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Is Car Insurance Mandatory In India Quora – Imagine driving down the road in your shiny new car, with the wind in your hair, enjoying the scenery around you. You take care of your beloved car and ensure that it is always in top condition. You drive very carefully and follow all traffic rules. But what if, despite all your careful driving, another driver isn’t paying attention and crashes into your car? And suddenly you’re dealing with high repair costs or even medical costs if someone gets hurt.
This is where auto insurance comes to your rescue. It’s like having airbags for your car and yourself. Even if you hope you never need the device, insurance means you won’t have to cover repairs or other covered costs if something goes wrong.
Is Car Insurance Mandatory In India Quora
But here’s the catch: car insurance isn’t just a good idea for your finances; it is also mandatory. Driving without insurance is against the law because it helps protect everyone on the road. If you want to know more about why it is mandatory and how it works, read on.
🚗 🚙🛡️vehicle Insurance Is A Type Of General Insurance, And A Company Needs A License From The Insurance Regulatory And Development Authority Of India (irda) To Sell Vehicle Insurance In India. To
Car insurance is essential because it protects you if something unexpected happens. In India, the law requires you to have at least third party insurance under the Motor Vehicle Act. This means that you must have insurance if you injure someone or damage their property with your car. Although it is not mandatory to have insurance against damage to your own car, it is wise to buy it to protect yourself from financial losses if your car is involved in an accident.
Not having car insurance in India can have several consequences, both legal and financial. Here’s what can happen if you don’t have car insurance:
Car insurance is a must to ensure the safety of everyone on the road and to protect you from financial loss. With mandatory car insurance, the law aims to create a safety net for drivers, passengers and pedestrians in the event of an accident. It helps cover damages and medical expenses so no one bears the burden alone.
