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This is What Could Happen if You Drive Without
Car Insurance
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Car insurance is a type of insurance that is
meant to protect your car from unexpected risks
or accidents. In case of instances wherein loss
is inevitable, car insurance offers protection
and sometimes, reimbursement. It helps the
insured in case of theft, major financial
problems due to an accident, and any other
liabilities. The insured, the car of the insured,
and the third party are all covered under car
insurance.
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As in the case of other insurance policies, you
have to pay a premium every year for car
insurance. The premium depends on factors such as
the current value of the car, type of coverage,
and the classification of the vehicle. Thanks to
the advancement of technology, you can opt for
car insurance online as well as offline. You can
also compare the quotations of various car
insurance policies before you buy car insurance
online. Car insurance gives the insured a sense
of confidence in case of accidents and has proven
to be a huge blessing to the insured. However,
there are some people who fail to buy car
insurance online or offline and this is what
could happen if you drive without car insurance
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You will have to pay a hefty fine- In 2014, the
Government replaced the Motor Vehicles Act of
1988 with the Road Transport and Safety Bill of
2014. If you are caught driving without car
insurance, according to the Road Transport and
Safety Bill of 2014, you will be penalized quite
heavily. For light motor vehicles, the fine is
INR 25,000 and for heavy motor vehicles, the fine
is INR 75,000. We would call that a hefty fine,
wouldnt you?
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You have to pay for the damage of a third party-
If you get into an accident and the third party
or their property is damaged, you have pay for
the damage caused. This is called third party
liability. Car insurance covers this liability
and you do not have to pay for the damage.
However, if you are not insured, these losses
will burn a huge hole in your financial pocket
especially if the third party dies.
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You have to pay for your own damage- Not only do
you have to pay for the damage caused to the
third party or their property you also have to
pay for damage caused to your own car. Car
insurance covers the cost of repairs however,
without insurance, the exorbitant repair costs
are yours to bear.
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You lose your no claim bonus if your insurance is
expired- When you buy a new car, getting car
insurance is mandatory. Renewing your policy is
then your responsibility. However, if you fail to
renew your policy and it expires, you lose your
no claim bonus which has been accumulated
throughout the year. Not buying car insurance
comes with consequences that you will have to
tolerate for a long period of time.
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We hope this article gave you some clarity and
strengthened your decision to buy car insurance
online or offline.
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For more details visit here - https//www.dhflin
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