Motor-vehicle insurance is also called automotive insurance or car insurance. It is an arrangement between an individual and an insurer which protects an individual against loss due to the unforeseen risks, such as theft, traffic accident, and other unexpected incidents.
In our life, one of the glorious moments is to be behind the wheels. People often take drives to reach anywhere they want. However, people never know when unforeseen incidents, such as traffic accidents, theft or other misfortunes happened. All these experiences may hit your mood and leave you with a bitter experience.
Statistics from Statista showed that in 2018 the highest number of road accidents for drivers on Malaysian. The number of road accidents was increasing from year to year. Road accident is an event involving a road user that results in property damage, death or injury. Drivers with automotive insurance provide financial compensation to cover the damage caused.
However, there are still a lot of people who have a question about what are the benefits of buying motor-vehicle insurance by making monthly payments.
Shamir Kumar Nandy, the expert explains – What are the benefits of buying motor-vehicle insurance?
1. Risk of being an accident.
Accidents happen every minute in every city and on every roadway. It is a crucial thing for everyone to be aware. Vehicle damage is also a big deal, as many of them lead to costly losses.
Car accidents in Malaysia is not a new issue in town since all of us have heard of it almost every day. Car crashes could happen on the road easily, especially those intolerant drivers. With all these cases, you are at risk of a hit whenever you operate an automobile. Motor-vehicle insurance is like a protection for your vehicle to cover the losses. Without coverage, you could be a burden personally financially responsible for the losses.
2. Payless if an accident happens.
If a large accident occurs, the small amount that you paid for a motor-vehicle insurance policy can cover those expensive repair fees. Sometimes the repair fees can cost you more than the amount that you bought for the car. With an automotive insurance policy, the coverage can cover your part of the losses, which has helped you reduce the burden of the financial crisis.
3. Protect you against a lawsuit
People nowadays are busy with earnings, work from 9 to 5 and up to here and there. With the tiredness and busy lifestyle, they easily made mistakes and even caused significant damage while driving. People who have bought automotive insurance can protect themselves against a lawsuit. Even if they crash or damage another person’s car, they will get help with claims others make against them in accidents, including the legal defence if they need it. Hence, it is easy to see the advantage of having automotive insurance compared to those without it.
4. Avoid devaluation to your vehicle.
Some types of automotive insurance policies will benefit you by helping to prolong the life and the value of your vehicle. There is a lot of random hailstorm from damaging the vehicle’s body even though you have well cared for your car. You cannot stop or know if a tree branch shattered the vehicle’s window or body. However, if you have comprehensive automotive insurance, you do not have to worry as it can cover the losses you experienced from these risks. With the automotive insurance coverage, it may save your money in the long term. It also could help you return your vehicle to a marketable position in case you ever want to sell it.
Let’s buy for motor-vehicle insurance
People should know the benefits of having motor-vehicle insurance policies. It not only can protect you and your family from financial difficulty, but it also can give you and your family peace of mind. Motor-vehicle insurance will help you avoid having to face monetary losses. People with vehicles should choose the policy that fits your needs most.