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Motor Insurance

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Think of a situation where you have bought a new car using all your savings and
taken it for a drive. Out of nowhere, a dog comes in your way and to avoid
hitting it, you swerve sharply, go over the divider and hit another car and injure
the other person. So the outcome of a single incident has resulted in damage to
own car, public property and another car as also injury to another person.
In this scenario, if you do not have a car insurance, you may end up paying far
more than what it costs to purchase your car.

  •  Do you have that much money to pay?
  • Should the other party's insurance pay for your actions?
  • What if they don't have insurance?

That is why the laws of the land make it mandatory to have car insurance.
While motor insurance doesn't prevent these things from happening, it provides
a financial security blanket for you.
Apart from an accident, the car can also be stolen, damaged by an accident or
destroyed by fire and you would suffer financially.
Motor insurance must be taken by a vehicle owner whose vehicle is registered in
her / his name with the Regional Transport Authority in India.
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The country has a large vehicle population. A number of new vehicles keep
coming on to the road every day. Many of them are very costly as well. People
say that in India, vehicles do not get junked, but only keep changing hands. This
means that old vehicles continue to be on the road and new vehicles get added.
The area of the roads (the space for driving) is not growing correspondingly with
the number of vehicles. The number of people walking on the road is also
increasing. Police and hospital statistics say that the number of road accidents
in the country is increasing. The amount of compensations awarded to accident
victims by Courts of Law are increasing. Even vehicle repair costs are going up.
All these show the importance of motor insurance in the country Motor insurance covers the loss of vehicles and the damages to them due to
accidents and some other reasons. Motor insurance also covers the legal liability
of vehicle owners to compensate the victims of the accidents caused by their
vehicles.