

Having a motor insurance plan helps as it pays for the family’s expenditure after such unfortunate event.