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As per the Motor Vehicles Act 1988, it is legally mandatory for any person owing a car to have a car insurance in India. This is to legally cover the accidental damages incurred by the owner and is bound to pay this amount to who so ever concerned.
Motor insurance is a legal agreement between you and the insurance provider wherein you promise you pay a certain amount of premium to get coverage for your vehicle in case of theft, loss, accident, third-party injury, etc. As per the Motor Vehicles Act 2017, vehicle should have a valid third-party insurance. Following are some of the advantages of having a motor insurance in India
According to the Motor Vehicles Act 1988, it is compulsory for all new vehicles used, be it for commercial or personal use, to have a third-party insurance. Taking a home insurance could be an option while getting a home loan from the bank. But legally, banks can’t force you to get a home insurance. Car purchase is the only purchase where it is mandatory to have an insurance policy.
Car insurance provides a cover against unfortunate accidents that you might meet with in the future. It helps to mitigate the costs incurred in the accident. The cost of the car insurance depends on a lot of factors such as type of car, age of vehicle, age of the insured and insured declared value etc.
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