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Why Do We Need An Insurance For Our Vehicle?
Why Do We Need An Insurance For Our Vehicle?
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Joined: 2022-09-30
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Driving a vehicle is not a luxurious slightly it is a big responsibility. Even many individuals consider driving as a status image particularly in a country like India, the place folks imagine in showing off. With the rising earnings slabs, having a vehicle is under no circumstances a big deal now a days and other people can easily afford to have bikes and cars. It not only depicts the standing of a society but in addition will increase the mobility and hence saves time. Driving is eliminating the dependency on the general public transport too.  
  
It's true that driving has made our lives comfortable but at the identical time it additionally pushing us towards a perilous life as well. As someone rightly said that "The speedway ends at the cemetery". On the name of show-off, individuals not only put their own life into hazard but in addition harm others as well by over-speeding their vehicles. The day by day reports of accidents as well as deaths in the newspaper is now a common thing. People are dropping their lives in road accidents by breaking the traffic rules and by not following the driving ethics in addition they put life of others in danger. Moreover, the cost of spare parts along with the high repair prices squeezes your pocket which proves that having an excellent Motor Insurance coverage is essential these days.  
  
Motor Insurance is principally purchased for the vehicles running on the roads with the first objective of providing a protection to the vehicle and the motive force in opposition to any physical damage in case of accident. There are various factors for which buying a Motor Insurance is necessary:  
  
Obligatory by Law: The foremost reason of shopping for a Motor Insurance is that it is obligatory by law. According to the Motor Vehicle Act, it is obligatory to have a Third-party insurance. The police have the precise to check your vehicle's paperwork like PUC, license and insurance coverage, at any level of time. If you are unable to provide paperwork, you will be in trouble. So, it is advisable to purchase a motor insurance before you hit the road.  
  
Loss and Damage to the vehicle: We all know that the people have no driving sense at all and the kind of visitors management we now have in our country, there's hardly a day you without banging of vehicles cause damages. The main reason for having motor insurance is that it covers the bills incurred resulting from any loss or damage to your vehicle. Hence it is always good to be on a safer side and have a motor insurance before using your bike or automotive on roads.  
  
Reduces your liability: Third Party Liability (TPL) motor insurance is mandatory in India, which protects you from the legal implications of an accident caused by you. TPL implies that should you cause damage caused to a different person and his/her property in an accident, the insurance will pay for their therapy and prevent from the legal bearings.  
  
Hospitalization: Not every vehicle owner is lucky sufficient to get just few cuts and bruises in an accident. Some accidents put you in a troublesome situation and you must be hospitalized. In that situation, your motor insurance company will pay your hospital bills, instead of shelling out the high hospital and remedy costs out of your own pocket.  
  
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