Buying a vehicle is a dream that we all secretly harbors in our hearts. Fulfilling it leaves you nothing short of feeling proud and having a sense of achievement. Now, buying a vehicle is not something that you plan overnight. You spend weeks if not months going through every aspect of a vehicle and weighing its pros and cons before finally putting down your money. Though your research would be on point, there is one aspect that we tend to ignore or overlook – motor insurance.
Before you start wondering whether to go ahead with the post or not, know that a motor insurance will help you in reaping benefits for your vehicle. Along with the benefits, you should also be aware that under the Motor Vehicles Act 1988, a motor insurance is mandatory for all vehicles. So what exactly is a motor insurance? It's a financial help that you can claim in the event of any damage or theft.
It is common knowledge that you need to shell out a little extra for a motor insurance, however, in the longer run; it should be seen as a healthy investment for your vehicle. In this post, you will find out the various benefits that your vehicle can have with the help of a motor insurance.
Top 5 Benefits of Motor Insurance
We have listed down 5 scenarios where the financial coverage provided through these insurances can be a blessing to you.
Minor Accident
No matter how skilled a driver you are, there are always situations where you could end up getting involved in a minor accident leaving your vehicle with unwanted dents. In such situations, it is not just your vehicle that gets hit but also your pockets. Your insurance could come in handy in these situations.
Natural Calamities
You may be able to avoid an accident; however, there is nothing that you can do when faced with natural calamities like floods, earthquakes, cyclones, etc. The insurance may not be able to save your vehicle completely, but it can still cover a significant part of the damages.
Benefits for Survivors
Motor insurance covers not only the vehicle damages but also the owner of the vehicle. Third-party liability insurance will protect you from financial losses arising from accidental loss to the third party or property damage of third party.
Lawsuits
Major accidents can lead to lawsuits which again as everyone knows is a financial hassle. Depending on the situation, the insurance can come in handy for you to cover part of your lawsuit expenses.
Theft
Vehicle thefts are pretty common, and though a motor insurance may not stop your vehicle from getting stolen, you surely can use the insurance amount to compensate for a part of its value.
As per the law, you are obligated to have a motor insurance for your vehicle, but if you don’t have it, we hope this post on the benefits of motor insurance will prompt you enough to go and get the right insurance plan for your vehicle. Do remember that all the above benefits have clauses in it so make sure that you go through your insurance thoroughly before purchasing it.