With the update in the
Motor Vehicle Act 2019 it has become even more essential to know about the various aspects that affect you as an owner of a vehicle. Motor insurance is a major aspect that you need to know about.
In event of any accident damage loss of your vehicle, a car insurance plan is your savior. It also protects you financially if your vehicle is stolen.
An automobile insurance policy offers risk coverage for a car or any two wheeler vehicle which runs on fuel and needs a license. Today there are many companies which offer car insurance in India.
As per Indian law, it is compulsory for any vehicle owner to buy a
. If you are caught driving without any motor insurance, you will have to face related consequences. Without insurance, fine will be incurred. You should know the fine for no insurance in India while driving /riding which are as follows -
New Provision / Minimum Penalties as per Motor Act 2019 update|
|196||Driving without insurance||Rs.1000||Rs 2000 for first offence, Rs. 4000 for subsequent offence|
The penalty for driving without insurance is different for different countries, however, some of the common punishments are as follows:
- Driving without a motor insurance shall result in suspension of your driving license.
- In addition, your vehicle’s registration too shall be suspended.
Car insurance in India are basically of two types: a) Comprehensive and b) Third Party Only.
While the third party only insurance offers risk coverage only in case of damage/losses caused to the third party; the comprehensive car insurance
cover also takes care of your personal loss/damage in event of an accident.
A motor insurance with comprehensive cover generally does not include following risks:
1. Normal vehicle depreciation
2. Regular wear and tear
3. Any damage/loss incurred due to drunken driving
4. Any damage/loss incurred when driving without proper licenses
Now that you know of the consequences, ensure that you don't become a victim of without insurance fine by opting for a valid motor insurance policy.