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I Agree. Sign up for it. Notify Me. Nice email address! We have some cool stuff going on our channels, join us. Why is Car Insurance Mandatory in India? Why Car Insurance is Important? Benefits of Car Insurance It is worthy to have car insurance in India considering the number of accidents in the past few years. Considering the scenario, we can look at the benefits of car insurance that includes: The lawsuits, including legal fees if held liable for the damage.
Bills of repair due to damage caused in an accident. Damages other than an accident caused by terrorism, earthquake etc. Benefits to the survivors of the deceased. Types of Car Insurance Offered in India. Comprehensive A Comprehensive car insurance is one of the most valuable types of car insurance that covers both third-party liabilities and damages to your own car as well.
Car Insurance - Scope of Cover. To ease off the huge Third-Party Liability Considering the rise of traffic in nothing flat, there are increased chances of smash and bend. To extend Compensation to the Family of the Deceased Car insurance is mandatory to help the family of the deceased who might lose their life in a car accident. What will happen if you Fail to have Car Insurance?
But if you fail to have car insurance, you might face: Suspension of your driving license Legal Proceedings and punishment Lack of financial protection in case of accident and damage Suspension of the car registration Heavy traffic fine for driving without insurance. Please try one more time! Request URL:. Status Code:. It is a country with a large and ever growing population.
Also, there is increasing social and economic mobility. All these factors contribute to an extremely high number of cards on the roads. Further, the road infrastructure in India is not up to the mark in many places and can be hazardous or dangerous.
Many cities also face heightened risks of natural calamities such as floods. Due to the social and economic demographic of India as well, not many people would be able to afford to repair damage that comes to their car due to accidents or natural calamities, as buying a car is often a novelty and a big purchase, with little money left over for repairs.
As such, car insurance has been made mandatory in India at least up to the Third Party Liability level. It is thus like a protective net and enables people to drive on the roads with additional peace of mind, ensuring that in case of an accident, the monetary damages caused would be compensated for.
Therefore, to ensure that somebody is held liable for the damage and that accidents are compensated for, car insurance is mandatory in India. As such, it is advisable to purchase at least comprehensive car insurance which would cover not only damages to a third party but also damages caused by a natural calamity or an accident that does not involve any third party, for example, a tree branch falling onto the car. An insurance policy that covers own damage in this way is not mandatory by law but is extremely advisable.
Third Party Car Insurance. Comprehensive Car Insurance Policy. Due to the high risk of accidents in India, car insurance at least up to third party liability is mandatory.
This is due to the fact that it must be ensured somebody is held liable for the damages caused to someone during an accident and can take responsibility for the same. While it is mandatory to purchase only up to third party liability insurance, it is advisable to purchase comprehensive insurance coverage.
Disclaimer : This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.
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