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5 reasons why Motor Insurance is a must

By Finserv MARKETS - Jul 4,2019
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Motor insurance is not a luxury, it is a necessity. It’s an increasingly difficult world to drive in with more vehicles getting added on the road, every day and unruly drivers rushing, trying to make way for themselves because they’re all in a hurry. There are a number of reasons as to why getting Motor Insurance for your vehicle is a must, whether it is a two wheeler insurance or a car insurance but we’ve listed down five we think are absolutely key.

It is mandatory as per law
The Indian government has made it compulsory to hold at least a third party motor insurance according to the Motor Vehicles Act, 1988.

Pays for damages
Damage to the car is almost akin to a personal damage. It’s difficult to see your car out there with dents and scratches and it’s even more difficult to have to pay for it. But getting a car insurance online means you don’t have to.

Pays for self and rider’s hospitalisation
Accidents not only damage the car or bike but, in some cases, end up causing physical harm to those riding with you and the bills then start to eat into your pocket. You can avoid this with the help of car or bike insurance.

Roadside assistance
Few things are as troublesome or as annoying as getting stuck on the road because of a vehicle breakdown. The toughest part is that there are usually no garages around and if it’s a car, you can’t really push it till you find one nearby. This is when some motor insurance policies come to your rescue, by offering roadside assistance to help you out of these situations.

Decreased liability

A comprehensive or third- party insurance helps reduce your liability if, by some stroke of misjudgment or misfortune, you are responsible for the damage to the vehicle of another person, or cause them physical hurt, motor insurance will bear the costs of treatment and repair.

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Bajaj Finserv Direct Limited ("BFDL"), erstwhile Bajaj Financial Holdings Limited is a registered corporate agent of Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz General Insurance Company Limited under the IRDAI composite registration number CA0551 valid till 10-Apr-2021. BFDL also renders services to Bajaj Finance Limited (‘BFL’) and Bajaj Housing Finance Limited (‘BHFL’) (referred hereinafter as ‘Lending Partner’) in sourcing of customers, providing preliminary credit support activities, fulfilment services and post-acquisition customer services related to lending business. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522