Why Motor Insurance Often Eludes Customers

When buying a car we mostly focus on specifications, features and gadgets, often ignoring the importance of motor insurance.  It is rather surprising that most vehicle buyers or even owners often choose not to opt for motor insurance and perceive it as a waste of money, while many are also willing to risk the penalties of driving without insurance, probably just to save a few thousand rupees in a year.  As per a mandate under the Motor Vehicles Act, 1988, every vehicle owner is entitled to a motor insurance policy that will cover accidental death, bodily injury or damage to property. Also, Insurance Regulatory and Development Authority of India (IRDAI) has recently mandated that all new vehicles should have a long-term third party cover to address high lapsation and take care of other mandatory aspects of insurance. Commenting on the importance of motor insurance, Rakesh Jain,...