Motor insurance is a form of insurance that protects the owner against vehicle breakdown, theft, and other related risks. It is also known as car insurance, motor vehicle insurance, or motor vehicle protection.
Motor vehicle accidents cost thousands of crores of lost wages and medical bills annually. They can destroy people’s lives physically, financially, and emotionally. Buying insurance cannot eliminate the pain and suffering that vehicle accidents cause. However, insurance can reduce the financial impact.
Very few people have the money they would need to meet the financial responsibility requirements on their own.