Why is car insurance Important?
Many people have to save a lot of money over a long time of period to get their dream car. Once purchased, they would not want to spend a fortune of car repairs and damage. It is the reason why car insurance is an essential thing to buy. Car insurance has a lot of benefits and can help you save a lot of money. Car insurance protects you from paying for any damage caused due to an accident or another incident. Whether it’s your fault or not, any losses caused due to an accident is covered by the car insurance company. Without insurance, you can lose a lot of money in case of repairing the car. Apart from that, there are a lot of other advantages of getting a car Insurance.
Saves from third party liability
In case of an accident where the other person’s car and the driver are injured, the cost will be covered by your insurance company. It is beneficial in cases where you might be the reason for the accident. Without insurance, you will have to pay the full cost of repairs for both your and another car. Also, if the person is injured, you will have to pay for his or her medical expenses as well. Spending a small amount yearly for car insurance is much better than spending a whole lot of fortune in any of such incidents.
Covers lawsuits and legal fees
In case the accident leads to a legal affair or problem, the insurance company will also cover the same. This feature might be provided as an add-on over the original policy. It is the reason why you will have to check the feature before purchasing the actual car insurance policy. Since legal fees can cost you a lot, having car insurance will save you from that as well.
Provides coverage for different scenarios
It’s not just about accidents. If your Car is damaged due to any other reasons like fire, natural causes, or theft, the insurance company will pay the full amount of damage and the full amount of insurance in case the car is stolen. In case you do not have car insurance, you will be in a total loss in case of theft and will have to spend a lot of money in case of fire and other damages.
Insurance companies have now started offering a lot of other benefits and features with car insurance, that can be purchased by paying extra amount. In case you forget the key inside the car and lock yourself out, the additional services will send a person at your location with the spare key. Another service that is very common in car insurance is the tow service, which provides your a tow van in case the car breaks down in the middle of the road.
No Claim Bonus
The best part about the car insurance is that, if you do not use the protection to claim any amount for theft or damage, the company provides you a No Claim Bonus (NCB) as a discount on renewal for the following year insurance policy.
There is no reason why one should not go for Car insurance. If you love your car and the people traveling with you in it. It will be a wise decision to purchase car insurance that will secure your savings and will reduce your Maintainance cost as well.