2 Prime Reasons to Invest In a Car Insurance Policy

In the 21^st century, cars are no longer a luxury item that can be afforded by only a selected few belonging to the upper strata of the society. In fact, they have almost become a necessity in this highly urbanized and modernized society. Your car is one of the items that you use on a daily basis, whether for going on road trips with friends or for every day commutation to your workplace.

However, your joys of owning a car could be short lived in case it meets with an unfortunate accident, gets stolen, or gets damaged owing to a natural calamity. Apart from causing a great deal of stress, these disastrous events can incur a significant sum of expenses for you. In order to protect yourself from such financial risks, it is imperative that you invest in a comprehensive 4 wheeler insurance policy. This policy would essentially help you to mitigate the costs incurred due to an accident that damages your vehicle and also provide you with the monetary protection against car theft.

Need for a car insurance policy

There are a number of reasons as to why you should invest in a 4 wheeler insurance policy. Two of the prime reasons are as follows:

Ø Under the provisions of the Motor Vehicles Act of India, all vehicles operating inside the public areas of the country need to have a car insurance policy as an obligatory document. This policy should provide coverage at least for the third-party liabilities, which may include any injury or property damage suffered by them.

Ø A major accident involving your car can result in severe injuries and even death; it may also lead to massive losses in terms of repairs and replacements for your vehicle. The expenses incurred due to these losses might range from several thousand to lakh of rupees. These expenses can put a huge burden on the finances of a person. However, after investing in a 4 wheeler insurance policy, you would not have to worry about these expenses, as all the relevant compensation would be provided by the insurance service provider.

While investing in a car insurance policy, you should ensure that your insurance service provider is associated with garages and hospitals all over the country, so that you can get the benefit of availing swift services in the times of need.