A road accident can creep up on you at any time, despite all your care and vigilance. While driving, you are never in complete control of your safety despite being a good driver. The unpredictable nature of these accidents is such that they may occur at anytime, without it being your fault.
Though it might be beyond one’s control to entirely eliminate the risk of an accident, you can always be prepared for it and reduce the damage caused in case of such an unfortunate eventuality. The most effective way to minimize your losses is by investing in a sound car insurance plan. If your vehicle is well insured, and you happen to be involved in an accident where the damage to your vehicle cannot be repaired, the insurance company will pay you the current market value of your vehicle. As this demonstrates, the benefits of having good car insurance cannot be overlooked.
Insurance affords you financial stability in the wake of an emergency on the road. When you do not have insurance, you must bear the burden of paying for your losses, if it is your fault. In other words, you are personally liable for all the damage caused by you, including medical treatment, if need be. In case it is not your fault, and you suffer an injury, paying medical bills over a period of time can drain you of your finances. Your money is protected in the long run when you insure your vehicle properly.
Insuring your vehicle to some percentage of its value is mandatory in most countries. You are required to have a stipulated minimum amount of insurance on your vehicle while driving. The absence of insurance is illegal and could lead to your car being impounded, license being suspended, and hefty fines being levied in court.
Adhering to the bare minimum requirements of insurance isn’t the most financially prudent thing to do either. A comprehensive plan, which covers all liabilities is the best way to protect your assets. If your insurance plan doesn’t cover all the damage caused by you in an accident, the aggrieved party may, in all probability, take you to court and sue you for a part of your assets. Further, a comprehensive plan pays for the travel expenditures you incur while your car is being repaired.
Purchasing an insurance which protects you from personal liability in all situations, therefore, not only mitigates the losses you suffer in case of an emergency, but also saves you money in the long run. What might seem like an unnecessary expenditure, or a necessary evil, is in fact essential to keeping you financially stable. A comprehensive car insurance plan which covers all eventualities, must be chosen carefully in accordance with your requirements. For those driving in Dubai and the UAE, AIG provides great coverage and provides additional riders that you can choose as per your needs. Choose your insurance wisely, and drive safe.
You must log in to post a comment.