Car Insurance Mandatory In India
Under chapter 11 section 145 to 164 of the motor vehicles act 1988 it is compulsory to buy at least a third party car insurance policy in india.
Car insurance mandatory in india - Is car insurance mandatory in india for motor car owners. Buying at least a third party car insurance policy is mandatory under the motor vehicles act 1988. Even as customers buying cars and two wheelers post september 1 need to shell out more as premium with irdai making long term third party insurance mandatory industry and experts feel it will ultimately benefit consumers besides the insurers.
Here are some of the reasons to buy new car insurance policy in india in addition to it being a. Benefits of car insurance. The insurers compensate for the loss or damage caused to the insured vehicle and a third party from the insured four wheeler.
There are two types of car insurance policies third party car insurance and comprehensive car. All the motor cars plying on the indian roads must have a valid motor insurance policy as per the indian motor vehicles act 1988. Advantages of buying car insurance.
Karen menezes 26 december 2016. Find out why car insurance is lawfully compulsory in india. Car insurance can be of two types third party liability insurance or comprehensive insurance.
When a road accident occurs whom do you blame. Think you can drive away without car insurance. Considering the scenario we can look at the benefits of car insurance that includes.
This is exactly why it is a law in india to buy car insurance. These crashes could cause damages that the person at fault may not be able to pay for. It is worthy to have car insurance in india considering the number of accidents in the past few years.
Why is car insurance mandatory in india. It is illegal to ride your car for private or commercial purpose on indian roads without having a mandatory third party liability cover insurance. From the time car sales observed a growth in the country it was apparent that there would be crashes.
The motor vehicle act of 1988 makes it mandatory for all vehicle to be covered under an appropriate insurance policy before they can ply on the road. Actually the laws have just got stricter. Personal or commercial vehicle.
Bills of repair due to damage caused in an accident. In india and all over the world getting your car insured is a compulsory by law not an option. It addresses the issue of under insurance and inculcate a sense of compliance among those who otherwise evade the law by not buying the third.
It is mandatory to buy car insurance in india irrespective of the vehicle type i e.
