4 Reasons Why Motor Insurance is Essential, Especially for EV Owners be it 2W, 3W, or 4W

Whether you own a two-wheeler, a three-wheeler, or a four-wheeler, including an electric vehicle (EV), having motor insurance is crucial. Here are the key reasons:

● Protecting against the unexpected: Motor insurance provides a cushion during crises by covering repair costs, damages, or liabilities. It ensures you are not left in financial distress due to unexpected events.

●??Law Mandate: According to the Motor Vehicles Act, third-party insurance is mandatory and should not be overlooked. If anyone is found driving the vehicle without this insurance, they should be ready for remedial legal actions.

●??Third-party Liability: It takes care of any third-party liabilities arising from damage or injuries caused to a third party by your vehicle. The insurer will pay for the treatment incurred by the third party. Third-party liability insurance shields you from any legal litigations.

●??Cover in case of Demise: Death is one of the scariest outcomes after a mishap or accident. Things become more though the primary breadwinner of the family loses his life in an accident. It puts such a family or immediate dependents in financial worries. So, the pay-out option within a motor insurance plan can enable the family to be financially independent taking care of the day-to-day expenses. Check the terms and conditions of the insurance policy as it may vary from insurer to insurer.