Why should I buy Motor Insurance?

In India, it is compulsory for vehicle owners to buy an insurance policy for their vehicles. It is mandatory under the Motor Vehicle Act, 1988. Also, having motor insurance will cover your vehicle for damage due to accidents as well as natural and manmade causes. A vehicle insurance policy will cover you for theft, dents, floods, earthquakes, etc. It will also cover your liabilities towards the third-party, in case of an accident. Thus, it is very important to have a motor insurance policy in India.