Why does car insurance have to be paid?
Third party liability insurance is compulsory in India.It is mandatory across the world.
It is not compulsory to get a comprehensive one, but Liability or third party insurance is required.It's up to you if you don't want the vehicle covered in insurance, but you have to get third party insurance done.
Depending on the CC of a car engine, the third party insurance will only cost you 3 to 10 thousand dollars.
Send in your questions about insurance to insurancedoctorz@gmail.com
I agree that if you have the personal net worth to pay a 7 figure settlement out of pocket if you cause a fatal accident, you should.
It is compulsory because the owner/driver will not be able to pay the compensation decided by the court.
Car insurance is required to protect the interest of the people.It's a way for the government to make sure that the at-fault party in an accident will be able to pay for the injuries suffered by the other party.