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Consequences of not buying a Car Insurance

Consequences of not buying a Car Insurance
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Consequences of not buying a car insurance

Do you own a car? Or have you recently bought a new car? In the modern fast-paced life, it has become a necessity to own a car for ensuring the ease of commuting from one place to another. However, a recent report states that majority of Indian car-owners do not have a proper car insurance policy covering their vehicle. Additionally, those having a car insurance plan have lapsed the motor car insurance by not paying the premiums on time. What people fail to understand is that they could be subject to major problems if they fail to renew or buy a proper four-wheeler insurance policy for their vehicle.

Every car plying on Indian roads should buy a reliable car insurance policy. However, if you fail to do so and get involved in any unfortunate situation, then you might have to face certain issues. Here are some of them:

  • Be Prepared Towards Paying Heavy Fines: The Government of India has passed the Road Transport & Safety Bill in 2014 towards under which, you will be penalized for a heavy amount if you are caught driving your vehicle without the possession of a proper motor car insurance plan for your vehicle. As per the recent changes, you will be subject to a fine of around 25,000 INR for lightweight vehicles and 75,000 INR for other heavier motor vehicles.
  • Pay Losses for Own Damages: If you have been involved in an accident wherein you have suffered a major loss or damage to the vehicle or the property, how will you compensate for the same? As such, when you go for buying the comprehensive car insurance plan for your vehicle, you are compensated for the major loss or damage caused during the accident. Without the presence of the valid insurance plan, you are supposed to bear the costs of the overall repairs and replacements by yourself. With the unavoidable higher costs of car repairs and replacement parts, your unexpected financial burden is something that will torment you.
  • Pay for the Damages to Third-Party: In case of an accident wherein you might be at fault, you become liable to compensating for the loss or damage caused to the third-party property, vehicle, or person. When you have bought the mandatory third-party liability cover from a reliable car insurer, you are offered compensation for the loss incurred by you. However, in the absence of a valid motor car insurance policy, you will have to bear all the costs involved by yourself. In case the person on the third-party dies, you can expect heavy legal liabilities.
  • Loss of NCB (No Claim Bonus): In case your car insurance plan expires, and you do not go forward with renewing the same, in addition to the fines & penalties, you will end up losing the NCB (No Claim Bonus) which you might have accumulated on the existing car insurance policy. Upon the loss of the NCB (No Claim Bonus), you will end up paying higher premium rates when you would consequently renew the insurance policy.

A car insurance online policy is a mandatory document that you need while buying or possessing a car to make sure you are protected against any trouble or unfortunate events.

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