Motor or Auto insurance policy is mandatory for vehicle owners as per Indian Motor Vehicles Act 1988. This Plan is designed to give coverage for losses which insured might incur in case his gets stolen or damaged. The amount of Auto insurance premium is decided based on the Insured Declared Value of a car. The premium will increase, if you raise the IDV limit and vice versa.
Why do I need this Insurance
It is mandatory to insure your vehicle as per the Motor Vehicles Act 1988.
That apart, insuring your vehicle saves you from any financial loss caused due to accidents, damage or theft of your car.
Additionally, insurance covers the safety of the co-passengers, someone else's property and pedestrians too.