Owning a car gives a great feeling of freedom and mobility. It is a huge investment that has become an essential part of modern life because it provides a convenient way of transportation and makes travelling from one place to another much easier. However, car ownership also comes with its own set of risks and responsibilities. One of the most critical responsibilities is to buy four-wheeler insurance to protect yourself and others on the road. Since driving without insurance can lead to significant financial and legal consequences, it is mandatory to buy four-wheeler insurance, and it is among the most important decisions that every car owner should make.
In this blog, we’ll discuss what will happen if I don’t buy four-wheeler insurance and why it’s crucial to have coverage.
-
Legal Consequences
In India, it is mandatory for all car owners to have a valid insurance policy under the Motor Vehicles Act. If one doesn’t purchase car insurance, they could face legal consequences. Driving a car without insurance can result in hefty fines, impounding of the driver’s licence or vehicle, and even imprisonment. To avoid this, it’s essential to buy four-wheeler insurance.
-
Third-Party Liability Coverage
A four-wheeler insurance policy also provides third-party liability coverage. This means that if my car causes damage to another person’s property or injures someone, the insurance company will cover the expenses, which I would have to bear myself otherwise. This coverage is required in India, and driving without it can lead to serious legal consequences.
-
Financial Loss
The primary reason to have a comprehensive four-wheeler insurance policy is to protect oneself against financial loss in case of any uncertain circumstance, such as an accident, theft or natural disaster. The damages and costs associated with car accidents can be significant, and if one is at fault, one will be liable for these. Without insurance, these expenses may have to be taken care of on our own, which can cause a lot of financial strain.
-
Loss Arising from Accident
Accidents can happen to anyone, and they often result in significant financial losses. Without four-wheeler insurance, the expenses of repairing the damaged car, which can be quite expensive, will have to be paid out of pocket. In some cases, the cost of repairs can exceed the value of the car, leaving one with no choice but to bear the financial burden of buying a new car.
-
No Coverage for Medical Expenses
A four-wheeler insurance policy also covers medical expenses. In case of an accident, the driver or the passengers in the vehicle may suffer injuries that require medical attention. These bills can be costly, and not having insurance can be financially devastating. With the right insurance policy, I can ensure that the medical expenses are covered, and won’t have to worry about paying on my own.
-
No Personal Accident Coverage
Many car insurance policies provide personal accident coverage, which can be beneficial in case of disability or death due to an accident. Without insurance, I won’t be able to claim any benefits for personal accidents and will have to bear all the financial costs myself.
-
No Protection Against Natural Disasters
Natural disasters such as floods, earthquakes, and storms can cause significant damage to a four-wheeler. In the case of a total loss, the entire cost of buying a new car will have to be borne by self, without insurance. A comprehensive four-wheeler insurance policy covers such damages, ensuring protection against any losses resulting from such disasters.
-
No Protection Against Theft
Car theft is an unfortunate occurrence. If an uninsured car is stolen, the owner will have to endure the entire cost of buying a new car. But with insurance, they can get coverage against theft and get financial assistance to replace the stolen car.
-
24/7 Assistance
When one buys four-wheeler insurance, they can get in touch with the Customer Support team of the insurance company they purchased the policy from for any assistance they may need at any hour. Representatives of Chola Car Insurance have a dedicated Customer Response and Support Team who are available 24/7 to help with any queries or issues and to ensure a speedy claim settlement process.
-
Peace of Mind
Having a four-wheeler insurance policy gives peace of mind. I know that I am protected against any financial losses resulting from accidents, natural disasters, theft, or third-party liability. I can drive with confidence, knowing that I will be covered in case of any unforeseen circumstances.
Driving without car insurance is not only illegal but also financially risky. It’s crucial to have car insurance to protect yourself and others on the road. With insurance, you can get coverage against accidents, natural disasters, theft, and legal liability. There are two types of insurance policies you can purchase for your vehicle – Comprehensive Motor Insurance and Third-Party Motor Insurance. The Indian government has made it compulsory for all vehicle owners to have a basic Third-Party Motor Insurance policy to reduce any liabilities that might arise when a vehicle injures any third party in an accident. However, this policy does not protect the four-wheeler, making a Comprehensive Motor Insurance policy essential to safeguard yourself and your vehicle from unforeseen circumstances. This policy combines Third-Party Motor Insurance with your personal damage cover since it protects the vehicle, owner and any third parties involved in the accident, making it a more comprehensive coverage.
It’s always better to be safe than sorry and invest in a good car insurance policy that covers all your needs. Policies by Chola Car Insurance offer a range of add-ons for you to pick from to suit your requirements. You can visit the Chola MS website to familiarise yourself with the list of policy inclusions and exclusions to ensure a speedy claim settlement process. Chola Car Insurance has also partnered with a large network of garages all over India and is there to service you whenever need be. If your vehicle is not insured yet, it’s high time to buy four-wheeler insurance. Get insured with Chola Car Insurance, and stay protected while driving on Indian roads.
