One of the first things that a person does while going for purchasing a car is get insurance. Such is the importance of car insurance in India that one cannot even imagine going against the same. In fact, getting the right car insurance policy in India is one of the main motives of a customer. There are only a few customers who pay the entire amount while buying a vehicle as most go for car finance, either from a bank or an institution. Even if the car insurance premium is high, people do not mind paying to secure their vehicle and avoid incurring a larger cost at a later stage. Usually one does not question this entire proposition but some do feel what if I choose not buying car insurance to avoid paying extra. In such cases, it is important that those people are made aware about the consequences they might face.
First and foremost, ignoring the legal part, looking at the importance of having a car insurance policy in India is imperative. Most people who buy a vehicle in India, go for car finance, meaning that they do not have the affordability to pay for the entire vehicle. This is where car insurance in India becomes essential in order to avoid paying double the amount if something were to happen. For those asking what if I choose not buying car insurance, let’s try looking at all possible scenarios. The best thing for such a person would be that they purchase the vehicle, just pay the monthly instalments and save the money that was supposed to go into car insurance premium. However, in case the car meets with an accident just a month after purchasing, the owner does not have anything in his hand.
S/he will not be able to use a car insurance policy in India to pay for repairs and will multiply the cost. On top of the money paid for repairing, the customer will also have to pay for car finance, which increases his/her burden manifold. Due to all these reasons, having car insurance in India has been made compulsory by the government. This is not all, for those wondering what if I choose not buying car insurance; there are heavy penalties for not having the same. Thereby, it is advisable to pay the car insurance premium in order to secure the future of your vehicle.