Motor Insurance: Why It is a Necessity, Not Just a Requirement

While everybody may not own a motor-vehicle such as a car or a bike, in case you do, you need to take care of it in more ways than one. This includes not only the regular maintenance that is required for any vehicle but also future security against possible mishaps.

While it may be a relatively rare occurrence, one always needs to be prepared for accidents and unforeseen circumstances. One foolproof way of being secure is to get an insurance plan for your motor-vehicle. Moreover, unlike a third-party plan, a comprehensive insurance plan can protect you and provide coverage against a variety of accidents and eventualities. Below, we will look at some of the reasons why it is absolutely essential to get car insurance or/and two wheeler insurance plan for your vehicle.

Why you Need a Motor Insurance Plan

A motor insurance plan serves a variety of purposes and provides a variety of benefits that not only keep you safe but peaceful too. Some of the reasons why you must get a motor insurance plan are:

  1. Coverage: A comprehensive insurance plan for your motor-vehicle provides you with a variety of covers for a range of unforeseen circumstances such as accidents, theft and natural disasters. By providing coverage, a motor insurance plan saves you time, money and also grants you peace of mind. Types of coverage include no depreciation cover, engine cover, invoice return cover, NCB cover and coverage for consumables. 
  2. Mandatory: Over and above the various reasons why a motor insurance plan is beneficial for you, it is also necessary by law. Today, it is illegal and impermissible by law not to be carrying an insurance plan while on the road. 
  3. Accident: An accident is unpredictable and unforeseeable. While it is most important to always drive safe and not endanger one’s own or the lives of others, sometimes accidents may not be our fault or within our control. In such cases, great financial liability can make an already bad situation worse. A comprehensive motor insurance plan can therefore, protect one against such situations.
  4. Theft: Like an accident, vehicle theft is also not predictable. However, the good news is that today, there are a lot of insurance companies like BhartiAxa providing some of the best comprehensive insurance plans that cover a variety of losses related to motor-vehicles including theft of vehicle. A comprehensive motor insurance plan can be a life-saver when one’s car has been stolen.
  5. Natural Disaster: Comprehensive motor insurance plans also provide coverage for damage to one’s motor-vehicle due to any natural phenomena that could also be a natural disaster. Like any other eventuality, it is advised to be financially protected against natural disasters too.

While motor insurance plans serve a variety of benefits and can be critical if you are the owner of a car or a bike, many people do not invest in one. Do not give it a second thought and be sure to get a comprehensive motor insurance plan today.

Leave a Comment