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6 Reasons Why You Need Car Insurance?
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Just as you insure your life against risks, you need to insure your car. If you meet with an accident, a car insurance policy would pay for damages to your car. This is just one of the benefits of buying a car insurance policy.
If you were in any confusion over whether you should buy car insurance or not, go through the following reasons that tell you why you must do it.
1) It is a legal requirement
It is mandatory under the Motor Vehicles Act to have a car insurance policy. You need to have a policy that offers third party insurance coverage. This covers injuries to third parties or damage to property belonging to a third party.
2) It pays for repairs to your car
Apart from mandatory third party coverage, you need insurance to cover the costs of repair to your own car in case of damages. A comprehensive car insurance policy would allow you to claim for damages to your car in the event of an accident. Car repairs can be very expensive. With insurance, you need not worry about the costs involved, the insurer will take care of it.
3) It protects you against theft
Theft of your car can be a shocking incident! You would suffer severe financial losses, as you still need to pay any EMI if your car is stolen. You may also need to buy a new car. Comprehensive insurance will compensate you against losses suffered due to theft.